Just 5% of state shares really transferred to private sector in Iran
Baku, Azerbaijan, Jan. 5
By Fatih Karimov - Trend: Just 5 percent of state shares that have been divested in Iran have actually been transferred to the private sector.
Gholamhossein Shafei, chairman of Iran's Chamber of Commerce, Industries, and Mines said that according to the General Inspectorate Organization, just 5 percent of the shares have been really transferred to the private sector, Iran's IRNA news agency reported on Jan. 5.
The privatization process has been implemented contrary to objectives of the Article 44 of the Constitution, he added.
The Iranian government has envisioned a large privatization program in the Fifth Five-Year Development Plan (2010-2015), aiming to privatize about 20 percent of state-owned firms each year.
In line with the Article 44 of the Iranian 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.
More than 1,320 trillion rials (about $38 billion) of state shares have been divested in Iran since Iranian year 1384 (began in March 2005).
Around $8.2 billion of the shares were paid by the administration to its real person and legal creditors.
Edited by CN