AMMAN (Reuters) – Syrian businessman Rami Makhlouf revealed Sunday that he had established a network of companies off the coast to help President Bashar al-Assad evade Western sanctions, in a social media post criticizing the government for investigating your business empire.
FILE PHOTO: Syrian President Bashar al-Assad addresses the government committee that oversees measures to stem the spread of the coronavirus disease (COVID-19), in Damascus, Syria, in this brochure released by SANA on May 4 2020. SANA / Brochure via REUTERS
Makhlouf, one of Syria’s richest and most powerful entrepreneurs, said security forces are now targeting Cham Holding, the centerpiece of a vast portfolio of businesses, much of which has been seized by the liquidity-struggling government. .
Assad’s former loyalist, who is also the president’s cousin, said security forces were seeking contracts signed by Cham Holding on suspicion that he had embezzled funds abroad.
“They fabricated our embezzlement and transferred it to our overseas accounts … Stop these unfair claims and read the contracts well,” Makhlouf said in a Facebook post.
“The role and objective of these companies is to circumvent (Western) sanctions on Cham Holding.”
Makhlouf, who has helped finance the ruling family and its supporters, brought in 70 investors nearly 15 years ago to establish Cham Holding. It is the largest Syrian company by capital and has a monopoly on key real estate developments.
Washington enacted radical sanctions against Syria last month, known as the Caesar Act, that target new lists of people and companies supporting the Assad government, including entities owned by Makhlouf.
Makhlouf’s estrangement from Assad was made public on April 30 when he denounced the taxes imposed on Syriatel, the country’s main mobile company that controls the Makhlouf family.
He later criticized the “inhuman” arrests of his aides in an unprecedented attack on the government from Assad’s inner circle, exposing a deep rift within the ruling elite. He added that he would not hand over his wealth under intimidation.
Entrepreneurs and connoisseurs of the fight say Assad is targeting Makhlouf’s wealth abroad as Syria’s economy collapses after a decade of war. Most of its land assets have been seized, while its contracts to manage and operate tax-free markets have been withdrawn.
The billionaire and others close to him are under US sanctions for what Washington calls public corruption.
The European Union has also imposed sanctions on Makhlouf since the Syrian conflict began in 2011, accusing him of financing Assad.
Report by Suleiman Al-Khalidi; Editing by Stephen Coates
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