Explanatory note about the latest US government's decision about the sanctions against Bank Melli Iran Investment Company and its affiliated companies
Recently the US Treasury department has put the BMIIC and some of its affiliated companies in the sanction list, in line with the other injustice policies the US government has followed in recent years to put pressure on the Iranian Industrial and Financial Institutions. Apart from the fact that this decision is another example of US seek of domination on independent countries, it is necessary to clarify some points for the public awareness:
1. Bank Melli Iran Investment Company (BMIIC) is an independent private entity which has been established as a Conglomerate Company under the country's Commercial Law, and its shareholders include thousands of individual as well as corporate entities; and since the company is listed in TSE (Tehran Stock Exchange), the list of its shareholder changes regularly.
2. Applying the same sanctions imposed on Bank Melli Iran to BMIIC, based on injustice political reasons leaves no place for a logical debate. BMIIC and its affiliated companies, as it has been described in their Article of Association have never been engaged in banking activities including transfer of money and no interest in military industries and mainly focused on the Petrochemical Industries, Cement Industry and Pharmaceuticals. Once again BMIIC strongly declares that the US Treasury decisions are based on untrue, injustice political reasons to support the US intention of worldwide military dominance. It is against the US government's humanitarian claims to put the name of BMIIC affiliated companies which are active in the cement industry, textile industry, construction industry, publishing institutes and commercial companies as they provide the day to day public needs, and have no interference with the US claimed activities. The very last US government's decision, is another statement that demonstrates the US claims against Islamic Republic of Iran and its financial institutions, especially BMIIC has no grounds and just follow the US political aims in the region.
Message from CEO
I am pleased to announce that Bank Melli Iran Investment Company (BMIIC) made remarkable achievements during the reported period, despite the volatile domestic capital markets.
Some of such achievements include the increase of our total assets from 26,957,893 million Rials to 36,844,504 million Rials. Similarly, our retained profits jumped from 241.067 million Rials to 1,096,931 million Rials.
Furthermore, we have expanded and diversified our activities on the international arena. For instance, in addition to the existing subsidiary companies owned by BMIIC abroad, we established the "First Persia Equity Fund", which has been successful in attracting foreign investment and directing it toward the Tehran Stock Exchange (TSE).
None of the above achievements would have been possible, had it not been for the sound management strategies of this company; some of which include: maximizing the benefits international markets have to offer, taking advantage of relatively cheap loans as well as demonstrating a continuous and affective presence within the Tehran Stock Exchange (TSE).
Furthermore, we have demonstrated a strategy of diversifying our investment portfolio, in order to reduce market risks, by investing in a wide range of economic activities including: real estate, cement industry, petrochemical industry, agricultural related industries, etc.
The strategy of diversification has enabled this company to become less vulnerable toward domestic and international market risks.
Some of BMIIC's long-term objectives include becoming the largest investment company in the Country. We intend to achieve this goal by taking advantage of the invaluable experience we have gained over the years.
Having demonstrated a strong resiliency toward volatile market situations, BMIIC has proved to be one of the few investment companies which, while serving the government interests and attracting foreign investment into the Country, has offered its shareholders reliability, as far as profitability is concerned.
Finally, I wish to take this opportunity to express my gratitude toward our shareholders who have placed so much confidence in BMIIC's performances as well as my hardworking colleagues.
Morteza Dadash
Board Member and Chief Executive Officer
