Iran Foreign Investment Company (IFIC) and ASCOTEC

# Overview

On August 2010 the US Treasury designated 21 entities determined to be owned or controlled by the Iranian regime. The network is currently active and allows the Iranian regime to operate globally-Mostly in Europe (Belarus, Germany, Italy, Japan and Luxemburg). These entities and their subsidiaries are engaged in significant business activity according to the Iranian interest, thus, allowing the regime to conduct their business as usual.

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The following Iranian government entities create the Iranian foreign trade network:

NameCountry of OriginIndustryGeneral Info
ASCOTEC HOLDING GMBHGermanyMines and Metals IndustryASCOTEC Group is a 100% subsidiary of IMIDRO (Iranian Mines and Mining Industries Development an Rennovation Organization) which is a sub-division of the Iranian Ministry of Industry, Mine & Trade. Ascotec is involved in the procurement of goods for Iran missile program
ASCOTEC JAPAN K.KJapanMines and Metals IndustryAscotec Japan K.k. is a Tokyo, Japan-based entity that is wholly-owned by Ascotec Holding GmbH. Ascotec Japan K.k. is part of Iran’s foreign trade network
ASCOTEC MINERAL & MACHINERY GMBHGermanyMines and Metals IndustryAscotec Mineral & Machinery GmbH is a Dusseldorf, Germany-based entity that is wholly-owned by Ascotec Holding GmbH. Ascotec Mineral & Machinery GmbH is part of Iran’s foreign trade network. Ascotec Holding GMBH is involved in the procurement of goods for Iran missile program
ASCOTEC SCIENCE & TECHNOLOGYGermanyMines and Metals IndustryAscotec Science and Technology GmbH is a Dusseldorf, Germany-based entity that is wholly-owned by Ascotec Holding GmbH. Ascotec Science and Technology GmbH is part of Iran’s foreign trade network. Ascotec Holding GMBH is involved in the procurement of goods for Iran missile program
ASCOTEC STEEL TRADINGGermanyMines and Metals IndustryAscotec Steel Trading GmbH is a Dusseldorf, Germany-based entity that is owned or controlled by Ascotec Holding GmbH either directly or indirectly through Mines and Metal Engineering GmbH (M.M.E.). Ascotec Steel Trading GmbH is part of Iran’s foreign trade network. Ascotec Holding GMBH is involved in the procurement of goods for Iran missile program
GMBHBANK TORGOVOY KAPITALBelarusBanking SectorHas facilitated Iranian access to the euro by bypassing European regulators. Bank Tejarat holds 99.37% of the bank’s shares
BREYELLER STAHL TECHNOLOGY GMBHGermanySteel IndustryBreyeller Stahl Technology GmbH & Co. KG is part of Iran’s foreign trade network. Breyeller Stahl Technology GmbH & Co. KG is a Nettetal, Germany-based entity that is owned or controlled by Ascotec Holding GmbH
IFIC HOLDING AGGermanyInvestmentIFIC Holding AG is an investment arm of Iran Foreign Investment Company (IFIC) an Iran-based entity that is wholly owned by the Government of Iran
IHAG TRADINGGermanyInvestmentIHAG Trading GmbH is an extended investment arm of IFIC, an entity that is owned or controlled by the Government of Iran
Iran FOREIGN INVESTMENTIranInvestmentIran Foreign Investment Company (IFIC) is an Iran-based entity that is wholly owned by the Government of Iran
Iranian MINES AND MINING INDUSTRIES DEVELOPMENT AND RENOVATIONIranMining IndustryIranian Mines & Mining Industries Development & Renovation, known as IMIDRO, is a major state-owned holding company active in the mining sector in Iran
METAL & MINERAL TRADELuxembourgMetal and Mineral IndustryMetal & Mineral Trade Sarl been affiliated with AscoTec (Ascotec GmbH), a steel company active in Iran and owned by subsidiaries of the National Iranian Steel Company (NISCO), which is affiliated with the Iranian Ministry of Industry and Mines
MINES AND METALS ENGINEERING GMBH (M.M.E)

GermanyMining IndustryMines and Metals Engineering GmbH (M.M.E.) is part of Iran’s foreign trade network. Mines and Metal Engineering GmbH (M.M.E.) is a Dusseldorf, Germany-based entity that is wholly-owned by Ascotec Holding GmbH

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As part of the re-imposition of U.S. sanctions on Iran, All companies are added on November 5, 2018 to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), freezing its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13599, which targets entities controlled by the Government of Iran and Iranian financial institutions; foreign parties facilitating transactions for the entity or otherwise assisting the entity are subject to U.S. sanctions.

