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59 companies resume operations in Iran’s Alborz province

Business Materials 30 October 2019 12:17 (UTC +04:00)

BAKU, Azerbaijan, Oct. 30

By Elnur Baghishov - Trend:

Over the past year until now, 59 companies, which due to their debts were handed over to banks, have resumed operations in Iran’s Alborz province, Alborz province deputy governor for economic affairs Jahangir Shahmoradi told reporters, Trend reports citing Mehr news agency.

Shahmoradi added that these companies were taken out of the banks’ ownership and returned to the owners.

The deputy governor noted that from 2014 to 2018, about 164 companies have become banks’ property, adding that since 2018, no company has been transferred to the banks’ ownership as ordered by the Alborz governor.

“If this process continues, the Alborz province will take the first place in terms of restoring companies’ activities in Iran,” Shahmoradi said.

The deputy governor noted that the transfer of companies to the banks’ ownership is of no use; on the contrary, their expenses are additional burden for banks.

“Therefore, with the restoration of their activity, companies can repay their debts to banks and expand their operations,” Shahmoradi said.

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