The stock exchange in Iranian capital Tehran has suspended country’s largest steel-maker from trading. The move followed a parliamentary report that made allegations to the tune of USD 3 billion, as per the local media.
Trading of the Mobarakeh Steel Company’s stocks has been suspended “due to uncertainties about the transparency of information”, said the Tehran bourse’s chief executive Mahmoud Goudarzi, quoted by the Fars news agency.
According to the news report, the trading in the company will not resume “until the necessary information is clearly obtained”.
Mobarakeh Steel Company is located in central Isfahan province of Iran. The company plays a major role in Iran’s economy. It even owns a local football team Sepahan. The company, along with several of its subsidiaries are subject to sanctions imposed by the US.
The decision to suspend stock trading of the company came after a 295-page parliamentary report was released, the report has alleged widespread corruption among senior management of the company.
The report accuses the company of 90 counts of wrongdoings including fraud and influence-peddling, amounting to a total of around $3 billion, Fars said.
According to the parliamentary report, which was published by several local media outlets, the firm paid huge sums of money to officials at government institutions and other influential bodies.
They included figures at the intelligence and industry ministries and provincial governors’ offices, as well as the judiciary, the police, state broadcaster IRIB, members of parliament and clerics.
(With inputs from agencies)
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