Novin insurance company from Iran is owned or controlled by sanctioned entities;

The founders of the company include three groups: banking and finance (Modern Economics Bank and affiliated companies), industrial (Behshahr Industrial Development Company and affiliated companies) and construction (Iranian Construction Investment Company and affiliated companies, Stratus International Contracting Company);

Behshahr Industrial Development Corp. is a company based in Iran involved in the production of edible oils and fats. The company has the capacity to produce 550,000 metric tons of edible oil a year. It has a major market share in Iran’s edible oil market, and is among the five largest companies by market share in the worldwide edible oils market. According to U.S. Treasury Department this entity it is owned and controlled by Tose-e Melli Group Investment Company. Entity owned by Bank Melli;

ifmat - Novin Insurance Company shareholders