The 295-page parliamentary report alleged that the senior management of the company indulged in widespread corruption.
SEATTLE (Scrap Monster): The Tehran Stock Exchange announced suspension of trading in shares of Mobarakeh Steel Company- the country’s largest steelmaker. This follows allegations against the company in the recent parliamentary report. The exchange clarified that the trading in the company will be resumed only after obtaining necessary clear information about the charges.
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The 295-page parliamentary report alleged that the senior management of the company indulged in widespread corruption. It comprises of around 90 instances of wrongdoings, involving a sum of nearly $3 billion. The report unveiled massive corruption and mismanagement in the company. It granted contracts to family members of government officials and influential politicians.
The media reports quoting the parliamentary report highlighted that huge sums of money were paid to government institutions and other influential bodies including 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. In addition, it also bribed media outlets and social media influencers.
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