No legal permission for subscribers’ deposit-to-stock conversion: TCI boss

“TCI assets stood at nearly 150 trillion rials (around 15 billion dollar) before privatization but they were quoted at 45 trillion rial (more than four billion dollars) when TCI entered the Tehran Stock Exchange,” Saber Feizi added.
“The gap has since been reduced because of TCI liabilities, which were mainly subscribers deposits, so it could be said that TCI is still indebted to its subscribers and in fact the deposits stay as they were before TCI privatization,” he argued.
He said five percent of TCI stocks have been sold to 22,000 members of the public and TCI’s 38,000 personnel.
He went on to say that 20 percent of TCI stocks have been sold as Edalat stocks (justice share, that government allocates to people with fixed amount profit) and the remaining 20 per cent sold to the public sector.

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