MNA – Ex-Deputy Industry Minister Farshad Moghimi has been appointed as the new head of Iran-Khodro Company (IKCO).

Moghimi has also been deputy head of Iran Small Industries and Industrial Parks Organization.

He is to replace Hashem Yekke-Zare, the ex-CEO of IKCO, who was dismissed and arrested almost a week ago in his office upon an order by the Judiciary.

Yekke-Zare’s “uncoordinated decision” to increase prices was cited as the reason for his dismissal and arrest.

A number of senior managers of IKCO and Saipa had been arrested in the past recent days over irregularities in the sale section of the company.

One of the deputy directors of IKCO and one of the managers of this company have been dismissed from their positions and subsequently arrested.

On August 19, Government Spokesman Ali Rabeie informed that the current MAPNA Group's Managing Director Abbas Aliabadi is to be appointed as the new managing director of the IKCO but as announced today, Moghimi is to take the office.