On June 24, the United States Treasury imposed sanctions on Ayatollah Ali Khamenei. This unprecedented acknowledgment of the Iranian leader’s influence over the country’s economy has opened up a general debate about the nature of the institutions Khamenei controls. At the top of the list is Setad Ejrai Farman Imam, or the Execution of Imam Khomeini’s Order (EIKO).

Tasked with “confiscating illegitimate wealth” since the early 2000s, this bonyad has been described by U.S. Secretary of State Mike Pompeo as Ayatollah Khamenei’s “slush fund.” Indeed, EIKO is only accountable to the Supreme Leader. As our previous white paper shows, the Office of the Supreme Leader is the sole regulator of Iran’s most powerful bonyads, including EIKO. 1

EIKO is an organization shrouded in secrecy. The entity has no website or public financial reports, making it difficult to determine the extent of its wealth. Of the 455 companies and 1655 board members that Doublethink has identified as affiliated with EIKO, only a handful have financial reports. 

Estimated Assets: $31 billion2

EIKO doesn’t publish its financial information. However, interviews conducted by EIKO officials throughout the years can shed light, albeit dim, on the inner workings of this entity. In a rare interview for the state press in 2008, the head of the EIKO Properties and Assets Organization, Aref Nourouzi, valued the organization at over $12 billion (500 trillion IRR), with an additional $19 billion worth of investments in Tehran Stock Exchange companies.

EIKO’s Paramilitary Links

Like it’s “cousin” bonyad–the Islamic Revolutionary Guard Corps owned Sepah Cooperative Foundation (BTS)–EIKO and its main subsidiary, Bonyad Barakat, enjoy a blanket tax exemption and privileged access to state contracts. EIKO receives large payouts from the Iranian government under opaque conditions. In 2017, EIKO received a $2.3 million repayment for an unknown debt from the government in 2017. Another repayment of $60 million was allocated in 2014.

EIKO also has strong links to the IRGC, more so than any other bonyad we examined. In 2008, EIKO and the IRGC’s Sepah Cooperative Foundation (BTS), together with Mostazafan Foundation, performed an aggressive takeover of the thriving telecommunications industry, forcing out privately owned competitors. Today, the three bonyads control the sector. EIKO and BTS co-own 31 telecommunications firms, including the Telecommunications Company of Iran.  

Doublethink research has also identified the following sectors where EIKO has major influence of operations:

  • Banks, investment funds (Karafarin Bank 98%), Parsian Bank, Bank Mellat)
  • Import-Export
  • Extractive Industries
  • Telecom/IT (Telecommunications Company of Iran)
  • Pharmaceuticals (Barakat Pharmaceutical Group 100%)
  • Automotive (Iran Khodro 5%)
  • Steel, Construction

Doublethink research shows that EIKO sits on the board of the following 28 companies.

Entity Holding Holding Type# of SubsNote
EIKOBarakat FoundationCharity, Environment, Business135
EIKOMofid Economic Group Construction, Oil, Electricity, Import-Export7
EIKOTadbir Economic Development Company (TEDC)Economic 9
EIKO->TEDCTadbir Research Management Consultants (TRMCG)ResearchN/A
EIKO- >TEDCTadbir Construction Development GroupConstruction7
EIKO-> TEDCTadbir Industry & Mines Development CoMining 2
EIKO- >TEDCNoandishan Keshtosanat Tadbir CoAgriculture2
EIKO- >TEDCBasir Management Services GroupLegal, Financial Consultancy62 Shell companies
EIKO- >TEDCTadbir Energy Development GroupOil & Gas13
EIKO-> TEDCIran Mobin Electronic Development (IMED)Telecom11Shares 31 Telecom companies with BTS
EIKO- >TEDC-> Iran Mobin Electronic Development Tose’e Etemad Mobin (TEM)ICT6
EIKOTadbir Investment GroupInvestment20
EIKOBarakat Pharmaceutical GroupPharmaceutical 9
EIKO->Barakat Pharmaceutical Group Alborz InvestmentInvestment156 smaller affiliates
EIKO->Barakat Pharmaceutical GroupKafPersonal Hygiene Products26Tolid Darou is a subsidiary of Barakat Pharmaceutical Group. This and Jahan Vegetable Oil both fall under Kaf Holding. 

A Breakdown of U.S. Treasury Sanctions Against EIKO:

  1. Tamin Sarmayeh Amin (a.k.a Amin Investment Bank) is an EIKO entity with subsidiaries that are joint ventures with BTS-owned Ansar Bank, Bank Mellat, Bank Saman, Sepah Bank and Tose Saderat Bank.
  2. North Drilling Company –This company is listed as a subsidiary of Energy Gostar Sina (SEDCO), a BM holding, as well as Tadbir Energy Development Group, an EIKO Holding.

EIKO.pdf (301 downloads)
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  1. This information came to light on Mar 18, 2018 when the Supreme Leader’s special inspector Hossein Fadaei, who served in the IRGC and is a former principlist MP, revealed that EIKO and its economic arm Bonyad Barakat along with “Mostazafan Foundation, Astan Qods, Komiteh Emdad, Qom and Mashhad Seminaries, Supreme Council of Seminaries, Friday Prayers leaders’ policymaking Council, Keyhan and Etelaat newspapers” are among the entities that he audits and supervises EIKO.
  2. Based on official USD exchange rate of IRR 42,105 as of 6/26/19

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