Smugglers, involved in trafficking an Airbus aircraft engine in Iran’s Hormozgan province with a reported value of approximately $10,000, were convinced to pay a fine.

According to Fars News Agency, a government official revealed on Monday that the smugglers were condemned to pay around 200,000 dollars.

The case was exposed while according to officials and experts the country's aviation industry faces a serious crisis due to the grounding of more than 500 aircraft that need sanctioned parts.

Experts have cautioned that Iran's aviation fleet needs a minimum of four hundred new aircraft, but US economic sanctions resulting from Iran's controversial nuclear program have hindered the purchase of new aircraft, as well as the refurbishment and modernization of the fleet.

Without specifying details about the Airbus aircraft engine smuggling case or the importing company, an official mentioned, "The said company, as the first-row defendant, has been sentenced to a two-year suspension of activities. Additionally, considering the financial loss, they are obligated to pay a fine of nearly $155,000."

The CEO of the company has been sentenced to pay around $45,000 and has been prohibited from establishing an office and engaging in legal and business activities for three years.