Mohammad-Javad Iravani, treasurer of the Supreme Leader’s office, announced that the blocs controlled by military and religious entities under the guidance of Supreme Leader Ali Khamenei are taking steps to list it on the Tehran Stock Exchange.
In his statements at an annual economic conference, Iravani emphasized that one of the reasons for listing secret entities on the stock exchange is “to obliterate their ownership and protect them to some extent from American or international sanctions,” he said, while the other reason is “the need to raise funds with dwindling state coffers and Khamenei’s funds.” Because of the pressure of the sanctions.
These conglomerates mean the institutions and companies controlled by the “secret government,” a name often used to refer to Khamenei’s office and the organizations it controls, which is the largest financial and trade network in Iran, and has a value of more than $ 100 billion, according to Radio Verda.
There is difficulty in listing such companies on the stock exchange, because they do not meet the requirements for listing, such as requirements relating to transparency and payment of taxes.
Iravani said that all economic, social, cultural and service “entities” are subject to scrutiny and supervision by his administration, because the bodies subject to Khamenei’s supervision are exempt from the regular government review necessary to qualify for shares traded in the market.
In turn, Muhammad Razak Iskandari, CEO of Kawthar Economic Organization, an affiliate of the Martyrs Corporation, which is among the entities controlled by Khamenei, confirmed that since March 2018 the shares of four of the companies owned by the institution have been traded on the Iranian Stock Exchange (Vara), Sold out to over a million people.
It is not clear what entities and how many companies will be listed on the stock market and what percentage of their shares will be offered to the public, but even if the majority of their shares are sold to investors, Khamenei can easily continue to control them, according to Radio Verda.
It is reported that, after Tehran targeted two military bases in Iraq that included American forces, the American Treasury announced the imposition of new sanctions on 8 Iranian figures, and the largest manufacturers of steel, aluminum, copper and iron in Iran.