Radio Farda has obtained a confidential letter that shows Iran’s IRGC, which holds 49 percent of Khuzestan Steel Mill Company, is attempting to “illegally acquire” the remaining shares belonging to workers.
Meanwhile, reports say that the Revolutionary Guard financial holding involved in the case may be transferring its assets to Supreme Leader Khamenei’s office.
The steel company is one of the top three steel producers in Iran. The other 51 percent of its shares have been handed over to the public as “Justice Shares,” however, it is the IRGC that controls the company’s management and operations as the major shareholder.
The steel mill in Khuzestan Province is the biggest producer of steel bars and the second biggest producer of un-milled steel in Iran.
In the June 27 letter Mohammad Qaemi, the liquidation director of Yas Holding Company warned Sadeq Zolqadrnia, the IRGC’s deputy commander for economic affairs and reconstruction that “Any illegal intervention by the IRGC or Yas will entail religious and legal consequences.”
The main activity of IRGC’s Yas holding, operating under the force’s Cooperative Foundation is dealership and subcontracting in the housing sector. The holding has been implicated in numerous financial corruption cases during the past three years.
One of the most important one of these cases is the one regarding a 100 billion rial (around $3.2 billion at the time) transaction with the Municipality of Tehran which led to the imprisonment of former deputy mayor Isa Sharifi who worked as a deputy to then Tehran Mayor Mohammad Baqer Qalibaf who is now the speaker of Iran’s parliament.
The Yas Holding was officially dissolved in February 2018. However, based on the document now at the disposal of Radio Farda, the IRGC is still holding its shares in the Steel company and is trying to increase its holding.
In the letter, Qaemei explains that Yas has currently no control over its assets but IRGC officials will be responsible for the consequences of the Steel Company’s economic failure.
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