Official: divesting shares of power industry companies not fit for Iranian administration

Business Materials 25 December 2012 16:18 (UTC +04:00)

Azerbaijan, Baku, Dec. 25 / Trend G.Mehdi /

Divesting shares of power industry companies, such as Iran Transfo, due to outstanding debt is not fit for the Iranian administration, ILNA quoted Iran's syndicate of electric suppliers head Mohammad Farsi as saying.

This is while the company claimed some 3.5 trillion rials (about $285 million) from the administration, he said.

"Power industry companies have laid off 40 percent of their employees on the average amid the economic war (with the West)," he noted.

Divesting the shares of Iran Transfo is an unpleasant event which occurred three years ago, showing that the administration does not support the private sector, he said.