Mostazafan Foundation Claims Financial Transparency

EghtesadOnline: The Islamic Revolution Mostazafan Foundation has shown complete transparency over its finances, despite the large extent of its economic activities, the head of the foundation declared.

News ID: ۷۸۴۳۰۷

10 November 2018

Addressing its annual general assembly held recently, Mohammad Saeedikia added that during 2005-17, more than 47 trillion rials ($328.67 million) have been paid in taxes by Mostazafan Foundation, while 151 out of the 179 affiliated companies have been rated as “acceptable” by auditors, IRNA reported.

"Taxes levied on Mostazafan Foundation for its last year's [March 2017-18] performance stand at 10,492 billion rials [$73.37 million], which will be paid by the deadline," Financial Tribune quoted him as saying.

"Shares of three out of six companies listed on the stock market in the first half of the current fiscal year [March 21-Sept. 22] were those of Mostazafan Foundation."

Saeedikia said Mostazafan accounts for 1.5% of Iran’s gross domestic product.

Exports by the Islamic Revolution Mostazafan Foundation hit nearly $900 million (including its revenues from tourism industry) in the last fiscal year (March 2017-18), registering a 45% rise compared to the year before, he said in July.

Saeedikia said Mostazafan Foundation has 11 holdings, 160 affiliated companies and 40,000 employees.

"About 70 companies were recently merged, handed over or dissolved in order to streamline the organization," he said.

Mostazafan Foundation (a foundation for the oppressed and disabled established in 1979 as per a decree by the late Imam Khomeini) is the largest relief entity and the second-largest conglomerate in Iran.

The foundation vowed last year it would pull out of the hospitality sector and divest its assets, as decreed by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei.

“The foundation owns more than 20 hotels and is planning to sell them through the stock exchange market,” Saeedikia said in September 2017.