Iran’s largest steelmaker suspended from Tehran stock exchange

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The stock exchange in the Iranian capital, Tehran, suspended trading in the country’s largest steelmaker. The move follows a parliamentary report that made allegations to the tune of $3 billion, according to local media.

Trading in Mobarakeh Steel Company shares has been suspended “due to uncertainties over information transparency”, Tehran Stock Exchange Managing Director Mahmoud Goudarzi was quoted as saying by the Fars news agency.

According to the report, the company’s trading will not resume “until the necessary information is clearly obtained.”

Mobarakeh Steel Company is located in the central province of Isfahan in Iran. The company plays a major role in the Iranian economy. It even owns a local football team Sepahan. The company, as well as several of its subsidiaries, are subject to sanctions imposed by the United States.

The decision to suspend trading in the company’s shares came after the release of a 295-page parliamentary report, with the report alleging widespread corruption among the company’s senior management.

The report charges the company with 90 counts of wrongdoing, including fraud and influence peddling, totaling about $3 billion, Fars said.

According to the parliamentary report, which was published by several local media, the company paid huge sums of money to officials of government institutions and other influential bodies.

Among them were figures from the ministries of intelligence and industry and the offices of provincial governors, as well as the judiciary, the police, the public television channel IRIB, members of parliament and clerics.

(With agency contributions)

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