According to “www.house.gov”, (Testimony Before the U.S. House Committee on Foreign Affairs, Middle East and North Africa Subcommittee, “The Iran Nuclear Deal and its Impact on Iran’s Islamic Revolutionary Guards Corps,”), Fan Pardazan Bahman Co. (27.41%) and Andishe Fardah Investment Company (25.62%) are both owned by Bahman Group and they both owns shares in Bahman Group.
“The IRGC is also active in the automotivesector, with five companies listed on the TSE: Bahman Group, Iran Tractor Manufacturing, Iran Tractor Foundry Company, Motorsazan Diesel and Gas Engines, and Iran Casting Industries. Bahman Group is Iran’s third largest carmaker and the proprietor of a license to produce Mazda cars for the domestic market. Bahman Group currently has a market value of approximately $300 million. It controls 24 companies, 29including a share in Bahman Investment Co., another publicly traded company whose market value is currently estimated at around $80 million.30 The board has five members, representingfive companies. Four companies are IRGC-owned.31 The firm is a case study that illustrates how IRGC companies are structured to obfuscate corporate governance information as a means to evade sanctions. The two company shareholders that jointly control Bahman Group – Fan Pardazan Bahman Co. (27.41%) and Andishe Fardah Investment Company (25.62%) – are both owned by Bahman Group itself. The identity of the board of directors, however, reveals IRGC control over the company. Bahman Group and the firms that control it are IRGC companies. The same goes for Bahman Group’s corporate governance and its 24 subsidiaries, many of which are 100% owned by Bahman Group, including 11 after-sales automobile services companies, five financial investment companies, three energy companies, three trading houses, and one car insurance company.38 Bahman Group has thus far eluded designation, but it is still eligible for designation, even under the JCPOA. Failure to designate Bahman Group will only enrich the IRGC through Iran’s automotive sector.”
Source » https://docs.house.gov/meetings/FA/FA13/20150917/103958/HHRG-114-FA13-Wstate-OttolenghiE-20150917.pdf