The Corrupt Zarinkalam Family

The Corrupt Zarinkalam Family

According to Iran Gate, with the expansion of the sanction business phenomenon in Iran, a few private exchange offices have replaced official banks as the currency arm of sanction traders. These exchange offices have become so powerful from the accumulation of currency from oil and non-oil exports that they are referred to as unofficial banks.

This report aims to reveal the details of the corruption of two exchange offices under the protection of security apparatus and their legendary wealth by providing an analytical analysis of the hacked documents from the server of the country’s most important petrochemical company. With the support of two intelligence experts, they have managed to seize control of the currency flow from Iran’s petrochemical product exports.

The Persian Gulf Industry and Trade Company is responsible for selling the petrochemical products of the Persian Gulf Holding subsidiaries, which accounts for 70% of Iran’s petrochemical exports.

The heavy financial turnover of this company, as the pulse of the country’s petrochemical exports, annually amounts to about 6 billion dollars, which tempted some security elements. From late 2018, through Mohsen Saeedi Nasab as the financial deputy and Mohammadreza Eftekhari as the commercial manager, they injected two exchangers, Hossein Shamkhani and Ali Bayandrian, into the company’s brokerage team to manage the currency funds.

70% of the currency flow from Iran’s petrochemical exports is monopolized by Zarinkalam and Nabizadeh.

The examination of the Persian Gulf Trading Company’s server documents indicates that Mohsen Saeedi Nasab, by fulfilling his promises to the security forces and a responsible member of the Security Council’s cover committee, entrusted 90% of the management of the currency funds from 70% of Iran’s petrochemical production exports to Mansour Zarinkalam and Kambiz Nabizadeh.

The analysis of these documents shows that the first rank in the transfer of currency funds of the Persian Gulf Industry and Trade Company belongs to Bank Eghtesad Novin, with an annual turnover of over 2 billion dollars from the sale of Persian Gulf Holding products.

The main broker of Bank Eghtesad Novin is a person named Mansour Zarinkalam, owner of GCM Exchange, a partnership company of Zarinkalam and Partners. The second rank belongs to Bank Gardeshgari, which annually manages a turnover of over 15 billion dollars from the currency funds resulting from the sale of Persian Gulf petrochemical products. A significant portion of this bank’s brokerage operations was conducted by a person named Kambiz Nabizadeh, owner of Kambiz Nabizadeh Exchange and Partners.

The third rank pertains to Mansour Zarinkalam himself, who this time directly, under the name GCM Exchange, was contracted with the Persian Gulf Industry and Trade Company, annually managing currency funds from the sale of Persian Gulf petrochemical products valued at 15 billion dollars.

In the fourth rank is Kambiz Nabizadeh, who directly, under the name Kambiz Nabizadeh Exchange and Partners, was contracted with the Persian Gulf Trading Company, annually managing currency funds from the sale of this company’s products valued at 800 million dollars.