Business And Markets
0

Court Reverses Privatization of Major Agro-Industrial Company

Court Reverses Privatization of Major Agro-Industrial Company
Court Reverses Privatization of Major Agro-Industrial Company

A court in Tehran has ruled that the government officially re-claim ownership of Haft Tappeh Sugarcane Agro-Industry Company.
The government sold the giant sugarcane company in 2015 to a private owner but the controversial privatization was suspended by top supervisory bodies in May, the official website of the judiciary reported.
The privatization project was reportedly fraught with corruption and violated the provisions of Principle 44 of the Islamic Republic of Iran Constitution, which provides guidelines on downsizing and divestiture of government assets.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com