Iran Foreign Investment Company (IFIC)

# Overview

A good example of the modus operando of an Iranian entity can be seen regarding the Parent company IFIC (Iranian Foreign Investment Company), was established in 1997 as a subsidiary of the Iranian Ministry of Economic Affairs and Finance. The Company was established in order to manage and expand Iran’s holdings abroad. Initially, IFIC also acted as the investment arm of the “Oil stabilization Fund” (a fund created to invest Iran’s oil revenues). The fund is today known as the “National Development Fund”. IFIC has interests in various fields such as: energy, telecom and IT, banking, insurance, stock markets, industry, mining, oil, gas and petrochemicals, as well as new and future technologies. The Company currently holds interests in countries worldwide including Germany, Egypt, Jordan, Yemen, Namibia, Oman, United Arab Emirates and Sudan. On March 8, 2010, IFIC and its holding Company, Ihag (based in Dusseldorf, Germany) were designated by OFAC. It has since been taken off the list in wake of the signing of the nuclear agreement. Regarding Germany, IFIC and its subsidiaries companies IFIC holdings GmbH and IHAG GmbH, both located in Dusseldorf Germany serves a major role in the Iranian foreign trade network. Despite being a regime-owned company, IFIC Holding and its subsidiary IHAG Trading are incorporated in Germany. This means that unless German authorities can show proof of wrongdoing specific to its German subsidiaries, IFIC can continue to operate, invest, buy, and sell on German soil. IFIC’s Thyssenkrupp shares generate millions of Euros in dividends every year, which the company can then spend or reinvest as it pleases.

IFIC General InfoIFIC Holding General InfoIhag Trading General InfoIFIC Operational Scheme

# Partial List of IFIC’ Investments

The Following is a Partial list of IFIC’s Investments and ventures Abroad:

NameCountry of OriginIndustryGeneral Info
IFIC Holding AGGermanyInvestmentIran Foreign Investment Company owns 100% of IFIC Holding AG
IHAG Trading GmbHGermanyInvestmentIHAG Trading GmbH is an extended investment arm of IFIC, an entity that is owned or controlled by the Government of Iran
Amin Reinsurance CompanyIranInsuranceIFIC owns 14.6% of the Company’s shares
SabafonYemenTelecommunicationIFIC owns 10% of Sabafon’s shares
Rössing Uranium MineNamibiaMining IndustryIFIC owns since the 1970’s 15% of the mine’s shares
Misr Iran Development BankEgyptBankingIFIC owns 40.14% of the Bank’s shares. It is also one of the MCDR’s custodians (MCDR = Misr for Central Clearing Depository and Registry – the central registry of securities traded in the Egyptian capital market).
Taageer Finance (aka Taageer Leasing)OmanFinanceAccording to the Company’s website, IFIC is one of its major shareholders. Taageer’s 2014 annual report shows that IFIC owns 12.49% of the Company’s shares
Pair Investment CompanyPakistanInvestmentAccording to the Company’s website, IFIC owns 50% of Pair Investment Company shares
Housing BankJordanBankingAccording to the Bank’s 2015 annual report, IFIC owns 4.5% of its shares
ICD (Islamic Corporation for the Development of the Private Sector)Saudi Arabia (HQ)Finance and InvestmentIFIC is listed as one of the Company’s shareholders (other Iranian shareholders include: Bank Meli and Bank Keshavrzi). ICD is an affiliate of the Islamic Development Bank (IDB)
GfH Capital (formerly known as Injazat Capital)DubaiFinance and InvestmentThe fund was Investment established by the ICD. Apart from IFIC’s affiliation to the fund via the ICD, according to the 2011 list compiled by the Iranian Privatization Organization, IFIC was also one of the investors in GFH’s precursor, Injazat Capital. According to the Sovereign Wealth Fund Institute in 2008, IFIC owned 10% of Injazat’s shares
ThyssenKrupp Marine Systems GmbHGermanyMarine industryAccording to various reports, IFIC owns 4.5% of ThyssenKrupp’s shares
British PetroleumEnglandEnergyAccording to an interview held in late 2016 with Dr. Farhad Zargari, IFIC’s Managing Director and its Chairman, the Company is one of Adidas, Siemens and BP shareholders (the percentage of the shares is unknown).
AdidasGermanySportwearAccording to an interview held in late 2016 with Dr. Farhad Zargari, IFIC’s Managing Director and its Chairman, the Company is one of Adidas, Siemens and BP shareholders (the percentage of the shares is unknown).
SiemensGermanyTelecommunicationAccording to an interview held in late 2016 with Dr. Farhad Zargari, IFIC’s Managing Director and its Chairman, the Company is one of Adidas, Siemens and BP shareholders (the percentage of the shares is unknown).
Enterprise VaccinopoleFranceInvestmentAccording to reports Iran Foreign Investment Company (IFIC) owns 60% of Paris company Vaccinopole SAS
Metalurgica Campo LimpoBrazilAuto PartsAccording to reports Iran Foreign Investment Company (IFIC) owns 40% shares in Metalurgica Campo Limpo
South Isfahan Power Plant FZCOUAEEnergyAccording to reports Iran Foreign Investment Company (IFIC) owns 20% of South Isfahan Power Plant FZCO
IPM IndustriesGermanyAccording to reports, Iran Foreign Investment Company owns shares in Industrie-Planung und Montage GmbH
SudatelSudanTelecommunicationsAppears in a 2011 list compiled by the Iranian Privatization Organization. Currently, it is unclear whether IFIC is still connected with this company
Miratex Egypt (aka Misr Iran Textiles)EgyptTextileAppears in a 2011 list compiled by the Iranian Privatization Organization. Currently, it is unclear whether IFIC is still connected with this company
Lacto MisrEgyptDairy ProductsAppears in a 2011 list compiled by the Iranian Privatization Organization. Currently, it is unclear whether IFIC is still connected with this company
Rah Shahr International GroupIranInvestmentOn the official website of Rah Shahr International Group, in membership section Iran Foreign Investment Company (IFIC) is mentioned


