Head of the Stock Exchange Resigns; 10 Billion Toman Loan Accelerated Dismissal

Following the news of a 10 billion toman loan granted by five members of the Stock Exchange Board to themselves at a 4% interest rate with a 10-year repayment period and without valid guarantees, Majid Eshghi, as the head of the Stock Exchange, moved closer to the exit of the capital market, leading to his dismissal occurring sooner than expected. Iranian media reported that following previous verbal negotiations, the head of the Stock Exchange and Securities today submitted his written resignation to the Chairman of the Supreme Council of the Stock Exchange. In this regard, Majid Eshghi stated that in his first meeting with Abdolnaser Hemmati, the new Minister of Economy, he announced his resignation, and Hemmati indicated that a change in management was necessary, stating that operations would continue as usual until a suitable candidate was chosen. Eshghi's remarks come at a time when the repercussions of the self-granted loan in the stock market seem to be ongoing, as just two days prior, after the news of this event was published, Hemmati wrote on X: 'Following the Inspection Organization's letter regarding the interest-free loan received by the Chairman and members of the Stock Exchange Board, I have referred the matter for rapid expert review and opinion to the Ministry's Inspection Center.' Today's edition of Iran newspaper reported that the loan was granted 'taking advantage of the gap and distance between two governments' and that 'if the Chairman of the Stock Exchange and board members had insurance records and were government employees, this 4% loan would not qualify as an employment-generating loan and is certainly a violation.' Kayhan newspaper also addressed this issue today, stating that a lack of transparency exists in all sectors. The newspaper, under the supervision of Ali Khamenei, emphasized that many people are asking when transparency will be provided regarding the facilities of other sectors and what procedures the Minister of Economy will adopt regarding the facilities provided by other agencies, especially banks and state-owned companies. The lack of transparency and adequate oversight, along with the rent-seeking nature of government and management, are among the factors that have led to both minor and major corruption in Iran's economy. Granting loans to bank employees, allowing the board of the stock exchange to loan themselves money, and oil corruption cases, including the disappearance of oil rigs and the emergence of various 'kings' such as the kings of asphalt and coins, are examples of systemic economic corruption within the Islamic Republic. Disclosure of financial misconduct by stock exchange managers; Fariborz Kalantari: Iran's economy is exploitative and cronyistic. Insult from Hossein Abdeh Tabrizi, advisor to the Minister of Economy, to a protester: 'What are you saying, you fool?' Acknowledgment by the Islamic Republic of its inability to control prices; the spokesperson: 'The guilds should control themselves.' Media reactions to 70 million toman salaries for managers and 10 million toman salaries for employees: 'Bribery and corruption' are becoming more widespread.