The Privatization Organization of Iran recently turned over 310 trillion IRRs ($7.4 billion) of IMIDRO (Iranian Mines & Mining Industries Development & Renovation Organization) assets. The CEO of IMIDRO, Mahdi Karbasian says that by March 2017, 40% of this sum was entrusted to the private sector and co-ops, 8% was entrusted as justice shares and 52% were set to clear the company’s debts. Donya-e-Eghtesad quotes Mr. Karbasian as calling the transfer unspecialized. He believes that since the 20% share, which is required to maintain voting and ruling rights has not been maintained, IMIDRO will not be able to maintain guarantees for domestic and foreign facilities and credit. He also claims that part of this debt is not the organization’s fault; IMIDRO’s 45 trillion IRRs (1 billion USD) debt is the result of money owed to this organization.
SMS Group, a German leading company in steel industry, has the experience of working in Iran for decades. Although, the sanctions caused their businesses to become limited over the last years, but as soon as […]
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