![\"Financial](\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/2021\/09\/Financial-corruption-is-institutionalized-in-Irans-regime.jpg\" "\\"Financial")
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Privatization in Iran, initiated in 1979<\/a> under the rule of the mullahs, has evolved into a key economic policy over the past two decades. The stated aim of this policy was \u201cto diminish the government’s role in the economy and foster market liberalization.\u201d<\/p>\n However, the privatization process in Iran has disproportionately benefited the ruling establishment and its associates, leading to increased inequality and corruption. This has effectively shifted public ownership into the hands of the most privileged, indicating that the private sector is now controlled by individuals or groups closely affiliated with the Supreme Leader’s Office (the Beyt) and the Islamic Revolutionary Guard Corps (IRGC)<\/a>.<\/p>\n Large private companies often belong to affluent families with strong ties to the state. Moreover, many privatization projects have been awarded to companies maintaining close affiliations with government figures.<\/p>\n In simpler terms, under the mullahs’ rule, privatization in Iran has translated to the distribution of the country’s national assets among individuals connected to the centers of power at a minimal cost. Numerous large factories in Iran ended up closing as they were handed over to state officials lacking the necessary competence.<\/p>\n Ardabil Meat Company<\/a>, originally valued at over $10 million, was sold to a private entity for a mere $400,000. The twist? The buyer is none other than Abdullah Pour-Hosseini, the head of the Privatization Organization. In simpler terms, the same person acted as both the seller and the buyer, resulting in a substantial loss of $9.6 million.<\/p>\n The Haft Tapeh Sugar Company<\/a>, with a market value exceeding $260 million, was sold off to a government entity for a significantly lower price of $90 million, resulting in a profit of $170 million.<\/p>\n In Kermanshah Province, three silos valued at $15 million were sold for a fraction of their worth, fetching only $4 million and resulting in a loss of $11 million.<\/p>\n The Tabriz Machinery Manufacturing Company<\/a>, valued at $500 million, was sold for a surprisingly low $6 million, leading to a substantial loss of $494 million.<\/p>\n In 2015, Alumina Al-Mahdi was sold to Omid Investment Company for 12 trillion tomans, significantly lower than its estimated value of 40 trillion tomans. Omid is a subsidiary of Sepah Bank, with Sepah Bank holding 70% of its shares. Founded in 2001, Omid operates in various sectors, including mining, cement, construction, energy, and the capital market, with multiple listed and unlisted subsidiaries.<\/p>\n Delving into #Iran<\/a>\u2019s Corruption Chronicles \u2013 Part 1https:\/\/t.co\/3uRDWFAqxD<\/a><\/p>\n — NCRI-FAC (@iran_policy) December 18, 2023<\/a><\/p><\/blockquote>\n\n