🔸 The Court of Audit of the country has warned Ali Panahi, CEO of Saba Energy Holding, that the appointment and transfer of controlling shares of the Pension Fund companies are considered violations.
Performance Under Scrutiny
Two official letters from the Court of Audit indicate that the performance of the National Pension Fund Investment Company and the process of appointing its managers have been closely examined. In one of these letters, it is explicitly stated that the transfer of managerial and controlling shares has not complied with clause "a" of section 2 of article 5 of the Sixth Development Plan, and Ali Panahi is required to provide reasons for non-compliance within seven days.
🔸 In another letter to Azvaji, the caretaker of the National Pension Fund, the appointment of Ali Panahi as the legal representative of a board member of the Pension Fund Investment Company is contrary to the guidelines for assessing the qualifications of managers. This letter emphasizes that until full compliance with the regulations is achieved, any contracts or appointments in this fund will lack legal validity.
Legal Risks for Managers
🔸 These correspondences indicate an intensification of the Court of Audit's oversight over the assets and management structure of the National Pension Fund and strengthen the likelihood of expanding judicial follow-ups in this case. Could these warnings serve as a wake-up call for other managers in this field?