Iran Cracks Down on IRGC Business Network

The Financial Times reports that Iran’s Revolutionary Guards Corps (IRGC) is being forced to shrink its sprawling business empire, and some of its senior members have been arrested as part of President Hassan Rouhani’s attempts to curb the elite force’s role in the economy.

A regime insider and a government official told the newspaper that the organization, which have interests in sectors ranging from oil and gas to telecoms and construction, has had to restructure some holding companies and transfer ownership of others back to the state.

At least a dozen guards members and affiliated businessmen have been detained in recent months, while others are being forced to pay back wealth accrued through suspect business deals, the officials said.

The full report can be read here (subscription).

(Source: The Financial Times)

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