IRGC Cooperative Foundaton own Tose’eh-ye E’temad Investment Company

The Mehr Finance and Credit Institution and itssubsidiaries are not the only companies to engage insuch shenanigans. The IRGC Cooperative Foundation,established August 23, 1986, has developed into one of Iran’s major financial players.

While it does not engage directly in trades on the TehranStock Exchange, its front companies and subsidiariesare active players. On September 27, 2009, in its latestmajor assault against Iran’s economy, the IRGC purchased50 percent plus one of the shares of Iran Telecommunica-tions in the largest trade in the history of the TehranStock Exchange, valued around $8 billion.

The com-pany completed the trade only after the IRGC disqualifiedthe only genuine private-sector competitor—Pishgaman-eKavir-e Yazd Cooperative—due to security reasons justhours before.

The Mehr-e Eghtesad-e Iranian Invest-ment Company was itself barred from bidding for IranTelecommunications, but it provided a substantial loanto Tose’eh-ye E’temad-e Mobin Consortium to purchaseIran Telecommunications on its behalf.

Tose’eh-yeE’temad-e Mobin Consortium itself consists of Tose’eh-yeE’temad Investment Company (Sherkat-e Sarmayehgozari-ye Tose’eh-ye E’temad), Shahriar-e Mahestan InvestmentCompany (Sherkat-e Sarmayehgozari-ye Shahriar-eMahestan), and Mobin Iran Electronics DevelopmentCompany (Sherkat-e Gostaresh-e Elektronik-e Mobin-eIran).

Tose’eh-ye E’temad Investment Company and Shahriar-e Mahestan Investment Company are both owned by the IRGC Cooperative Foundation, althoughthey both deny this to obfuscate the extent of IRGCinterests in the economy.

Majid Soleymanipour,Tose’eh-ye E’temad-e Mobin’s executive general, andhis wife died under mysterious circumstances in theirhome as the Iranian parliament demanded an investi-gation into the “noncompetitive privatization” of IranTelecommunications.

Another front of the IRGC Cooperative Foundationis Ansar Financial and Credit Institute (Moassesseh-yeMali/Eghtesadi-ye Ansar), previously known as Ansaral-Mojahedin No-Interest Loan Institute (Sandogh-eGharz al-Hassaneh-ye Ansar al-Mojahedin), itself estab-lished as a subsidiary of the IRGC Cooperative Founda-tion in 1986.

ifmat - Toseehye Etemad Investment Company is owned by the IRGC Cooperative Foundation

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