Execution of Imam Khomeini's Order

"EIKO" redirects here. For the name, see Eiko.
Execution of Imam Khomeini's Order
Native name
ستاد اجرایی فرمان امام
Company typeHeadquarters
FoundedApril 26, 1989; 35 years ago (1989-04-26)
FoundersHabibollah Asgaroladi
Mehdi Karroubi
Hassan Sane'i
Headquarters
Tehran
,
Iran
Key people
Parviz Fattah (CEO)
Websitesetad.ir

The Execution of Imam Khomeini's Order (EIKO)[1][2] (Persian: ستاد اجرایی فرمان امام, Setâd-e Ejrây-ye Farmân-e Emâm), also known as the Executive Headquarters of Imam's Directive or simply Setad, is a parastatal organization[3] in the Islamic Republic of Iran, under direct control of the Supreme Leader of Iran. It was created from thousands of properties confiscated in the aftermath of the 1979 Islamic Revolution. A Reuters investigation found that the organization built "its empire on the systematic seizure of thousands of properties belonging to ordinary Iranians", also seizing property from members of religious minorities, business people and Iranians living abroad; at times falsely claiming that the properties were abandoned.[4]

Supreme Leader Ruhollah Khomeini originally ordered three of his aides to take care of and distribute the confiscated property to charity. However, under Ayatollah Ali Khamenei, the organization has been acquiring property for itself.[4] It has grown into a major center of economic power in Iran.[5] Holdings include large amounts of real estate and 37 companies, covering nearly every sector of Iranian industry, including finance, oil, and telecommunications.[6]

While its accounts are secret even to the Iranian parliament, a 2013 estimate by Reuters news agency put the total value of Setad's holdings at $95 billion, made up of about $52 billion in real estate and $43 billion in corporate holdings.[6] In 2013, the U.S. Department of the Treasury imposed sanctions on the organization and some of its corporate holdings, referring to it as "a massive network of front companies hiding assets on behalf of ... Iran's leadership."[4]

  1. ^ Treasury Targets Assets of Iranian Leadership Archived 2015-09-23 at the Wayback Machine| US Department of the Treasury. Press Center | 6/4/2013
  2. ^ U.S. blacklists global network of Iranian 'front' companies Archived 2015-03-26 at the Wayback Machine| Reuters | 4 June 2013 |retrieved 22 November 2016
  3. ^ Outtier, Natela. "Want to Invest in Iran? Here's What You Need to Know Before You Go". payvand.com. Frontera. Archived from the original on 24 November 2016. Retrieved 24 November 2016.
  4. ^ a b c "Khamenei controls massive financial empire built on property seizures". payvand.com. Reuters. Archived from the original on 2013-11-12. Retrieved 2017-07-02.
  5. ^ Cite error: The named reference part2 was invoked but never defined (see the help page).
  6. ^ a b Stecklow, Steve; Dehghanpisheh, Babak; Torbati, Yeganeh (November 11, 2013). "Khamenei controls massive financial empire built on property seizures, (Assets of the Ayatollah, part 1)". Reuters. Archived from the original on 12 November 2013. Retrieved 13 November 2013.