Jun 15, 2016

Iran has sacked the heads of four public banks after their exorbitant salaries sparked widespread criticism and an intervention by the Islamic republic's supreme leader, state news agency IRNA said Thursday.

"At the request of the president to investigate the issue of salaries, the heads of Mehr Iran, Mellat, Refah and Saderat banks have been replaced on the orders of the economy minister for receiving unconventional salaries and loans," IRNA said, quoting an unnamed official.

Economy Minister Ali Tayebnia heads the general assembly of public banks in Iran and appoints their top executives.

Saderat's CEO, Esmaeil Lalehgani, had said earlier that he was stepping down after the salary revelations out of "respect" for the people.

Investigations launched by President Hassan Rouhani's government came after Iran's supreme leader Ayatollah Ali Khamenei last Wednesday called for immediate action.