Info:
According to Article 84 of the Fifth Development Plan of the Islamic Republic of Iran, the NDF was established to serve the welfare of the Iranian people by allocating revenues that originated from selling oil, gas, gas condensate, and oil products to durable wealth and productive economic investments. However, the NDF has been used as a slush fund for the IRGC-QF, which has, for years, received hundreds of millions of dollars in cash disbursements from the NDF;
The NDF, in coordination with the CBI, provided the IRGC-QF with half a billion U.S. dollars in 2017 and hundreds of millions of dollars in 2018. Also, despite an increase in the IRGC’s overall budget for 2019, the Rouhani administration withdrew some $4.8 billion from the NDF in January 2019 to amend the budget allocated to the IRGC and the Islamic Republic of Iran Broadcasting (IRIB);
The IRIB was designated pursuant to E.O. 13628 in February 2013 for assisting or denying the free flow of information to or from the Iranian people. IRIB was implicated in censoring multiple media outlets and airing forced confessions from detainees;
During 2018 and early 2019, the CBI facilitated the transfer of hundreds of millions to both the Atomic Energy Organization and MODAFL from the NDF. Some of the funds to be transferred via Iran-based Etemad Tejarate Pars Co. were intended to be used for military purchases;
As of early 2019, Etemad Tejarate Pars Co. planned to send tens of millions in various currencies, including euros, to Wilmington General Trading LLC in Dubai, UAE, the Embassy of the Islamic Republic of Iran in Moscow, Russia, and to companies on behalf of MODAFL;
OFAC is designating NDF for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to, the IRGC-QF and MODAFL;
OFAC is designating Etemad Tejarate Pars Co. for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to, MODAFL;
On March 26, 2019, OFAC designated MODAFL pursuant to E.O. 13224 for its role in assisting the IRGC-QF. Wilmington General Trading LLC was also designated on March 26, 2019 for being owned or controlled by Asadollah Seifi who obfuscated millions of dollars’ worth of transactions benefiting the Iranian regime and the purchase of foreign currency for the IRGC;
Industry:
Sovereign wealth fund
Also Known As:
National Development Fund of Islamic Republic of Iran
Established:
2011
Country:
Iran
Address:
No. 25 Gandhi St., Building National Development Fund of Iran, Tehran 15176-55911, Iran
Website:
www.ndf.ir
E-mail:
info@ndf.ir
Person of interests:
Dr. Sayyed Safdar Hosseini (Board member and Chairman)
Dr. Sayyed Mohammad Qasem Hosseini (Alternate Chairman and Member of the Managing Board)
Mr. Masoud Mozayani (Member of Board of Executive Directors & Deputy of International Investment)
Mr. Sayyed Mohammad Saied Nouri Naeini (Member of Board of Executive Directors & Deputy of Economic Affairs)
Mr. Mohammad Reza Shojaeddini (Member of Board of Executive Directors & Deputy of Domestic Investments)