Behind the Scenes of Behpak Changes; Darvishi and Malekpouri Accused of 10 Trillion Toman Embezzlement

The sudden change of CEO at Behpak Industrial Company, a key subsidiary of Behshahr Industrial Development, coinciding with reports of the arrest of several senior managers, has once again drawn attention to the complex and opaque structure of Iran's quasi-state economy. A review of stock exchange documents shows a managerial change has occurred, but the main issue relates to the "embezzlement of over 10 trillion Toman" and the arrest of managers about which the judiciary has remained silent.

Management Change Amid Heavy Rumors

According to the latest capital market data, Meqdad Mahmoudi was appointed as the CEO of Behpak Industrial Company on September 7, 2026. The company, more than 63% of whose shares are owned by Behshahr Industrial Development, underwent this change following the management period of Siros Darvishi and at a time when the names of several former managers, including Habib Malekpouri, Darvishi's deputy and a member of the company's board, were behind this widespread corruption. Some local sources refer to Malekpouri as the main agent in this embezzlement case.

Analysts believe that since some former managers have been arrested or summoned and the amount of violations is "more than 10 trillion Toman," the new management must publicly clarify this corruption.

Old Holding at the Heart of the Quasi-State Economy

Behshahr Industrial Development is one of the oldest industrial holdings in Iran, dating back to the 1940s, and is currently active in the food, oil, detergent, distribution, and investment industries. Behpak is also part of this network. The composition of the company's board of directors shows that representatives of companies affiliated with the Behshahr group play a major role in its management. Seyed Mahmoud Khodaei is also registered as a representative of one of the group's subsidiaries on the board, making public oversight of cash flow and inter-group transactions difficult.

Concerns about recent events were previously raised in another controversial case involving Majid Mohseni Majd, the then CEO of the holding, who had been at the helm since 2019, and was arrested in December 2021 with charges of embezzlement, bribery, and misappropriation of public funds against him. This case was related to the financial transactions of the holding with the economic section of the Ministry of Intelligence.

Inter-Group Transactions and Transparency Questions

 Past stock exchange documents show a significant volume of transactions between Behpak and the parent company. For example, in December 2023, Behpak transferred 304 million shares of Bank Eghtesad Novin in a transaction worth 172 billion Toman to Behshahr Industrial Development. This transaction was official and legal, but the extensive dimensions of inter-group exchanges once again highlight the importance of independent auditing.

 Behpak has also faced several official financial disputes, including a claim of 99.5 billion Toman for the difference in crude oil prices in 2023 and an 11.6 billion Toman account discrepancy with the international company Bunge which was later removed from the records.

A Structure That Creates Crisis

 The Behpak case reveals an older reality once again: In parts of the Islamic Republic's economy, the line between public ownership, political management, and economic enterprise has become so blurred that uncovering the truth about the circulation of billions of Toman often begins not through institutional transparency, but after managerial changes and the spread of speculation.

 The historical connections of large holdings like Behshahr with the economic branches of major military and security institutions further fuel curiosity, as it has been revealed in the case of trusts that part of the corruption factors were linked to the Ministry of Intelligence's pension fund, making the economic activities of security institutions one of the grounds for corruption without the possibility of legal prosecution due to the ability of these institutions to exert influence.