The Shadow Business Empire of Iran's New Supreme Leader: Oil, Real Estate, and Financial Networks

Original Author: Zen, PANews

Iran's Supreme Leader Mojtaba Khamenei

At a critical moment of facing external attacks and a vacuum in the top leadership, and under pressure from the Islamic Revolutionary Guard Corps (IRGC), Iran's Assembly of Experts has determined that Mojtaba Khamenei, the son of the assassinated Supreme Leader Ali Khamenei, will become Iran's third Supreme Leader.

Those unfamiliar with Iranian politics may have never heard of Mojtaba, which is not surprising. Even within Iran, he has long remained outside the public eye. He has never been elected to office nor formally appointed to any government position, consistently maintaining a mysterious and low-profile demeanor. Since the deaths of his father and wife, this figure widely seen as a top contender for the Supreme Leader position has not made any public appearances.

U.S. President Donald Trump is clearly dissatisfied with Iran's new Supreme Leader. He previously stated that while Mojtaba is the most likely successor, this outcome is unacceptable to him. Trump also dismissively remarked, "They are wasting their time; Khamenei's son is a nobody." He further claimed that if this candidate was not approved by him in advance, the new leader would not remain in power for long.

Perhaps in the face of military pressure from the U.S. and Israel, Mojtaba may not be the decisive variable. But within Iran, this man who has long avoided the spotlight has actually always been at the center of power.

Furthermore, an investigation published by Bloomberg earlier this year brought Mojtaba's hidden business empire into the open: a cross-border real estate network allegedly operated through intermediaries, spanning London, Dubai, Frankfurt, and Mallorca, with cryptocurrency becoming a crucial medium for its fund flows.

Mojtaba: From Behind the Scenes to Center Stage

Mojtaba Khamenei was born in 1969 in Mashhad, Iran, and is the second son of Iran's Supreme Leader Ali Khamenei. As the son of the Supreme Leader, Mojtaba's public identity is that of a mid-level cleric, and he has long maintained a low profile, rarely appearing or speaking publicly.

On the surface, Mojtaba's life has been spent outside government departments, never holding any official position. However, he has actually maintained close ties with the center of power, or rather, he has long been at the very heart of power.

In 2019, the U.S. Treasury Department announced sanctions against Mojtaba, stating that he had never been elected or appointed to a government position but acted in an official capacity on behalf of the Supreme Leader. The statement also mentioned that Mojtaba had been entrusted by Khamenei with some leadership responsibilities and worked closely with the commander of the IRGC's Quds Force (IRGC-QF) and the Basij Resistance Force.

Iran International reported that for at least the past two decades, Mojtaba has been Khamenei's closest advisor, effectively controlling the Office of the Supreme Leader. As Iran's highest authority, the Office of the Supreme Leader combines the model of the traditional religious institution "Bayt" (the office of the religious authority "Marja") with a bureaucratic apparatus, controlling the nation's vital levers: key security, political, and financial mechanisms. Mojtaba has long been embedded within the Office of the Supreme Leader, acting as his father's gatekeeper and power broker.

During the Iran-Iraq War in the 1980s, Mojtaba served in the Habib Battalion, which was affiliated with the IRGC. Many of his comrades later rose to become senior officials in Iran's security and intelligence agencies. These wartime relationships also helped lay the foundation for Mojtaba's long-term connections within Iran's security apparatus.

As a central figure in Tehran's power structure, Mojtaba, who has always operated behind the scenes, maintains close ties with the IRGC, using this to consolidate his influence within the regime's power structure. In 2009, Mojtaba orchestrated election fraud to help then-President Mahmoud Ahmadinejad secure re-election, which sparked prolonged protests that eventually evolved into a nationwide movement against the government and the Supreme Leader. Subsequently, Mojtaba led the crackdown on the post-election protests known as the "Green Movement."

For many years, Mojtaba has been considered a potential successor to Khamenei. The house-arrested former Iranian Prime Minister Mir-Hossein Mousavi, in a collection of writings released in 2022, stated: "Rumors about the son plotting to inherit his father's throne have been circulating for thirteen years. If this isn't true, why has no one denied it?" After that, former Iranian President Ebrahim Raisi, who was once rumored to be in the "final round" alongside Mojtaba, died in a helicopter crash in 2024.

Therefore, for Iran, which is in a state of war, and especially for the regime's core circle composed of hardline politicians and security agencies, elevating Mojtaba, who possesses both legitimacy and control capabilities, to power is a natural progression.

Building a Global Real Estate Empire

While Mojtaba has established strong influence within Iran's political, security, and religious institutions, his control and command over financial networks are even more concealed.

In January this year, Israel's Channel 14 claimed to have cited a source familiar with the IRGC's economic activities, revealing that Iranian leaders transferred $1.5 billion in cryptocurrency to escrow accounts in Dubai over two days, and Mojtaba was one of the individuals involved in these transfers.

The Khamenei family has been portrayed in official Iranian narratives as living a simple and pious life, with no signs of extravagance. However, according to a year-long investigation completed by Bloomberg, Mojtaba's hidden vast wealth is at odds with the promoted image of piety. As one of the most powerful figures in Iran and the Middle East, Mojtaba possesses a massive investment empire.

It is estimated that despite U.S. sanctions imposed on him in 2019, Khamenei has funneled billions of dollars into Western markets through his extensive business network. Informed sources reveal that Mojtaba's financial reach encompasses a variety of assets, from Persian Gulf shipping to Swiss bank accounts, to European luxury hotels and UK luxury properties worth over £100 million (approximately $138 million). Funds for purchasing these assets primarily came from Iranian oil sales, according to sources.

