Info:
As a result of U.S. sanctions, CGN Trade transferred its business operations to a closely affiliated company, UAE-based Transmart DMCC (Transmart), which also works to support illicit financial networks on behalf of the IRGC-QF. Transmart owner and CEO Zabi Vahap (Vahap) controls Transmart operations, having served a similar role with CGN Trade. Vahap and Adelina Kuliyeva, who holds power of attorney for both CGN Trade and Transmart, work closely with U.S.-designated IRGC-QF official Mohammad Sadegh Karimian (Karimian) to facilitate the sale of Iranian commodities to foreign buyers, proceeds of which have been sent to CGN Trade, Transmart, and Singapore-based MSE Overseas PTE. Ltd. (MSE Overseas). Transmart has laundered tens of millions of dollars as part of the network’s financial activity, including through the Iranian Embassy in Moscow. Mehboob Thachankandy Palikandy (Palikandy) was the manager and chief executive of CGN Trade and is also an employee of Transmart. Palikandy was involved in the liquidation of CGN Trade and its transfer of business operations to Transmart. He is also the owner and sole shareholder of MSE Overseas, Singapore-based Sealink Overseas PTE. Ltd., and UAE-based Solise Energy (FZE).
The IRGC-QF relies on similarly complex networks of foreign-based front companies and brokers to enable illicit financing. In May and December 2022, respectively, OFAC took action against a vast illicit oil sales network overseen by Turkish businessman Sitki Ayan (Ayan), which worked closely with senior IRGC-QF officials such as Behnam Shahriyari to generate revenue for the IRGC-QF. UAE-based CGN Trade FZE (CGN Trade), a critical part of this network’s operations, was designated pursuant to E.O. 13224, as amended, for its support to one of Ayan’s companies, Baslam Nakliyat Ve Dis Ticaret Ltd Sti (Baslam). CGN Trade worked with Baslam to load at least 10 oil tankers with Iranian oil on behalf of the IRGC-QF.
“The IRGC-QF and MODAFL continue to engage in illicit finance schemes to generate funds to fan conflict and spread terror throughout the region,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “The United States remains committed to exposing elements of the Iranian military and its complicit partners abroad to disrupt this critical source of funds.”
The Iranian government allocates billions of dollars’ worth of commodities, including oil, to Iranian military entities, including MODAFL and the AFGS as part of the Iranian military’s annual budget. This includes specific commodity allotments for MODAFL, the Islamic Revolutionary Guard Corps (IRGC), and the AFGS, which sell the commodities to foreign buyers to generate revenue.
Involved In:
Oil Industry
Also Known As:
Arabic: ترانسمارت م.د.م.س
TRANSMART AG
TRANSMART GLOBAL TRADING PRIVATE LIMITED
Organization Established Date:
03 Apr 2011
04 May 2022 (Switzerland);
Country:
United Arab Emirates
Address:
Unit Number 1606 to 1610, Floor 16, Tower X3, Jumeirah Bay Tower, Dubai, United Arab Emirates
Jumeirah Lakes Tower, Unit Number 1606 to 1610, Jumeirah, Bay Tower X3 Plot No: JLT-PH2-X3A, 126422, Dubai, United Arab Emirates
PO Box 126422, Dubai, United Arab Emirates
Hirsernweg 11 Hergiswil, NW 6052, Switzerland
Information Technology Park 25/517/14, Ananya Tower, MG Road 680001 Trichur, Kerala, India
Website:
www.transmartdmcc.com
National ID No.:
CHE-418.995.816 (Switzerland)
Trade License No.:
CH-150.3.476.957-7 (Switzerland)
U52590KL2022FTC075362 (India)
Business Registration Number:
DMCC-31631 (United Arab Emirates)
Economic Register Number (CBLS):
11465311 (United Arab Emirates)