- Iran: Eight Prisoners Hanged on Drug Charges
- Daughter of late Iranian president jailed for ‘spreading lies’
- IRAN: Annual report on the death penalty 2016
- Taheri Facing the Death Penalty Again
- Dedicated team seeking return of missing agent in Iran
- Iran Arrests 2, Seizes Bibles During Catholic Crackdown
- Trump to welcome Netanyahu as Palestinians fear U.S. shift
- Details of Iran nuclear deal still secret as US-Tehran relations unravel
- Will Trump's Next Iran Sanctions Target China's Banks?
- Don’t ‘tear up’ the Iran deal. Let it fail on its own.
- Iran Has Changed, But For The Worse
- Iran nuclear deal ‘on life support,’ Priebus says
- Female Activist Criticizes Rouhani’s Failure to Protect Citizens
- Iran’s 1st female bodybuilder tells her story
- Iranian lady becomes a Dollar Millionaire on Valentine’s Day
- Two women arrested after being filmed riding motorbike in Iran
- 43,000 Cases of Child Marriage in Iran
- Woman Investigating Clinton Foundation Child Trafficking KILLED!
- Senior Senators, ex-US officials urge firm policy on Iran
- In backing Syria's Assad, Russia looks to outdo Iran
- Six out of 10 People in France ‘Don’t Feel Safe Anywhere’
- The liberal narrative is in denial about Iran
- Netanyahu urges Putin to block Iranian power corridor
- Iran Poses ‘Greatest Long Term Threat’ To Mid-East Security
Wednesday 04 August 2010
As part of the series of reports on the IRGC's takeover of Iranian industries and economy, following is an additional example of the economic implications of this takeover. The IRGC does not see any fault in taking over the various industries as long as it serves its economic goals and its far-reaching policy in every area. This report will describe the IRGC's takeover of the shipping sector.
Sadra Company was established in 1968 by a U.S. company that builds a small shipyard in Bushehr. The shipyard was nationalized following the Islamic revolution and until the IRGC takeover it was owned by the state-owned IDRO Company responsible for industrial development in Iran. Sadra has several shipyards in Bandar-Abbas, Bushehr, Bandar Asaluyeh and Orumieh, and is considered one of the largest companies in the field with over1000 employees.
The shipyard's activity is extensive: it builds and repairs ships, bridges, and marine platforms such as oil rigs. It is also involved in developing the gas and oil sector by building marine pipes, floating drilling rigs, refineries and petrochemical facilities. In recent years the company has experienced financial difficulties, and had problems paying salaries in 2007-2008.
In 2009, the IRGC's Khatam al-Anbia, construction HQ acquired 51.18 percent of the company's shares, there by taking control over the company. The deal was worth a mere 76.7 million dollars, while the company's realvalue was about 176 million dollars. As a result of this deal, the country lost about 100 million dollars. The IRGC procured the company for much less than its real value!
In acquiring the company, the IRGC obtained significant control over the shipping sector, since Sadra is the largest company in the field providing repair services for IRISL and foreign shipping companies anchoring at Iran’s ports.
The only beneficiary of the deal is the IRGC, which procured the company for much less than its real value, and took over the company. The company may be damaged by this takeover because international shipping companies may prefer not to use the company for repair services and will seek services in other ports in the gulf, especially the UAE's developed ports.
This again shows see the IRGC's disregard for the true needs of the country and the people. It only cares for its own good and its narrow and domineering goals. This example again demonstrates the IRGC's tendency to create` an independent power basis for itself in the country by taking over the business world. The shipping sector, as other heavy industry sectors, is an especially important control anchor in Iran’s economy.
Those who will lose from this takeover are all the export and import companies and businesses and everyone whose livelihood originates in shipping. At the end of the day, those paying the price are the small citizens, who can be compared in the sea world to sardines eaten by sharks - a giant shark called the IRGC! This example illustrates once again the IRGC's tendency to create its own independent powerbase in Iran, in this case by taking control of the shipping sector.