However, after reviewing all documents, Bloomberg found that these assets are not registered in Mojtaba's name but were purchased and held by an Iranian businessman named Ali Ansari. "Analyzing his (Mojtaba's) financial network, you find Ali Ansari is his primary account holder. This makes Ansari one of the most influential oligarchs in Iran today," said Farzin Nadimi, a senior fellow at the Washington Institute for Near East Policy who has studied the Khamenei family's financial empire.

Iranian banker Ali Ansari

Ansari, 57, was identified last year by British authorities as a "corrupt Iranian banker and businessman" and sanctioned for "funding" the activities of Iran's IRGC. Within Iran, Ansari's vast commercial network makes him one of the most prominent private entrepreneurs.

It is said that when Ansari was young, his father joined a reconstruction committee funded by the Office of the Supreme Leader, responsible for renovating religious sites. This work allowed Ansari's father to become acquainted with senior clerics, including members of Khamenei's inner circle. Furthermore, Ansari enlisted near the end of the Iran-Iraq War, forging "comradeship" with Mojtaba, the son of then-President Khamenei. At Ansari's father's funeral in June 2025, the attendance of the Supreme Leader's family and senior advisors highlighted the ongoing close relationship between the Ansari family and Iran's leadership.

After the Iran-Iraq War, Ansari gradually began to emerge as a rising entrepreneur in Iran. He founded TAT Bank in 2009 and later, through a merger, established Ayandeh Bank in 2013. According to Ansari's vision, the bank officially began construction in 2018 on a luxury shopping center called "Iran Mall." Iran Mall is called the world's largest shopping center and set a Guinness World Record for the longest continuous concrete pour during its initial construction phase.

Last year, Ayandeh Bank collapsed due to heavy debt, allegations of internal lending and Ponzi schemes, and controversy over close political ties with officials, and was merged into Bank Melli Iran. Publicly, Ansari was the main shareholder of Ayandeh Bank. But informed sources reveal that Mojtaba was a central figure in the bank's operations and the mall project. It is said Ansari would hold private meetings with Mojtaba in upscale residential areas of Tehran and repeatedly used Ayandeh offices for secret talks.

According to informed sources, as Ansari's domestic business empire expanded, his role as Mojtaba's overseas financial conduit became increasingly significant—he established banking relationships across Europe and transferred oil export profits through a complex network of companies in the UAE. According to U.S. officials and informed sources, sanctions have forced most of the National Iranian Oil Company's (NIOC) crude transactions into opaque channels involving shell companies, intermediaries, and informal traders.

Following the complex corporate network, the Ansari Group has established a vast overseas real estate business empire. Bloomberg tracked the network to owning over a dozen properties in London alone, along with several five-star hotels in Germany's financial center Frankfurt and Spain, among other locations.

"The Iranian government is trying to gain a foothold in the German financial system," said Nargess Eskandari-Grünberg, Deputy Mayor of Frankfurt, born in Tehran and a long-time critic of the leadership of the Islamic Republic of Iran. "They are abusing our system."

The Supreme Leader Position Intensifies Iran's Power Struggle

From political and military influence to deploying financial networks, Mojtaba has secretly prepared everything to inherit the power of the Supreme Leader.

However, the long-invisible Mojtaba also faces dissent. According to Iran International, a group of opponents contacted the head of the Assembly of Experts and members of the leadership council last Wednesday, warning that Mojtaba's succession could raise public concerns about hereditary leadership and the Islamic Republic becoming like a monarchy.

One assembly member, speaking with the chairman and assembly leadership, stated: "Ayatollah Ali Khamenei did not approve of the idea of his son holding a leadership position and never allowed the issue to be raised during his lifetime." Additionally, other members stated that Mojtaba lacks an established, public religious and jurisprudential status; therefore, choosing him as the country's Supreme Jurist (Vali-ye Faqih) lacks religious legitimacy. These opposing representatives called for Mojtaba to withdraw, otherwise they might consider the election process "invalid."

Amid increasing reports of disagreement and deadlock, Iran's Expediency Discernment Council decided to suspend the operations of the Assembly of Experts (the constitutionally mandated body responsible for selecting the Supreme Leader) and transfer power to an interim leadership body. According to Article 111 of the Iranian Constitution, this shift elevates Iranian President Masoud Pezeshkian's status to that of the Supreme Leader, granting him many of the Supreme Leader's powers, including command of the armed forces.

Iranian President Masoud Pezeshkian

But Pezeshkian clearly lacks the ability to control the situation. On March 7, the Iranian President claimed the interim leadership council had approved not to launch attacks or missile strikes against neighboring countries. However, multiple Gulf states were still hit by drone strikes. Pezeshkian also retracted an apology statement after being criticized by other hardline Iranian leaders.

Clearly, the IRGC still plays a central role in both the war and domestic politics and is deeply involved in the selection and decision-making regarding the power successor. Despite constitutional sensitivities and resistance from some religious institutions, the organization firmly supports Mojtaba. According to sources, Guard commanders have been directly contacting and lobbying members, applying threatening pressure to persuade opposing representatives.

For Mojtaba, starting from the ruins of his father's era, this new leader who has long presented a hardline face. Having experienced the deaths of both his father and wife in airstrikes may make it even harder for him to reach any compromise.

However, as Israel and the U.S. view a threatening successor as a "clear target for elimination," Mojtaba faces greater risks if he insists on the Islamic legal principle of "qisas" (retribution in kind). But accepting Trump's demands for a policy shift would mean abandoning his father's 37-year political legacy.

Today, the Islamic Republic of Iran, mired in war and economic crisis, stands at a crossroads. And for the Khamenei family, which has long held power, for the first time in forty years, time seems to have become the scarcest commodity.