Arrest of senior executives rocks Iran’s automotive industry

Iran has reportedly arrested senior executives of the country's top two automakers – Saipa and Iran Khodro Co. – over alleged irregularities and corruption, Forbes reports citing sources. Hashem Yekke-Zareh, chief executive of Iran Khodro, was removed from his post and reportedly arrested due to "his uncoordinated decision to increase prices," the sources said. The re-imposition of U.S. sanctions recently has also forced international automakers to leave the country, causing a shortage of skills and technology in the industry, the sources added.

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