Geographic Distribution of Investments

ifmat - IFIC world map investments


ASCOTEC GROUP – A GLOBAL PLAYER IN THE MINES & METALS INDUSTRY

# Overview

More than 25 years ago the Iranian AHWAZ STEEL COMPLEX (ASCO), renamed later as KHOUZESTAN STEEL COMPANY, had the intention of establishing an offshore company to handle their foreign purchase of spare parts and machinery. As a result, in October 1990, ASCOTEC GmbH was founded in Düsseldorf / Germany with an initial capital investment of 100.000 Deutsche Mark to serve this duty. Due to its strategic business location Düsseldorf was chosen for the establishment of this important company.

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    The company expanded rapidly and added several fields of activity to its scope of service. Thus, ASCOTEC Group’s activities comprises:

  • Supply & Procurement
  • Steel & Raw Material Trading
  • Engineering
  • Investment & Finance
  • Know-How Transfer
  • Development and Empowerment of the Steel Industry

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In line with this great expansion, numerous companies were established in different parts
of the world: Germany, Iran, Japan, Italy, Kuwait and China. ASCOTEC GmbH became ASCOTEC Holding GmbH. Today, all shares of ASCOTEC Holding GmbH belong to IMIDRO Iranian Mines and Mining Industries Development and Renovation Organization) which is a sub-division of the Iranian Ministry of Industry, Mine & Trade. Due to the volume of its business, the variety of its projects and the value of its assets, ASCOTEC Group is proud to be considered the largest Iranian offshore company. An average annual group turnover of 500 Mil EUR, over 50 realized and running projects, an equity of 110 Mil EURas well as nearly 1 billion EUR of assets, has resulted in ASCOTEC becoming a well known brand throughout the whole steel industry. The Ascotec Holding GmbH [established in 1990] is owned by the Iranian regime and is subordinate to the IMIDRO (Iranian Mines and Mining Industries Development and Renovation Organization). Apart from exporting metals to Iran, Ascotec is deeply involved in the procurement of goods for Iran’s air and Space Company, which is involved in the missile program of the Iranian regime. Since year 2001, the Iranian enterprises in Germany had close contacts with the Iranian Ministry of Defense. According to statements of the NCRI (Nationwide Council of Resistance of Iran), these companies play an essential role in the procurement of military goods for the Iranian regime.

ASCOTEC General InfoIMIDRO General InfoASCOTEC Op. Scheme



# Conclusion

Currently Iranian Regime has ventures in many countries including: Germany, Brazil, Egypt, Jordan, Sudan, Yemen, Namibia, Oman, United Arab Emirates, Armenia and others. Through IFIC, Iranian Regime provides financing and financial services and makes investments around the world. IFIC has interests in energy, mining, oil, gas and petrochemicals. The Mullahs use IFIC and ASCOTEC to invest their petrodollars around the world. Iranian Regime uses these companies to circumvent sanctions.

Working with mentioned entities is very risky for your business and your future. Through these entities Iranian Regime and IRGC are sponsoring terror activities, missile and nuclear production. Think of your future!