Iranian Oil Minister Bijan Namadar says the assets of jailed tycoon Babak Zanjani will only cover 40 percent of his debts to the ministry.

The Mehr News Agency reports that Namadar said: “Zanjani’s debt exceeds 8 trillion toumans and the value of his assets is only 3 trillion toumans.”

Zanajani was arrested six months ago for his debts to the oil ministry and the Central Bank, for forging bank documents, and for bribing the Bank of Tajikstan.

His assets reportedly include jets, cars and property. Next week, the administration will convene a meeting regarding the handling of Zanjani’s assets in order to pay some of his debts.