Consequences of 'Stock Market Information Rent' Haunt Khandozi; Minister of Economy Under Pressure

The fallout from the 'stock market information rent' that led to one of the most historic declines in the stock index continues, with the Minister of Economy denying the published news, while the Stock Exchange stands against Ehsan Khandozi, demanding transparency. On Tuesday, July 6, the Fars news agency reported that 51 days prior, following a letter from the First Vice President regarding petrochemical feedstock, the stock market witnessed a historic and ongoing decline, with the total index dropping to 350,000 units in the weeks following the date of this resolution. The Young Journalists Club also reported on Wednesday, July 7, quoting the Minister of Economic Affairs and Finance, that Khandozi rejected this claim and the published document, stating that this misunderstanding stemmed from the inaccuracy of the administrative sector of the Government Secretariat. Although this issue was raised in the Cabinet meeting on May 17, it was not approved. The Tejarat News website also reported that aside from the risk of bankruptcy and closure of petrochemical industries, the publication of the letter regarding the increase in petrochemical feedstock prices once again highlighted the existence of a strange rent and increased distrust in the capital market. Some market experts referred to this potentially confidential government decision as a 'technical knockout for the stock market.' Ali Momeni, a capital market expert, stated to Fars that 'the date of the Cabinet meeting is noted as May 17, 51 days ago. At that time, the index was around 2.4 million, and afterwards, the total stock index began to decline.' According to him, some individuals sold their shares with knowledge of this resolution. In other words, the suspicion of insider information being leaked in the stock market has intensified. Economy Online also reacted to this issue, stating that on May 18, following the heavy decline in the stock market, they dubbed it 'Black Monday,' but it seems today could be the darkest day in the investment calendar of the country, the day when it became clear that individuals with insider information dumped their shares on small shareholders and profited and left. The Tehran Stock Exchange is on a downward slope; shareholders are withdrawing their investments from the market. The unprecedented decline of the Tehran Stock Exchange; Iran's economy is 'out of balance.' The continued decline of indices in the Tehran Stock Exchange; the government faces a 'serious constraint' in budget provision. The revelation of 'stock market rent' benefiting 'the elite'; the Minister of Economy: The Government Secretariat was inaccurate. Iran ranks 169th globally in 'economic freedom'; falling to the bottom of the Middle Eastern countries. Car manufacturers are one step away from complete bankruptcy; the Competition Council has warned.