NDFI Warns It Will Seize Property of Defaulters 

The National Development Fund of Iran (NDFI) has warned that it will block bank accounts and seize the property of borrowers to claim unpaid debt, the deputy for legal and parliamentary affairs of the sovereign wealth fund said.
“Even though in the recent past debt collection has picked up, yet due to the [dire] economic and forex conditions, some banks and companies have refused to meet their commitments. For this reason the NDFI has decided recover its money by legal ways,” Fardad Amir Eskandari was quoted by IBENA as saying.
Bank accounts of those who have borrowed and do not repay will be blocked and their assets will be confiscated, Amir Eskandari said, adding that if that amount does not clear the debt, the fund will seize shares of the bank, borrowers and guarantors plus collateral. If necessary, the NDFI will become a partner in or take full ownership of projects for which the loans were taken.