Setad
Setad (short for Persian: ستاد اجرایی فرمان امام, Setade Ejraiye Farmane Emam, lit. "The Executive Headquarters of Imam's Directive") also known as The Execution of Imam Khomeini's Order or EIKO, is a parastatal in the Islamic Republic of Iran, under direct control of Supreme Leader of Iran. Created from thousands of properties confiscated from Iranians, Setad holdings include large amounts of real estate and 37 companies, covering nearly every sector of Iranian industry, including finance, oil, and telecommunications. While its accounts are secret even to the Iranian parliament, a 2013 estimate by Reuters news agency put the total value of Setad's holdings at $95 billion (made up of about $52 billion in real estate and $43 billion in corporate holdings).
Originally an order by the Supreme Leader Ruhollah Khomeini to three of his aides to take care of and distribute abandoned property to charity, it is now "one of the most powerful organizations in Iran", and its revenue provides Supreme Leader Ali Khamenei with the financial means to operate independently of the Iranian parliament and national budget. Setad officials maintain that their assets were acquired legitimately, and part of the organization's profits go to charity, but the organization has been criticized for bending Iranian law to confiscating property and extracting large payments from Iranians in disfavor with the government.
The organization was launched on April 26, 1989, when the first Supreme Leader of Iran, "The Imam" Ruhollah Khomeini, issued a two-paragraph order directed three of his aides to manage, maintain or sell properties confiscated or "supposedly abandoned during the chaotic years following" the 1979 Islamic Revolution. The order called for the implementation of Article 49 of Constitution of Iran under which the government had the right to confiscate all wealth accumulated through illegal means, restore "it to its legitimate owners"; and if those owners could not be identified, entrust it "to the public treasury".
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