Those Iranian Guards sure know how to line their pockets.
Iran’s Guards cloud Western firms’ entry after nuclear deal
By Benoît Faucon and Asa Fitch
Published: July 21, 2015 10:10 p.m. ET
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An Army Day parade in Tehran earlier this year.
Western companies eager to take advantage of the new nuclear agreement with Iran face a host of challenges. One of the biggest: Iran’s Revolutionary Guard Corps.
A branch of Iran’s military, the force is charged with defending the country’s Islamic system. During years of sanctions and economic isolation, it has also established itself as one of the country’s most powerful economic forces.
Through an opaque-but-vast network of companies it controls, the Guards have interests in construction, manufacturing, banking and shipping, among other industries, said people familiar with the organization. Khatam al-Anbia, an engineering and construction firm at the heart of the Guards’ business empire, estimates the long-term value of its contracts is about $50 billion, equivalent to around 12% of Iran’s gross domestic product.
If Iran implements the terms of the deal reached with six world partners in mid-July, many sanctions could be lifted by early next year. Western firms would need to carefully vet potential suppliers, distributors and customers for ties to the Guards, which the U.S. accuses of involvement in terrorism overseas and human-rights abuses.
Continue reading at:
Iran s Guards cloud Western firms entry after nuclear deal - MarketWatch?
Iran’s Guards cloud Western firms’ entry after nuclear deal
By Benoît Faucon and Asa Fitch
Published: July 21, 2015 10:10 p.m. ET
An Army Day parade in Tehran earlier this year.
Western companies eager to take advantage of the new nuclear agreement with Iran face a host of challenges. One of the biggest: Iran’s Revolutionary Guard Corps.
A branch of Iran’s military, the force is charged with defending the country’s Islamic system. During years of sanctions and economic isolation, it has also established itself as one of the country’s most powerful economic forces.
Through an opaque-but-vast network of companies it controls, the Guards have interests in construction, manufacturing, banking and shipping, among other industries, said people familiar with the organization. Khatam al-Anbia, an engineering and construction firm at the heart of the Guards’ business empire, estimates the long-term value of its contracts is about $50 billion, equivalent to around 12% of Iran’s gross domestic product.
If Iran implements the terms of the deal reached with six world partners in mid-July, many sanctions could be lifted by early next year. Western firms would need to carefully vet potential suppliers, distributors and customers for ties to the Guards, which the U.S. accuses of involvement in terrorism overseas and human-rights abuses.
Continue reading at:
Iran s Guards cloud Western firms entry after nuclear deal - MarketWatch?
