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Iran's gov't gives away properties to settle debts

Business Materials 31 October 2016 13:33 (UTC +04:00)

Baku, Azerbaijan, Oct. 31

By Khalid Kazimov – Trend:

Iranian government has partially settled its outstanding debts to the country’s Social Security Organization through the give away of various properties.

Seyed Taqi Nourbakhsh, the head of Social Security Organization, has said that the government has paid off $1.4 billion (46 trillion rials converted to US dollar according to the official rate on Oct. 31) to his organization in the form of properties, ISNA news agency reported.

According to the report, the organization has taken over 18 profitable government businesses.

Seyed Taqi Nourbakhsh further added that 60 percent of the shares of “Lavan” [presumably Lavan Oil Refining Company], the whole shares of Raja Rail Transportation Company, six percent of the shares of Bank Refah [Kargaran] and 100 percent of the shares of Khalij-e Fars [Persian Gulf] Power Plant have been handed over to the organization.

Earlier this month it was announced that the government’s debts to Social Security Organization stood at $34.87 billion.

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