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New car Sinad to enter the market

Iran Financial News

The production of Kish Khodro's new car, Sinad Coupe has started and will enter the Iranian market in the month of Ordibehesht 1381 (21 April to 21 May 2002), Managing Director of Kish Khodro, Mr. Saffari announced.

The design, body and all parts of this automobile, with the exception of its engine, which is manufactured by the French company, Renault have been produced domestically.

The officials from Sharjah Free Zone (UAE) have invited Kish Khodro to establish an assembly line in this area. So far, preliminary agreements have been reached and the location for the factory has been determined, Mr. Saffari reported.

Kish Khodro's MD noted that this is the first time that an Iranian auto manufacturer is establishing an assembly line in a foreign country.

So far, $7.25 million have been invested by the company for the design and manufacturing of Sinad. The meager investment needed for the production of such a car shows that if the private sector is given the opportunity, the automobile industry will have the ability to grow at a much faster pace.

Massive fraud in 3 banks

Three banks, namely Bank Mellat, Bank Saderat and Bank Sepah have embezzled large amounts of money in the country, an MP who spoke on condition of anonymity stated.

The money embezzled in Bank Sepah was more than Rls5 trillion ($625 million) while the Dubai branch of Bank Melli illegally gave money to Al-Mokaseb Company, affiliated to one of the Iranian public foundations, the MP stated.

The legislator added that the Central Bank of Iran (CBI), Governor Mohsen Nourbakhsh denied the report and put the amount of embezzled money at about Rls20 million ($2,500). The Court of Government Employees confirmed that more than Rls2 trillion ($250 million) were involved in Bank Sepah's case.

The MP further said that Judge Abdolhassani has sentenced a number of Sepah Bank's officials to fines totaling Rls28 billion ($3.5 million), while the prime suspect has only been convicted 7 years in prison.

The lawmaker further reported that Rls10 billion ($1.25 million) have been embezzled in the Jami branch of Bank Saderat in the form of travel checks; however, the bank chief resigned and fled from Iran.

Mutual Fund Companies to be set up

The Investment Development Institute (IDI) has drawn up plans to establish mutual fund companies to help increase the liquidity of shares in the stock market, the Secretary General of IDI, Farshad Heybati stated.

He added that a preliminary plan to set up mutual fund companies, as proposed by the Ministry of Economic Affairs and Finance, is being compiled by IDI.

Mr. Heybati further stated that in accordance with the plan, the IDI has set up a committee, including 14 finance and investment experts, which will be responsible for enhancing the level of investment knowledge and identifying efficient consultants in financial and investment affairs.

He added that presently Iranian investment companies have 1.5 million shareholders. Due to recent changes in the tax laws these investors have to be repaid Rls800 billion ($100 million) to Rls1 trillion ($125 million) in taxes deducted from them earlier. IDI, as the sole organization of the investment companies and specialized holding companies, established in December 2001, has presented a plan to the Ministry of Economic Affairs and Finance on how to refund the surplus taxes.

At present, 32 investment and holding companies are members of the institute.

Iran Financial News provides facts, figures and detailed background analysis and includes: Finance & Investment News, Articles, Interviews, Company Profiles, Tehran Stock Exchange Data, Money Market Information and the Latest Macroeconomic News & Data. This service is provided by Atieh Bahar Consulting based in Tehran, Iran.

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