Over 43 million Iranians receive Justice Shares
Tehran, Iran, May 24
By Milad Fashtami - Trend:
Over 43.15 million Iranians have received Justice Shares so far.
The managing director of Justice Shares Cooperatives Union, Darioush Pak, said on May 24 that almost ten percent of people have not received the shares, Iran's IRNA News Agency reported.
"Some of people failed to register their names in ties, so they couldn't receive the shares," he explained.
Iran implemented a plan to offer shares to low-income families, starting with the poorest. Under the "Justice Shares" plan, millions of Iranian families are receiving shares in state-owned firms, the value of which will be reimbursed years later from the dividends generated by those shares.
"The number of people eligible for receiving Justice Shares was supposed to be around 35 million in the first phase, but the figure increased to 40 and 45 million gradually," he noted.
Pak said in September 2013 that once Iran completes the final stage of Justice Shares Distribution Plan, some 55 million people will benefit from the shares.
The managing director of Tehran Justice Shares Cooperative, Ali Hosseini, said on July 15 that the value of the shares has risen by 2.7 - 3 times, the IRNA News Agency reported.
Iran plans to allow the owners to trade the shares that are paid off in near future.
Currently trading Justice Shares is illegal.
Under the Justice Shares plan, Iranians are supposed to pay off the instalments of the original value of the shares with the interest of the stocks.
On November 12, 2006, the Iranian cabinet approved the bylaw for increasing Iranian households' wealth through expanding the cooperative sector's share on the basis of "Justice Shares Distribution Scheme".
Under the present interpretation of the Article 44 of Iran's Constitution, hundreds of state-owned companies have been privatized with some of the shares being earmarked for distribution among 'deprived' classes, such as farmers and workers.