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Iran discovers new outstanding debt of $35B from former administration

Business Materials 16 June 2015 16:13 (UTC +04:00)

Tehran, Iran, June 16

By Mehdi Sepahvand - Trend:

Akbar Torkan, a senior advisor to Iran 's President Hassan Rouhani, said an outstanding debt of $35 billion has been discovered.

Torkan said the sum is part of the previous administration's debts to the Central Bank of Iran, Mehr news agency reported June 15.

He added that the facility was credited to NICO, an affiliate of the National Iranian Oil Company.

The previous administration also owed some $12 billion to other banks, which make $47 when added to the newly found debt.

NICO (Naftiran Intertrade Company Sàrl) is a Swiss-based Iranian company. It is a general contractor for the oil and gas industry and buys the vast majority of Iran 's gasoline imports. It is a key player in Iran 's energy sector.

The company was established in 1991 in Jersey, UK, but later moved to Lausanne, Switzerland.

Earlier it had been said that NICO's financial director Mohammad Moeini had been added to the US Treasury's list of entities under sanctions.

edited by CN

Follow the author on Twitter: @mehdisepahvand

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