Tehran has pledged to fight against a decision by the German steel group Thyssenkrupp to remove Iran's representative from its supervisory board. Press reports indicated Friday that the conglomerate had bowed to American pressure and removed a representative of the state-owned Iranian investment group IFIC from Thyssenkrupp board.
IFIC Head Ahmad Rahgozar noted that Iran would not relinquish the seat, and would instead protest the decision at the meeting of Thyssenkrupp's shareholders on January 21, 2005. According to IRIB, the official lashed out at the company for bowing to US pressure by deciding to vacate the seat of Iranian representative at the company, Mohammad Navab-Motlaq.
Asked about Iran's possible sale of Thyssenkrupp shares, Rahgozar said, "This won't happen in the short-term. In fact we want to hold on to the shares because the price is rising and right now it is not a good time to sell the shares."
Iran's current 4.5 percent shares in Thyssenkrupp are put at about 357 million euros, according to German press estimates.
