Conflicting Reports on the Arrest of the CEO of the Teachers' Savings Fund on Charges of Embezzlement

ILNA news agency reported, citing an 'informed source' in the Iranian Ministry of Education, that the CEO of the Teachers' Savings Fund has been arrested on charges of embezzling from the deposits of the fund's members. In recent days, conflicting news has emerged regarding the arrest of Shahabuddin Ghandali, the CEO of the Teachers' Savings Fund. ILNA wrote in its report on Thursday, September 4, that Shahabuddin Ghandali, along with his wife and son, who is a financial manager of the fund, allegedly withdrew large sums from the fund using forged documents and deposited them into their personal accounts. According to this report, the CEO of the Teachers' Savings Fund and his accomplices have been arrested and handed over to judicial authorities. However, Young Journalists Club, affiliated with the Islamic Republic's broadcasting organization, denied this news and quoted Shahabuddin Ghandali as saying, 'Some individuals, out of enmity, are spreading false news to create confusion in the virtual space.' Tasnim news agency also denied the arrest of Shahabuddin Ghandali, stating that they had contacted him. The CEO of the Teachers' Savings Fund said, 'I was summoned as a witness regarding the status of the bank's guarantees and provided explanations.' He added that the investigation is the right of the parliament, and he welcomes discussions about the investigation into the Teachers' Savings Fund. Mohammad Mahdi Zahedi, the head of the Education and Research Commission of the Islamic Consultative Assembly, announced on July 24 that a proposal for an investigation into the Teachers' Savings Fund is on the agenda of this commission. A month after this statement, Jabbar Kouchakinejad, a representative from Rasht in the Islamic Consultative Assembly, reported the 'indecision' of this proposal. According to Young Journalists Club, Mr. Kouchakinejad stated on August 24 that '6 trillion tomans of teachers' money have been embezzled by some individuals, the investment bank has gone bankrupt, and many of the fund's enterprises have also gone bankrupt; traitors must be punished.' The Teachers' Savings Fund has over 800,000 members affiliated with the Ministry of Education and pays annual interest on the monthly deposits of teachers. The 'Investment Bank' is considered a subsidiary of this fund. In addition to the conflicting news about embezzlement in the Teachers' Savings Fund, recent discussions about the high salaries of some government managers have also raised issues regarding 'astronomical salaries' in the Teachers' Savings Fund, leading the CEO of this fund to publish a copy of his pay slip. The pay slip of the CEO, published on August 3 in Tasnim news agency, showed that the total salary and benefits received by Shahabuddin Ghandali in May 2016 amounted to 13 million and 600 thousand tomans.