Take over of Iran's Largest mineral fields by a financial subsidiary of Iranian Revolutionary Guard Corp ruled as fraudulent
After last week's purchase of Iran's Telecommunication Company, the financial arms of Iranian Revolutionary Guard Corps (IRGC) has purchased Angouran, the largest lead and zinc deposit field in the Middle East. According to JARAS, Jamshid Ansari a member of Iranian parliament, however, calls the transaction fraudulent and through collusion between 3 related financial institutions (all related to Mehr Finance and Credit Institution controlled by IRGC) in the bidding process. Ansari indicates the 3 companies, through collusion, pushed the price down to around $ 180 Million, whereas the fields were valued at $600 Million just two years ago. He indicates that the transaction could be voided by Iran's Oversight Agency.
On Sunday, another financial subsidiary of Iranian Revolutionary Guard Corp purchased controlling stakes, worth $8 Billion, in Iran's Telecommunication Company, in the largest stock market transaction in the 41-year history of Iranian stock Exchange. In recent years under the privatization plans implemented by Ahmadinejad government, financial subsidiaries of the Revolutionary Guards and the Pro-government militia have taken control of a large number of national and government-owned assets. Critics call this a usurpation of national assets by the military, masked as privatization.
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