AMMAN: Syrian businessman Rami Makhlouf revealed on Sunday he had set up a web of offshore front companies to help President Bashar al Assad evade Western sanctions, in a social media post blasting the government for investigating his business empire.
One of Syria’s richest and most powerful businessmen, Makhlouf said security forces were now targeting Cham Holding, the centerpiece of a vast business portfolio much of which has been seized by the cash-strapped government.
The former Assad loyalist who is also a cousin of the president said security forces were pursuing contracts signed by Cham Holding on suspicion he had embezzled funds abroad.
“They fabricated our embezzlement of funds and transferring it to our accounts abroad ... Stop these unjust claims and read well the contracts,” Makhlouf said in a Facebook post.
“These companies’ role and aim is to circumvent (Western) sanctions on Cham Holding.”
Makhlouf, who has helped bankroll the ruling family and its supporters, brought in 70 investors nearly 15 years ago to set up Cham Holding. It is the largest Syrian company by capital and has a monopoly on key property developments.
Washington enacted sweeping sanctions on Syria last month known as the Caesar Act targeting new lists of individuals and companies who support Assad’s government, among them entities owned by Makhlouf.
Makhlouf’s estrangement with Assad first came to the open on April 30 when he denounced taxes imposed on Syriatel, the country’s main mobile company which the Makhlouf family controls.
He later blasted the “inhumane” arrests of his aides in an unprecedented attack on the government from within Assad’s inner circle, exposing a deep rift within the ruling elite. He added that he would not surrender his wealth under intimidation.
Businessmen and insiders familiar with the struggle say Assad is targeting Makhlouf’s wealth abroad as Syria’s economy collapses after a decade of war. Most of his onshore assets have been seized while his contracts to manage and operate duty free markets were abrogated.
The billionaire and others close to him are under US sanctions for what Washington calls public corruption.
The European Union has also slapped sanctions on Makhlouf since the Syrian conflict began in 2011, accusing him of bankrolling Assad.
Syrian tycoon says front companies used to dodge sanctions as rift with Assad widens
https://arab.news/8pq4b
Syrian tycoon says front companies used to dodge sanctions as rift with Assad widens
- Makhlouf has helped bankroll Syria's ruling family and its supporters
- He brought in 70 investors nearly 15 years ago to set up Cham Holding
Israel army ‘temporarily suspends’ strike on south Lebanon
- The Israeli military issued a warning earlier on Saturday announcing an imminent strike and warning people in the Yanuh area of south Lebanon to evacuate immediately
JERUSALEM: The Israeli military said it would “temporarily” suspend a strike planned for Saturday that was intended to target what it described as Hezbollah military infrastructure in southern Lebanon.
A November 2024 ceasefire sought to end over a year of fighting between Israel and the Hezbollah militant group, which broke out after the start of the Gaza war in October 2023.
But Israel has repeatedly bombed Lebanon despite the truce, usually saying it is targeting Hezbollah members and infrastructure to stop the group from rearming.
The Israeli military issued a warning earlier on Saturday announcing an imminent strike and warning people in the Yanuh area of south Lebanon to evacuate immediately.
But later Arabic-language spokesman Avichay Adraee said “the strike was temporarily suspended,” adding that the military “continues to monitor the target.”
The suspension came after the Lebanese army “requested access again to the specified site... and to address the breach of the agreement,” he said on X.
Adraee added that the military would “not allow” Hezbollah to “redeploy or rearm.”
The year-old ceasefire monitoring mechanism includes the United Nations, the United States and France.
A Lebanese security source said the army had previously tried to search the building that the Israeli military wanted to target but could not because of objections from residents.
But the source told AFP that the Lebanese army was able to enter and search the building after returning a second time, because residents “felt threatened,” adding that they were evacuated over fears of a strike.
