Syrian Regime Orders Seizure of Rami Makhlouf’s Shares in 12 Banks

The document showing the decision of Damascus Securities Exchange to seize the shares of Rami Makhlouf. Asharq Al-Awsat
The document showing the decision of Damascus Securities Exchange to seize the shares of Rami Makhlouf. Asharq Al-Awsat
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Syrian Regime Orders Seizure of Rami Makhlouf’s Shares in 12 Banks

The document showing the decision of Damascus Securities Exchange to seize the shares of Rami Makhlouf. Asharq Al-Awsat
The document showing the decision of Damascus Securities Exchange to seize the shares of Rami Makhlouf. Asharq Al-Awsat

The Damascus Securities Exchange (DSE) ordered on Wednesday the seizure of shares owned by Rami Makhlouf, the cousin of Syria’s president and one of the country’s richest tycoons, in 12 foreign banks with local branches.

The decision affected his shares in Lebanon’s Audi Bank, Byblos Bank and Fransabank, the Jordan-based Arab Bank and others.

This is the latest in a string of measures taken against the tycoon.

The DSE decision, which Asharq Al-Awsat obtained a copy of, is based on a "precautionary seizure" of the assets of the businessman signed by Syrian Finance Minister Mamoun Hamdan.

The government-ordered seizure of assets of Makhlouf and his family is to guarantee the payment of what is owed to the state by his company Syriatel. In addition to the seizure, the regime has also reportedly banned Makhlouf from bidding on government contracts for five years.

The Syrian Telecommunication Regulatory Authority has demanded that Makhlouf pays around $185 million back in taxes before May 5. Since then, a pressure campaign that targeted senior employees in Makhlouf’s companies and networks had been launched.

The Syrian regime has stripped Makhlouf of his privileges, such as security detail which protected him and his palace.

From his palace in the Yafour suburb near Damascus, Makhlouf has been leading negotiations with the Syrian government. On Monday, he was informed that he would have to give up Syriatel to the country’s “Martyr’s Fund” and that he needs to bring back home billions of dollars from foreign banks to contribute in solving the national economic crisis.

On the other hand, Makhlouf showed "unprecedented obstinacy" and the use of "religious discourse", while accepting to pay the required dues from Syriatel to the government in installments.



Lebanon Braces for Repercussions of Iran-Israel Conflict

Saudi Arabia’s Ambassador to Lebanon Waleed Bukhari and Lebanon’s Grand Mufti Sheikh Abdel Latif Derian meet at Dar al-Fatwa. (Markazia)
Saudi Arabia’s Ambassador to Lebanon Waleed Bukhari and Lebanon’s Grand Mufti Sheikh Abdel Latif Derian meet at Dar al-Fatwa. (Markazia)
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Lebanon Braces for Repercussions of Iran-Israel Conflict

Saudi Arabia’s Ambassador to Lebanon Waleed Bukhari and Lebanon’s Grand Mufti Sheikh Abdel Latif Derian meet at Dar al-Fatwa. (Markazia)
Saudi Arabia’s Ambassador to Lebanon Waleed Bukhari and Lebanon’s Grand Mufti Sheikh Abdel Latif Derian meet at Dar al-Fatwa. (Markazia)

Lebanon remained on high political alert amid escalating tensions between Iran and Israel, as officials worked to assess and contain the potential repercussions of the conflict on the country’s fragile stability.

Saudi Arabia’s Ambassador to Lebanon Waleed Bukhari and Lebanon’s Grand Mufti Sheikh Abdel Latif Derian emphasized the importance of Lebanon distancing itself from the conflict.

President Joseph Aoun is closely monitoring the unfolding situation and received briefings on the latest developments and the regional and international diplomatic efforts underway to defuse it.

Aoun is in continuous contact with security leaders, in line with the outcomes of a national security meeting held at the Baabda Palace on Saturday, said a statement from the Lebanese presidency.

The president also oversaw efforts to facilitate the return of Lebanese nationals stranded abroad after airlines canceled flights to Beirut’s Rafik Hariri International Airport and neighboring countries closed their airspace due to the rising regional tensions.

Saudi Ambassador Bukhari met with Grand Mufti Derian at Dar al-Fatwa to extend Eid al-Adha greetings and congratulate him on performing the Hajj upon invitation from the Saudi royal protocol.

The meeting also served as an opportunity to discuss Lebanese and regional affairs.

According to a statement from Dar al-Fatwa’s media office, the officials stressed the need for Lebanon to disassociate itself from the Iran-Israel conflict.

They underscored the urgent need for intensified Arab and international diplomatic efforts to curb the language of war and restore rational dialogue. They warned of the dangerous political, economic, and environmental consequences the continued fighting could have on the region.

Despite ongoing Israeli attacks in parts of Lebanon and repeated violations of UN Resolution 1701, the country, they said, must pursue security, peace, and stability.