World Library  
Flag as Inappropriate
Email this Article

Setad

Article Id: WHEBN0041075418
Reproduction Date:

Title: Setad  
Author: World Heritage Encyclopedia
Language: English
Subject: Economy of Iran, Islam in Iran, Iran Chamber of Commerce, Industries, Mines & Agriculture, Iranian subsidy reform plan, Television in Iran
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Setad

Setad (short for Islamic Republic of Iran, with holdings of 37 companies, and an estimated value in US dollars of $95 billion (made up of about $52 billion in real estate and $43 billion in corporate holdings.)[3] It is under the control of the Supreme Leader, Ali Khamenei, and created from thousands of properties confiscated from Iranians.[4]

The organization has been described as "secretive" and "little known". It is not overseen by the national budget, and thus "insulating him from Iran's messy factional infighting".[4]

Much of the information compiled about Setad outside of Iran has come from a 2013 investigation by Reuters news agency. In response, Iranian authorities have stated the findings of the investigation lack "any basis", are "far from realities" and "not correct," but given no further details.[4] According to the same Reuters report, there is no evidence that Khamenei is tapping Setad to enrich himself.[3] According to Professor As’ad Abdul Rahman:[5]

However, an important issue was missed in the Reuters report which is ‘Al Khums’ or the Fifth of excess income paid as a form of Zakat (alms-giving), which is usually reserved for Aal-Al-Bayt, Prophet Mohammad’s Household (PBUH). The black turban of Khamenei signifies that he belongs to Imam Ali Ibn Abi Talib and Fatima’s household and being Al Wali Al Faqeeh (guardian of Islamic jurists with full control of the society’s affairs) gives him the majority share of the Fifth, as was the case with Ayatollah Khomeini. The amount is worth hundreds of millions of dollars accrued annually and added to Setad’s revenues.

History

The organization started in 1989 to "manage and sell properties abandoned in the chaotic years" after the 1979 Islamic Revolution. Much of its proceeds were to go to assist war veterans, war widows "and the downtrodden."[4]

In 2006, as sanctions against the Islamic Republic intensified, the organization determined that conglomerates such as the South Korean Iran's largest telecommunications company" in 2009. In 2010 it took control of Rey Investment Co, valued by the US Treasury Department at $40 billion that year.[6]

Setad maintains a complex network of front companies and subsidiaries abroad in places like Germany, Croatia, South Africa, the UAE, Turkey and beyond.[6] It stakes in publicly traded companies totaled nearly $3.4 billion.[6]

Reuters reported that petrochemical companies belonging to Setad stand to benefit from the easing of sanctions stemming from the Geneva interim agreement on Iranian nuclear program.[7]

See also

References

  1. ^ http://www.treasury.gov/press-center/press-releases/Pages/jl1968.aspx
  2. ^ http://www.reuters.com/article/2013/06/04/us-usa-iran-sanctions-idUSBRE9530ST20130604
  3. ^ a b
  4. ^ a b c d
  5. ^
  6. ^ a b c
  7. ^

External links

  • Organization chart of Setad
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Fair are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.