The failed deal of a company related to "Spar" in Vienna and the footprint of "Mojtaba Khamenei" in this deal

The Austrian newspaper "Standard" reported on the attempt to purchase the Blue River Holding and the footprint of "Mojtaba Khamenei" in this deal.

The Austrian newspaper Der Standard reported in an investigative report on the failed attempt to sell a Vienna-based holding company that previously held the franchise to manage the Spar chain stores in Iran; a deal that, according to the report, was considered "sensitive" at the highest levels of Iranian governance.

According to the newspaper, the Blue River Holding, based in the Leopoldstadt district of Vienna, was scheduled to be sold in 2024. The company had the SPAR International brand franchise to operate in Iran until the end of 2024.

The Standard report states: “Mojtaba Khamenei, 56, is not only one of four sons of Supreme Leader Ali Khamenei, but is also known as the family’s economic and political mastermind.” (He is the most popular child of the Islamic Republic’s leader and has been touted as a possible successor.) The Standard also describes the domestic situation in Iran: “The Islamic Revolutionary Guard Corps has violently suppressed the people, leaving thousands dead; Iran’s economy has collapsed and concerns about a US military attack are growing; and Ali Khamenei is said to be mostly in hiding these days.”

Mojtaba Khamenei has been on the US sanctions list since 2019. The US Treasury Department has accused him of playing a role in the decision-making structure and political repression. The European Union has not sanctioned him personally, but entities such as the Islamic Revolutionary Guard Corps are on the European sanctions list.

In January of this year, Bloomberg News reported, after months of investigation, that a network of real estate assets worth around 400 million euros in several countries (including properties in Germany, the United Kingdom, Spain and the UAE) was attributed to a ring connected to him.

Blue River Holding was operating in Vienna and, until the franchise was revoked, operated several Spar stores in Iran. Spar's business model is based on granting brand franchises to local companies in different countries.

However, following reports of the company's possible connections to circles close to the Iranian regime, Spar cancelled the Blue River concession at the end of 2024. This decision had a direct impact on the company's valuation during the sale negotiations.

According to a draft contract that the Austrian newspaper claims to have access to, the proposed sale price for Blue River and some of its subsidiaries was set at 706 million euros, a figure that, according to the media outlet, is considered a significant amount for a company with limited retail activity.

The sale was facilitated by Tahmasb Mazaheri, Iran's economy minister from 2001 to 2004 and former central bank governor. He also made headlines in German media in 2013 for the seizure of a €54 million bank check at Düsseldorf airport.

The potential buyer in these negotiations has been identified as Ali Ansari, an Iranian businessman and banker who was previously the principal owner of Ayandeh Bank and holds multiple citizenship. It should be noted that Ansari is under sanctions in the UK.

According to Bloomberg’s investigation, he has been identified as a financial intermediary for Mojtaba Khamenei in some transactions. However, his lawyer stated in an interview with the media: “Mr. Ansari strongly denies any financial or personal relationship with Mojtaba Khamenei.”

Email correspondence between representatives of the parties in November 2024 suggests that negotiations were progressing and that a face-to-face meeting was even planned in Istanbul. But in December of that year, Spar’s cancellation of the brand franchise effectively reduced the economic attractiveness of the deal.

In a subsequent email, Blue River’s CEO criticized the “illegal revocation of the concession” and announced the possibility of pursuing it through international arbitration. However, the deal was not finalized.

The Standard newspaper wrote that it contacted Blue River and Ali Ansari's lawyer for an explanation, but did not receive a response.

The Blue River case is an example of the intersection of international trade, geopolitical sanctions, and domestic power structures in Iran. Using globally recognized brands in countries with sanctions risks can pose reputational, credit, and legal challenges for parent companies.

Domestically in Iran, such cases raise questions about economic transparency, the concentration of assets in narrow circles of power, and how the private sector interacts with the governance structure.

For European companies, this case once again highlights the importance of careful consideration when granting brand privileges and working with local partners in high-risk markets.