Ravak Insurance from Poultry Farming to Currency Ambiguity with Davarpanah and Shekaryan
According to the official financial statements of Ravak Supplemental Insurance Company, which have been exclusively provided to Iran Gate News Agency, the financial misconducts of Ismail Davarpanah, the CEO and Chairman of the Board, and Amir Shekaryan, a board member, have been evident and reported to the shareholders. With the change in the management composition at Tehran Ravak Reinsurance, attention is now more than ever focused on the legacy left by the previous managers—a collection of controversies, financial ambiguities, and unanswered questions that start from rooftop poultry farming and extend to auditor reports on consulting contracts, currency purchases, and a $538,000 discrepancy.
Perhaps none of the incidents at this company have surprised the public as much as the story of keeping chickens and roosters on the rooftop of the central building. It is said that significant costs were incurred for acquiring and renovating this building, yet part of it has been converted into a place for chicken farming and egg production. This image raises serious questions about the management of the company’s assets and the priorities of the managers at the time.
But this is not the only controversy surrounding Ravak. Reports also indicate the transfer of shares among certain individuals and legal entities close to each other, a matter that, if true, could suggest an attempt to influence the votes in assemblies and the company’s decision-making structure, requiring thorough investigation by regulatory bodies.
In addition to these issues, the activities of the employee’s future institution affiliated with the company are also questionable. According to published reports, this institution has pursued a residential project in the Khalazir area, a project whose connection to the mission of a reinsurance company remains unclear to shareholders and capital market observers.
Meanwhile, the independent auditor’s report has revealed new dimensions of these ambiguities. According to this report, some consulting contracts were concluded without the board’s approval, in some cases, there was essentially no contract, and the criteria for evaluating services, methods of payment, and the volume of commitments were also unspecified. Additionally, about 296 billion Rials in consulting fees were paid, but legal insurance deductions were not withheld from these payments, a matter that could impose new costs on the company if demanded by the Social Security Organization.
Another part of the auditor’s report is dedicated to the purchase of coins and currency, where ambiguities take on a more serious tone. According to this report, some of the purchased coins, valued at 48 billion Rials, were bought at a price higher than the market rate, and after aligning the actual value of the coins with the currency paid, a discrepancy of 538,107 dollars was identified. The auditor noted that sufficient documentation and explanations regarding this discrepancy were not provided, raising significant questions about the company’s financial and oversight processes.
All these events indicate that the Tehran Ravak Reinsurance case is not limited to a few media controversies but is faced with a set of managerial, financial, and governance ambiguities that need to be addressed to maintain shareholder trust and the credibility of the insurance industry.
It is now expected that the new board of directors, the Central Insurance Organization, the Securities and Exchange Organization, and other responsible bodies will answer these questions transparently and without reservation. How the company’s resources have been spent, who is responsible for these decisions, and what will be the fate of the ambiguities pointed out by the auditor? Silence in response to these questions will only add to the scope of ambiguities.