Dr. Emanuele Ottolenghi September 17, 2015
APPENDIX I: IRGC Investments in Tehran’s Stock Market
Name Value Value (Dollar) Value (Dollar) Industry Link to (Billion (Central Bank (Free Market ownership Rial) Rate)* Rate)** structure
Iran Mobile 114024.00 $ $ Telecommunicatio link Telecommunications 3,852,422,461 3,376,488,007 n Company
Telecommunication 100784.42 $ $ Telecommunicatio link
Company of Iran 3,405,109,163 2,984,436,512 n
Ansar Bank 19904.00 $ $ Financial link 672,477,870 589,398,875
Bahman Group 10145.07 $ $ Automotive link 342,762,011 300,416,642
Iran Tractor 3785.40 $ $ Automotive link
Manufacturing 127,893,777 112,093,574
Calcimin 3724.00 $ $ Mining, Metals link 125,819,312 110,275,392
Middle East 3558.28 $ $ Transport link Tidewater 120,220,218 105,368,019
Bahman Investment 2879.80 $ $ Automotive&Fina link 97,297,115 85,276,873 ncial
Iran Zinc Mines 2698.80 $ $ Mining, Metals link Development 91,181,701 79,916,968
Company
Foundation for Defense of Democracies www.defenddemocracy.org 29 Dr. Emanuele Ottolenghi September 17, 2015
Tous Gostar Urban 1592.33 $ $ Construction link Development 53,798,399 47,152,058
Manufacturer of 542.55 $ $ Automotive link Diesel and Gas 18,330,664 16,066,065
Engines
Iran Casting 507.60 $ $ Automotive link
Industries 17,149,807 15,031,093
Iran Tractor 506.94 $ $ Automotive link
Foundry Company 17,127,509 15,011,549
National Iranian 338.10 $ $ Mining, Metals link
Lead & Zinc 11,423,069 10,011,845
Iran Mineral 222.24 $ $ Mining, Metals link Byproducts 7,508,615 6,580,989 Company
Parsian Oil & Gas 88080.00 $ $ Oil,Gas, link Development 2,975,876,748 2,608,232,159 Petrochemical
Company
Ghadir Investment 80604.00 $ $ Financial link 2,723,292,114 2,386,852,236
Pardis 54672.00 $ $ Petrochemical link Petrochemical 1,847,151,835 1,618,951,732
Company
Shiraz 17824.50 $ $ Petrochemical link Petrochemical 602,219,745 527,820,551 Company
Tabriz Oil Refinery 15699.98 $ $ Oil&Gas link 530,440,570 464,909,091
Foundation for Defense of Democracies www.defenddemocracy.org 30 Dr. Emanuele Ottolenghi September 17, 2015
Kermanshah 12246.32 $ $ Petrochemical link Petrochemical 413,755,119 362,639,147 Industries
Iran Steel Alloys 5595.20 $ $ Metals link 189,039,800 165,685,520
Motogen 4729.46 $ $ Machinery link 159,789,851 140,049,156
International 3948.00 $ $ Construction link Construction 133,387,391 116,908,499 Development
Company
Dashtestan Cement 2101.13 $ $ Cement link Industries 70,989,053 62,218,952
Sepahan Cement 1935.00 $ $ Cement link 65,376,039 57,299,378
Shargh Cement 1329.43 $ $ Cement link 44,916,346 39,367,308
Kurdistan Cement 948.67 $ $ Cement link 32,051,895 28,092,153
$ $ SUM (IRGC +Armed Forces) 18,748,808,196 16,432,550,341
$ $ Fully IRGC-Controlled 8,960,521,691 7,853,524,460 Portfolio Value
$ $ Armed Forces Portfolio Value 9,788,286,506 8,579,025,881
Foundation for Defense of Democracies www.defenddemocracy.org 31 Dr. Emanuele Ottolenghi September 17, 2015
$ $ Market Value of Companies 93,292,783,695 81,767,243,465 listed on TSE
20.10% 20.10% IRGC and Armed Forces share of TSE
9.60% 9.60% IRGC's Share of TSE
10.5% 10.5% Armed Forces Share of TSE
*Central Bank of Iran Dollar Exchange Rate: $1=29598 Rial **Free Market Dollar Exchange Rate: $1= 33770 Rial
APPENDIX II IRGC non-publicly traded companies: List of subsidiaries and controlled companies for Khatam Al-Anbiya, IRGC Cooperative Foundation and Basij Cooperative Foundation IRGC Non-Publicly Traded Companies Khatam Al-Anbia Construction Base Headquarters
Name Position Company Year Source Housing Cooperative Company for Employees of Khatam ol-Anbia Ali Asghar Base Passive Defense and Defense
