Iran's Supreme Leader Ayatollah Ali Khamenei controls a business empire worth approximately £60 billion, exceeding the value of the country's annual oil exports, a Reuters investigation has found. The organisation, known as Setad, holds stakes in nearly every sector of Iranian industry, including finance, oil, telecommunications, and even ostrich farming.
Setad has built its vast portfolio through the systematic seizure of properties from ordinary Iranians, including religious minorities, Shia Muslims, business people, and expatriates. The organisation claims properties are abandoned in Iranian courts, sometimes falsely, and now holds a court-ordered monopoly on property seizure in the name of the Supreme Leader. In May alone, nearly 300 properties were put up for auction, many worth millions of dollars.
Setad, whose full Persian name translates to 'Headquarters for Executing the Order of the Imam,' was established after the 1979 Islamic Revolution to manage abandoned properties and help the poor. However, it has since evolved into a business juggernaut. The US Treasury Department imposed sanctions on Setad in June, calling it 'a massive network of front companies hiding assets on behalf of Iran's leadership.'
Setad's director-general of public relations, Hamid Vaezi, disputed the investigation's findings and said the organisation is retaining US counsel to address the Treasury's allegations. Reuters estimates Setad's worth at around $95 billion (£60 billion), based on statements from Setad officials, stock exchange data, and US Treasury information.
While there is no evidence that Khamenei personally enriches himself from Setad, the organisation provides him with significant financial resources, bolstering his political and military power. As Iran's top cleric, Khamenei has final say on all governmental matters, including the nuclear programme, which was the subject of recent negotiations in Geneva.
