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IKCO-SAIPA Debts Reach $8.8 Billion

According to the industries minister, by October 2018, the accumulated debts of IKCO and SAIPA to parts suppliers, banks and insurance companies had reached 1 quadrillion rials ($8.8 billion)
Iran Industries Minister: IKCO-SAIPA Debts Reach $8.8 BillionIran Industries Minister: IKCO-SAIPA Debts Reach $8.8 Billion

By October 2018, the accumulated debts of Iranian carmakers, Iran Khodro (IKCO) and SAIPA, had reached 1 quadrillion rials ($8.8 billion), the industries minister said in a recent interview.
In a televised interview, the transcript of which was published by IRIB News, Reza Rahmani spoke about the conditions of Iranian car companies when he took the helm of Industries Ministry in October 2018.
“At that time, the two carmakers owed 200 trillion rials [$1.8 billion] to parts manufacturers and their other debts [to banks and insurance companies] had reached 800 trillion rials [$7 billion],” he said.
“The accumulated losses of IKCO and SAIPA had respectively reached 170 and 180 trillion rials ($1.5 billion and $1.6 billion) by that time.”

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