Banks Requisition 1,700 Properties

Banks and credit institution took over possession of more than 1,700 properties from businesses that defaulted on their loans, said the secretary of the Coordination Council of State and Privatized Banks.
The data was published by the Iran Small Industries and Industrial Parks Organization (ISIPO), Alireza Qeitasi said. Details and names of defaulting companies were not available.  
However, he noted that “acquiring the estates does not necessary mean their business are shut,” ISNA reported.
The requisitioned properties are mostly development projects and places of business and almost 60% are operational after coming under banks’ ownership.