A controversial report has uncovered a network of corruption and conflict of interest in Maroon Petrochemical. Since the appointment of the new CEO in 2021, opaque economic and managerial relationships have formed among the companies affiliated with him, resulting in significant financial losses for the company.
Rent and Conflict of Interest; A Concerning Example
One of the issues raised in this report is the allocation of a license for 23,000 tons of ethylene oxide feedstock to the Kimyagaran group. This allocation was made not only before the mentioned individual's tenure as CEO but also the entry of this group into the shareholder composition of Maroon Petrochemical is a clear example of conflict of interest and "double exploitation of an asset."
Additionally, the decision to sell raw ethylene directly instead of producing higher value-added ethylene glycol has resulted in a loss of about six million dollars for the company. Furthermore, the purchase of 30-megawatt power plant equipment from the German brand MAN for 41 million euros, while its actual value is estimated at around 18 million euros, is another concerning issue in this report. It has been claimed that this second-hand equipment was sold to Maroon Petrochemical without a warranty.
Silence of Regulatory Bodies; Questions Remain Unanswered
The report also points to a network of shared managers and board members in various petrochemical companies, which according to documents, indicates an organized structure of corruption and conflict of interest. Among these, companies like Sadra Chemical Khuzestan have acted as intermediaries in Maroon Petrochemical transactions despite lacking real economic activity.
In conclusion, referencing the silence of regulatory bodies such as the Securities and Exchange Organization and the Court of Audit, it emphasizes that despite the existing documents and figures, no action has yet been taken to investigate this case.
