When the sanctions of Iran became serious, also the unilateral sanctions of US was added to that of UN, the course of privatization of state owned companies switched on by selling the shares of huge companies to the private companies which in fact belonged to the government in another way, or the companies that their shareholders were very close friends of the governments of Ahmadinejad and Rouhani.
Most important companies among these were the petrochemical companies and their globally famous trading unit: IPCC. The officials decided to delete the word “IRAN” from the official names of NIPC (National Iranian Petrochemical Company) and IPCC (Iran Petrochemical Commercial Company) in order to convince the global companies that these are private entrepreneurs and has nothing to do with the government and are not entitled to sanctions. This was an apparent deceiving decision, but the NPC and PCC customers closed their eyes and continued their business with each other.
Being outside the regular control of government’s surveillance PCC became greater and greater and simultaneously the corruption influences started at almost all units. This resulted in a lot of country’s wealth loss and transferring of Iranian owned funds to European and S. American banks. About 7 years ago, the amount of corruption converted to the figures that the Judiciary sector of the IRR couldn’t tolerate it and so investigations about the managers started by the Information Ministry. At the same time, the escape of top managers with suitcases full of US$ also started and so arresting the remaining managers switched on.
At this point, PCC started to fade and its famous brand and name melted due to these conditions. Now it is two months that PCC has no managing director, as he has also escaped from Iran. Furthermore there is a long ques of the managers that are ready to be trialed and go to prison.
This is the sad and defeated history of privatization in Iran that has also happened for several other huge companies belonging to the nation. (Click Here)
In this regard these circumstances raise a great question: Is The Present Situation of PCC The Start of Privatization Defeat In Iran?
PIMI thinks that this is the most probable case for many other companies in Iran.