Economy, Business And Markets

Industries to Retrieve Ownership

Industries to Retrieve OwnershipIndustries to Retrieve Ownership

Banks are not allowed to expropriate industrial units put up as collateral for their debt, said Ali Yazdani, deputy minister of industries, mining and trade on Thursday. The ownership of inactive industrial companies that was transferred to banks will be retrieved and they can restart their operations, IRNA quoted him as saying during a visit to industrial parks in the free trade zones in the port cities of Khoramshahr and Abadan, in the southern Khuzestan Province. The government will support inactive industries if they want to resume production, Yazdani noted. The prolonged recession in Iran’s economy disabled industries from meeting their financial commitments to banks and other lending institutions.