Iran’s largest charity foundation says clarifying accounts

Business Materials 31 December 2016 11:59 (UTC +04:00)

Tehran, Iran, December 31

By Mehdi Sepahvand –- Trend:

Iran’s Mostazafan Foundation says it is taking long strides to clarify its accounts, citing the payment of 40 trillion rials ($1.2 billion) as tax in 11 years. Tasnim news agency reported December 31.

The Mostazafan Foundation is a charitable foundation, the second-largest commercial enterprise in Iran behind the state-owned National Iranian Oil Company, and the biggest holding company in the Middle East. It has been said the foundation allocates 50 percent of its profits to providing aid to the needy in the form of low-interest loans or monthly pensions, while it invests the remaining 50 percent in its various subsidiaries.

The foundation’s head Mohammad Saidikia said to further clarify its accounts, the foundation previously made plans to privatize, merge, or discard 70 of its subsidiaries. He added that 75 of the job has been done, noting that 22 holdings which were its subsidiaries are now reduced to 11.

The official had in October said the body had allocated a budget of 5 trillion rials (nearly $160 million) to go into development projects at underdeveloped areas.

On December 28, the foundation issued 3,000 real estate documents in names of minority Sunni citizens of northern Iran. These documented 220 hectares of farm and residential pieces of land in Aqqala County, Golestan Province. The value of the lands was about 180 billion rials ($5.5 million).