Francesco Mazzagatti, an energy trader who has become a key figure in the North Sea industry, is facing a worldwide asset freeze over allegations he siphoned off funds from former business partners in Iran.
The Italian entrepreneur is accused in a London lawsuit of profiting through indirect ownership of an Iranian plastics resin producer, Mehr Petrochemical Co.
Francesco Mazzagatti in Houston, Texas, March 2025
Photographer: Aaron M. Sprecher/Bloomberg
Alliance Petrochemical Investment, a Singapore-based company with a stake in Mehr and co-owned by the Jahanpour family, alleges in court filings that Mazzagatti and an associate diverted customer payments and profits, and withdrew funds directly from company accounts.
API alleges ...
