TEHRAN, Iran, Aug. 10
Trend:
Iran Minister of Economy and Finance announced that no bank is allowed to buy Justice Shares at the amount less than the market value and the shareholders can sell their Justice Shares to banks in accordance with market conditions.
Iran Minister of Economy Farhad Dejpasand made the comment responding to public criticism of the failure of some banks to deposit money for the sale of Justice Shares to shareholders accounts, Trend reports citing IRNA.
"There is probably a mistake in calculating the market value of the shares in the market, which will cause delays in the deposit of money in exchange for purchasing the shareholders’ justice shares by banks,” the minister said.
He pointed out that the ministry has created conditions so that the shareholders can use their Justice Shares as collateral for loans instead of selling their shares.
According to IRNA, some shareholders of Justice Shares, who had applied to sell their shares through banks, had not been paid any money since last two months, the report said.
Justice Shares are shares of government-owned companies that were given to the lowest-income Iranians ten years ago. They could not trade the shares and received a small part of the dividends in the last two years.
In April, the ban on trading Justice Shares (Saham-e Edalat) was removed. These are shares of a basket of forty-nine state-owned companies, including petrochemicals, that are the driving force of the stock market.
The shares are in the hands of forty-six million people. As of July 10, the value of Justice Shares has experienced a thirty-fold increase on average since the plan was launched. In total, 48 million people have been registered to buy and sell stocks.