German Media: The Islamic Republic Has Used a Company in Germany to Evade Sanctions

Investigations by two German media outlets reveal that a company in Düsseldorf, apparently owned by the "Ghadir Investment Company" managed by the Islamic Republic, was established in 2012 with capital sent from Tehran. According to the report, the company "GIC International" has operated in sectors such as oil, gas, petrochemicals, cement, and metals. Official information indicates that this company generated about 600 million euros in revenue from 2017 to 2021. Research by the two German media outlets, WDR and Süddeutsche Zeitung, regarding the background of "GIC International" suggests that it may be part of the extensive Ghadir Investment Company, which participates in various economic activities. The United States claims that Ghadir Investment Company is a collection of firms affiliated with the Islamic Republic that are under the supervision of governmental, security, military entities, and the Islamic Revolutionary Guard Corps (IRGC), and has sanctioned it for this reason. The report states that based on documents obtained by the "People's Mujahedin Organization" (an opposition group to the Iranian government) and provided to the two German media outlets, it can be inferred that the Islamic Republic likely uses GIC International and other companies in Germany to evade sanctions, continue business transactions, and purchase property. These internal documents from GIC International show the connection between the CEO of the company in Düsseldorf and the management of the Ghadir holding in Iran, accompanied by detailed and precise information. GIC International denied its cooperation with the Islamic Republic last year but has not responded to requests for comments on the recent allegations. American officials consider the Ghadir holding to be a collection that provides funding for the security and military apparatus of the Islamic Republic, including the IRGC, and they closely monitor its activities. Given the sanctions on the Ghadir holding and the general restrictions on trade with Iran, GIC International has drawn the attention of German officials, but no specific instances of legal violations have been reported yet. Western security officials have long been monitoring complex and transnational financial networks linked to the Islamic Republic. In recent years, hundreds of companies and shell organizations in various countries have circumvented sanctions against the Iranian government through diverse economic activities. Internal documents indicate that GIC International in Düsseldorf has also assisted in registering new companies in countries such as Oman, Armenia, the UAE, and China. In light of the sensitivities surrounding GIC International's activities and the restrictions on transactions due to U.S. sanctions, the proposal to dissolve this company in Düsseldorf has been raised, but it has not been approved by the Islamic Republic's officials. The Financial Times also reported on Sunday that the Islamic Republic of Iran has exploited two major British banks for covert money transfer operations worldwide as part of a broad sanctions evasion network supported by Iranian intelligence agencies.