• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Fired Entekhab workers protest

Jan 27 2013 16:54 AFP

Related Articles

Foreign firms still active in Iran

SKorea consortium wins $1.06bn power deal

Iran blamed for cyber onslaught on banks

Daewoo to build Kenyan power station

Iran bribe claim: Saloojee gets job back

Airlines in Iran raise prices over debts

 

Tehran - Around 1 000 workers laid off by Iran's Entekhab group demonstrated outside the South Korean embassy in Tehran on Sunday after an acquisition deal for Daewoo Electronics fell through because of sanctions.

Entekhab had to let them go when it shut down a manufacturing line, the company said.

Three months ago, employees demonstrated at the embassy in the hope that Seoul would intervene to refund a downpayment of $70m (€53m) Entekhab paid in 2011 to Daewoo.

In November 2010, the privately run Entekhab Industrial Group signed a contract sealing its acquisition of Daewoo for $518m (€397m), the manufacturer maintains.

"Today, around 1 200 laid off workers from our company gathered again in front of the South Korean embassy after we did not get the money back," Entekhab's media spokesperson Eshsan Fadaee said.

Daewoo Electronics, a former subsidiary of the now-defunct Daewoo Group, has been under a debt rescheduling programme since 1999 when its parent company collapsed.

Entekhab's deal to acquire Daewoo Electronics came unstuck in September 2010 when Seoul, reportedly under pressure from Washington, slapped sanctions on the Islamic republic over its controversial nuclear programme.

Entekhab, located in the central province of Isfahan, produces domestic appliances including refrigerators, washing machines and televisions under the brand names Snowa and Haier.

Under the punitive measures, South Korea has suspended the operations of Iran's Bank Mellat.

The United Nations, European Union, United States, and several other countries have imposed sanctions on Iran for its refusal to halt uranium enrichment, which world powers suspect masks an atomic weapons drive despite Tehran's denials.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jobs
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Tight security in Manenberg for Mthethwa

There has been a heavy police presence in the gang hotspot of Manenberg in Cape Town ahead of the arrival of Police Minister Nathi Mthethwa.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...