Berlin, Jan 22, IRNA -- The chairman of the supervisory board of German industrial giant ThyssenKrupp, Gerhard Cromme, conceded that intense American pressure had forced Iran to give up its seat on the corporate's supervisory board, the daily Frankfurter Rundschau reported Saturday.
Although Cromme expressed "regret" over the US bullying tactics, he pointed out that his company would have faced "considerable financial disadvantages" in keeping the Iranian representative on the board.
Iran's representative at ThyssenKrupp, Mohammad Mehdi Navab- Motlagh did not seek re-election at the January 21 annual shareholders' meeting following American threats to bar the German industrial conglomerate from public contracts in the US.
Washington already forced ThyssenKrupp last year to slash Iran's share in the company from 7.8 to 4.5 percent.
Iran acquired 25.01 percent of Krupp's share in 1976. That figure was lowered to 7.8 percent after Krupp and Thyssen merged in 1999.
Iran's current 4.5 percent share in ThyssenKrupp is estimated to be worth around 357 million euros, according to German press reports.
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