Iran’s massive financial empire built on property seizures. Life in a religious dictatorship –


Khamenei controls massive financial empire built on property seizures

SUPREME LEADER: Ayatollah Ali Khamenei, shown at a 2009 clerical gathering, oversees an organization called Setad that has assets estimated at about $95 billion. REUTERS/Khamenei.ir/Handout

Part 1: A Reuters investigation details a key to the supreme leader’s power: a little-known organization created to help the poor that morphed into a business juggernaut worth tens of billions of dollars.

The 82-year-old Iranian woman keeps the documents that upended her life in an old suitcase near her bed. She removes them carefully and peers at the tiny Persian script.

 

There’s the court order authorizing the takeover of her children’s three Tehran apartments in a multi-story building the family had owned for years. There’s the letter announcing the sale of one of the units. And there’s the notice demanding she pay rent on her own apartment on the top floor.

Pari Vahdat-e-Hagh ultimately lost her property. It was taken by an organization that is controlled by the most powerful man in Iran: Supreme Leader Ayatollah Ali Khamenei. She now lives alone in a cramped, three-room apartment in Europe, thousands of miles from Tehran.

The Persian name of the organization that hounded her for years is “Set” ad Ejraiye Farmane Hazrate Emam– Headquarters for Executing the Order of the Imam. The name refers to an edict signed by the Islamic Republic’s first leader, Ayatollah Ruhollah Khomeini, shortly before his death in 1989. His order spawned a new entity to manage and sell properties abandoned in the chaotic years after the 1979 Islamic Revolution.

Setad has become one of the most powerful organizations in Iran, though many Iranians, and the wider world, know very little about it. In the past six years, it has morphed into a business juggernaut that now holds stakes in nearly every sector of Iranian industry, including finance, oil, telecommunications, the production of birth-control pills and even ostrich farming.

The organization’s total worth is difficult to pinpoint because of the secrecy of its accounts. But Setad’s holdings of real estate, corporate stakes and other assets total about $95 billion, Reuters has calculated. That estimate is based on an analysis of statements by Setad officials, data from the Tehran Stock Exchange and company websites, and information from the U.S. Treasury Department.

Just one person controls that economic empire – Khamenei. As Iran’s top cleric, he has the final say on all governmental matters………

Rest of article here: By Steve Stecklow, Babak Dehghanpisheh and Yeganeh Torbati

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About Fr. Orthohippo

The blog of a retired Anglican priest (MSJ), his musings, journey, humor, wonderment, and comments on today's scene.
This entry was posted in authority, economics, politics, Shia, theology, Uncategorized and tagged , , , , , , . Bookmark the permalink.

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