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US sets $6.3m bounty on Chinese man over Iran dealings

Published on Apr 30, 2014 2:24 AM

WASHINGTON (AFP) - The United States unveiled a new indictment and slapped a US$5 million (S$6.27 million) reward Tuesday on the head of a Chinese man it called a "principal supplier" to Iran's ballistic missile program.

Washington said Li Fangwei, or Karl Lee, has continued to ship equipment and materials to Iran even after he and his company LIMMT Economic and Trade were first indicted and blacklisted by the United States in 2009.

The Department of Justice's new charges allege that he used China-based front companies - some with the same address as LIMMT - to move millions of dollars worth of payments from Iran through the US financial system.

The department said it had seized of nearly US$7 million linked to the payments, claiming the money from the accounts of Chinese banks in US banks.

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