Khamenei-Controlled financial conglomerate in Iran nets $2.5 Billion in profits

INVOLVED IN THIS ARTICLE:

Razavi Economic Organization

Razavi Economic Organization

Astan Quds Razavi

Astan Quds Razavi

Martyrs Foundation

Martyrs Foundation

Parviz Fatah

Parviz Fatah

Parviz Fattah, Head of Khamenei-controlled Mostazafan Foundation, on Monday said the conglomerate’s revenues increased by 34 percent to reach 360 trillion rials (approximately $2.5 billion) in the Iranian calendar year ending 20 March, 2020.

Speaking at a press conference to report on his one year as the head of the Foundation, Fattah said the charitable organization will net 7 trillion rials in gross profit.

Mostazafan Foundation – the second-largest economic entity in Iran after the National Iranian Oil Company (NIOC) — owns nearly 200 factories and scores of financial firms including a bank as well as numerous real estate holdings in various parts of the country. The head of the organization is appointed by Khamenei. Fattah was appointed to the post in July 2019.

Mostazafan Foundation (Foundation for the Underprivileged) founded by a Khomeini decree in 1979 is meant to be a charitable foundation with the mission to eradicate poverty.

Like Razavi Economic Organization, Astan-e Qods-e Razavi, Martyrs Foundation and Housing Foundation and a host of other entities, the foundation is under Khamenei’s direct supervision.

These institutions operate outside the purview of the presidential administration and were exempted from paying tax by a Khamenei decree in 1993. They are not subject to government auditing and are not accountable to the Iranian Parliament.

In 2017 for the first time in its history, the Foundation made a report of its revenues and profits.

Hardliners often claim that these entities pay tax. However, according to the National Tax Organization regulations what is called tax is not paid to the government but is deposited into a special account to be used for the payment of benefit to the “underprivileged” and other unspecified costs. The so-called tax and its spending is therefore exempt from government audit.

There has never been a full report of the assets of the Foundation but in his press conference Fattah said it directly employs 37,000 people.

Source » radiofarda

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