It said the 37 companies under The Execution of Imam Khomeini’s Order both pull in money from state business for the leaders and work to circumvent international sanctions on the regime.
“EIKO and its subsidiaries — one that manages and controls EIKO’s international front companies, and another that manages billions of dollars in investments — work on behalf of the Iranian Government and operate in various sectors of the Iranian economy and around the world, generating billions of dollars in profits for the Iranian regime each year,” the US Treasury said.
In addition, it said, a key mission of EIKO is to assist the government in circumventing US and international sanctions.
“Because of this unique mission, EIKO has received all of the funding it needs to facilitate transactions through its access to the Iranian leadership.”
The Treasury said EIKO, established about 10 years ago to manage the investments of Iran’s leadership, works through two main holding companies, Tadbir Economic Development Company and Tosee Eqtesad Ayandehsazan or TEACO.
Tadbir holds investments in banking, construction, energy, while TEACO was established three years ago to help the regime skirt sanctions through its network of operating companies in central Europe, Germany, South Africa and the United Arab Emirates,
“To maintain the appearance of being a private company, TEACO is ostensibly owned by private Iranian businessmen and investors; however TEACO’s board members were all chosen by EIKO,” the Treasury said.
“While the Iranian government’s leadership works to hide billions of dollars in corporate profits earned at the expense of the Iranian people, Treasury will continue exposing and acting against the regime’s attempts to evade our sanctions and escape international isolation,” said Under Secretary for Terrorism and Financial Intelligence David Cohen in a statement.