Sheykh Main Auditor Engineering Directorate 2012-2013 Link Housing Cooperative Company for Employees of Khatam ol-Anbia Reserve Base Passive Defense and Defense
Ahmad Ghaemi Auditor Engineering Directorate 2012-2013 Link Housing Cooperative Company for Employees of Khatam ol-Anbia Seyed Abolreza Chairman of Base Passive Defense and Defense
Hosseini the Board Engineering Directorate 2012-2013 Link Housing Cooperative Company for Reserve Employees of Khatam ol-Anbia Mohammad Ali Board Base Passive Defense and Defense
Houshmand Member Engineering Directorate 2012-2013 Link Reserve Housing Cooperative Company for
Naser Godarzi Board Employees of Khatam ol-Anbia 2012-2013 Link
Foundation for Defense of Democracies www.defenddemocracy.org 32 Dr. Emanuele Ottolenghi September 17, 2015
Member Base Passive Defense and Defense Engineering Directorate Housing Cooperative Company for Employees of Khatam ol-Anbia Board Base Passive Defense and Defense
Behrouz Salehi Member Engineering Directorate 2012-2013 Link Housing Cooperative Company for Employees of Khatam ol-Anbia Jafar Hemayat Board Base Passive Defense and Defense
Khah Member Engineering Directorate 2012-2013 Link Housing Cooperative Company for Employees of Khatam ol-Anbia Hassan Ahmadi Directing Base Passive Defense and Defense
Khah Manager Engineering Directorate 2012-2013 Link Housing Cooperative Company for Employees of Khatam ol-Anbia Mohammad Secretary of Base Passive Defense and Defense
Gomar the Board Engineering Directorate 2012-2013 Link Housing Cooperative Company for Ahmad Ali Vice Employees of Khatam ol-Anbia Nazari Nejad Chairman of Base Passive Defense and Defense
Kiyashi the Board Engineering Directorate 2012-2013 Link Housing Cooperative Company for
Amir Godarzi Main Auditor Employees of Bushehr Air Defense 2009-2010 Link Mehdi Hassan Reserve Housing Cooperative Company for
Zadeh Auditor Employees of Bushehr Air Defense 2009-2010 Link Mohammad Hossein Chairman of Housing Cooperative Company for
Abarshi the Board Employees of Bushehr Air Defense 2009-2010 Link Reserve Board Housing Cooperative Company for
Sadegh Karimi Member Employees of Bushehr Air Defense 2009-2010 Link Secretary of the Board and Directing Housing Cooperative Company for
Jalal Bakhtiyari Manager Employees of Bushehr Air Defense 2009-2010 Link Vice Chairman of Housing Cooperative Company for
Seyfollah Seyfi the Board Employees of Bushehr Air Defense 2009-2010 link Housing Cooperative Company for Abolfazl Employees of Khatam ol-Anbia Air
Parvaresh Main Auditor Defense Base Tehran Province 2011-2012 Link Housing Cooperative Company for Hamidreza Employees of Khatam ol-Anbia Air
Rahimi Main Auditor Defense Base Tehran Province 2011-2012 Link Housing Cooperative Company for Nader Khotaee Employees of Khatam ol-Anbia Air
Sadegh Main Auditor Defense Base Tehran Province 2011-2012 Link
Foundation for Defense of Democracies www.defenddemocracy.org 33 Dr. Emanuele Ottolenghi September 17, 2015
Housing Cooperative Company for Reserve Employees of Khatam ol-Anbia Air
Ahmad Salimi Auditor Defense Base Tehran Province 2011-2012 Link Housing Cooperative Company for Kambiz Reserve Employees of Khatam ol-Anbia Air
Yektaee Auditor Defense Base Tehran Province 2011-2012 Link Housing Cooperative Company for Kambiz Reserve Employees of Khatam ol-Anbia Air
Yektaee Auditor Defense Base Tehran Province 2011-2012 Link Housing Cooperative Company for Homayoun Chairman of Employees of Khatam ol-Anbia Air
Barkhordari the Board Defense Base Tehran Province 2011-2012 Link Chairman of Amir Abbas the Board Housing Cooperative Company for Mahdavi and Directing Employees of Khatam ol-Anbia Air
Rostami Manager Defense Base Tehran Province 2011-2012 Link Reserve Ho