Iran General NewsGerman firm ends ties with Iran

German firm ends ties with Iran

-

Gulf Daily News: German steel and engineering group ThyssenKrupp has ended a 30-year relationship with Iran, appearing to bow to pressure from the US in a move which could lead Tehran to sell its remaining shares. ThyssenKrupp will not nominate an Iranian representative to its … Gulf Daily News

FRANKFURT – German steel and engineering group ThyssenKrupp has ended a 30-year relationship with Iran, appearing to bow to pressure from the US in a move which could lead Tehran to sell its remaining shares.

ThyssenKrupp will not nominate an Iranian representative to its supervisory board to be approved by shareholders in January, according to an invitation to the annual general meeting.

IFIC Holding, the Duesseldorf-based arm of the Iranian Foreign Investment Company that owns 4.5 per cent of ThyssenKrupp, confirmed yesterday it would lose its seat, currently occupied by government minister Mohamad-Mehdi Navab-Motlagh.

“That is the case,” said an official. “We are not happy about this. We are still the third largest shareholder and shouldn’t be treated differently because of pressure from any third party.”

A ThyssenKrupp spokesman declined to comment on the move.

IFIC’s stake in ThyssenKrupp dates back to an investment made in steelmaker Krupp in 1974. It is worth about 360 million euros ($478m) at current market prices.

Latest news

Iran: Teacher Suicide Is Increasing

These days, some people in Iran no longer find a way to express their pain, therefore, commit suicide in...

Raisi’s Corrupt Administration Announces Plans To Combat Government’s Corruption

Ebrahim Raisi, the new president of the Iranian regime, has announced that he and his administration will be tackling...

Iran’s Media Warns of Civil Disobedience by the Middle Class

The situation of Iran’s middle class is becoming day after day more critical, and the people’s toleration is weakening...

Hold Iran Accountable for Large-Scale Crimes Before Criticizing Individual Abuses

Several United Nations special rapporteurs and various other human rights defenders have been raising alarms in recent days about...

Bleak Fate of Iran’s Street Vendors

Widespread poverty and unemployment in Iran, and the catastrophic economic situation in society, have made life so difficult for...

Calls for Iranian President Raisi To Be Shunned by the UN

The Iranian president, Ebrahim Raisi took his first trip abroad to Tajikistan to attend the Shanghai Cooperation Organization (SCO)...

Must read

Amnesty urges Iran to free US hikers

AFP: Amnesty on Friday renewed calls for Iran to...

European Parliament group censures Iran meddling in Iraq

Iran Focus: London, Nov. 20 – A European Parliamentary...

You might also likeRELATED
Recommended to you