Lessons for Nigeria in the Case of the Iranian Billionaire, By Yushau A. Shuaib

Honestly and sincerely I never believed there is endemic
corruption in developed countries including United States of
America, especially in politics and corporate world, until I read
thousands of comments after the execution of Iranian
Billionaire, Mahafarid Amir Khosravi, over N2.6bn bank fraud.
The execution came after Iran’s Supreme Court upheld death
sentence on the billionaire based on Sharia Law.
The media had reported that Khosravi, the billionaire
businessman was executed at Evin Prison, North of Tehran for
involving in a $2.6 billion state bank scam, the largest fraud
case since the country’s 1979 Islamic Revolution.
Also known as Amir Mansour Aria, the billionaire’s fraud
involved using forged documents to get credit at one of Iran’s
top financial institutions, Bank Saderat, to purchase assets
including state-owned companies like major steel producer
Khuzestan Steel Co. His business empire included more than 40
companies from mineral water production to a football club and
meat imports from Brazil.
There are many defendants that were also convicted on the
same case. Four received death sentences, two got life
sentences and the rest received sentences of up to 25 years in
prison.
The trial and execution raised questions about corruption at
high levels in various countries. Surprisingly many comments
and likes on the story on Social Media, especially in Yahoo
platforms where from Americans, Britons and other Europeans
who wish such harsh punishment could be applied in their
nations to deter corrupt politicians and businessmen.
The comments show complicity of political and judicial systems
for the rot in the financial system where many CEOs became
overnight millionaire and billionaire, not by dint of hard work
but by being acting above the law.
Some of the suggestions that received thousands of likes
include a remark by a Briton that “CountryWide, Merrill-
Lynch & a few other former CEO’s should be sent to Iran for
what they lied about… Frauds like theirs would stop overnight…
instead, they get bonuses.”
Another post states that “This is how we, in the USA, should
have handled all of the scams that the banks did that caused
our recession. Instead, Congress voted for a bill to bail those
criminals out, and ‘We the People’ have to pay that bill (along
with our children and grandchildren), all the while the top
brass in those companies got bonuses, while a handful of them
chose “patsie” to serve a little time in some golf resort
community prison (not too bad since they all know that their
big money awaits them upon their release for ‘good behavior’).
Yup, if we could do the right thing and hang all of those
criminals and the ones who support them (Congress), I bet we
could get the USA back on track and out of debt. For once, I’m
actually a fan of Iran.”
Another American wrote that “Too bad we do not do that in the
USA. In the USA the crooks are in with the politicians and a lot
of the times they are the politicians. I think a death penalty
for fraud is a just penalty. I wish they would have executed the
wall street scammers and the pyramid schemers and the heads
of companies that cook the books to defraud their employees
of rightful retirement. Bernie Madoof should be hung along
with any other convicted of fraud. The banking system in the
USA defrauds innocent people every day and the government
overlooks it. I do not agree with Iran’s politics but I do believe
in the justice carried out in this instance.”
Back home in Nigeria. Few years ago, crooked bankers and
capital market operators in connivance with some regulatory
bodies destroyed thousands of people’s lives when they crashed
the capital market. They ruined the entire investments of
growing up companies, pensioners, retirees and entrepreneurs.
Many of their victims are yet to recover from the shock while
thousand others who were reluctant to commit suicide died of
heart attacks.
Those that survive the devastating effect of the market have
to start their businesses all over again from exorbitant
interests on loans from shylock and corrupt financiers. The Iranian Sharia-law system that has harsh punishment
that could serve as major deterrent to corruption, cannot
succeed in many countries because politicians and judges in
existing political and legal system are deeply entrenched in the
illicit practices and could therefore not make such system see
the light of the day.
If executions should be carried out on the basis of corruption in
high places, we may end up not having officials at Federal,
State and Local government levels. In fact traditional rulers,
religious leaders, human right activists and even some school
operators would have gone to heaven not to talk of contractors
and politicians.
I believe white collar crimes that ruin others’ lives require, at
least, strict prison time and not any monetary fine that the
perpetrators can easily offer and return to the old habit. This
should also include locals and international collaborators who
deliberately trigger conflicts to benefit from the crises.

Mr. Yushau Shuaib, a public relations consultant, is based in Abuja.