Page 60 - IRANRptAug20

9.2.6​Other corporate news
Revenues of Iran’s second largest economic entity Mostazafan Foundation reportedly up 34%
Parviz Fattah, head of the Mostazafan Foundation controlled by Iranian Supreme Leader Ali Khamenei, on July 27 said that the conglomerate's revenues increased by 34% y/y to reach 360 trillion rials (approximately $2.5bn at the free market rate) in the 2019/2020 Iranian calendar year (ended March 20), Radio Farda reported.
Fattah, who has served as head of the charitable organisation for a year, would net Iranian rial (IRR) 7 trillion in gross profit, he reportedly added.
The Mostazafan Foundation (Foundation for the Underprivileged) is the second-largest economic entity in Iran after the National Iranian Oil Company (NIOC). It owns nearly 200 factories and scores of financial firms including a bank as well as numerous real estate holdings in various parts of the country and has a mission to eradicate poverty. It was founded in 1979 after the Islamic Revolution.
Like the Razavi Economic Organization, Astan-e Qods-e Razavi, Martyrs Foundation and Housing Foundation and a host of other entities, the foundation is ​under Khamenei's direct supervision​. ​These institutions operate outside the purview of the presidential administration​ and were exempted from paying tax by a Khamenei decree in 1993. They are also not subject to government auditing, while they are not accountable to the Iranian parliament. In 2017, the Mostazafan Foundation produced a report on its revenues and profits for the first time.
There has never been a full report on the assets of the foundation but Fattah said it directly employs 37,000 people.
60​ IRAN Country Report August 2020 www.intellinews.com