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.



Arab League Urges UN Security Council to Stop Israeli Assault against Palestinian People

A man prepares meals to be distributed to displaced Palestinians in front of a leveled building in Gaza City on November 2, 2024, amid the ongoing war between Israel and Hamas. (AFP)
A man prepares meals to be distributed to displaced Palestinians in front of a leveled building in Gaza City on November 2, 2024, amid the ongoing war between Israel and Hamas. (AFP)
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Arab League Urges UN Security Council to Stop Israeli Assault against Palestinian People

A man prepares meals to be distributed to displaced Palestinians in front of a leveled building in Gaza City on November 2, 2024, amid the ongoing war between Israel and Hamas. (AFP)
A man prepares meals to be distributed to displaced Palestinians in front of a leveled building in Gaza City on November 2, 2024, amid the ongoing war between Israel and Hamas. (AFP)

The Arab League urged on Saturday the UN Security Council and the international community to assume their responsibilities and exert pressure on Israel to stop its assaut against the Palestinian people and to ensure that it provides all humanitarian assistance needed by the people in Gaza Strip.

In a statement marking the 107th anniversary of the Balfour Declaration, the Arab League urged Britain and all the other countries that did not recognize the Palestinian state to take this step in support of peace in line with the two-state solution.

It emphasized that the only way to achieve just, comprehensive and lasting peace is to end the Israeli occupation of all Palestinian and Arab territories occupied since 1967, and to establish an independent Palestinian state with East Jerusalem as its capital according to international resolutions and the Arab Peace Initiative.

"The Balfour Declaration continues to be a profound wound in the human conscience due to the Nakba that the Palestinian people have experienced and the ongoing deprivation of their legitimate and inalienable rights to freedom and independence. This refers to the Israeli occupation's violations and practices, settlement and Judaization, annexation and siege, the destruction of the Palestinian people's livelihoods, and the desecration of their religious shrines," the Arab League statement said.

It stressed that Israel's continued crimes and violations are a reflection of the international community's inability to fulfil its obligations and assume its responsibilities in resisting aggression and occupation, protecting the Palestinian people.

It must ask Israel to comply with the principles of international law and relevant resolutions in a manner that ends the occupation and allows the Palestinian people to exercise their right to self-determination in an independent state with East Jerusalem as its capital.

The Arab League stressed that Israel continues to insist on expanding the area of its hostilities to include Lebanon and the occupied Syrian Golan Heights despite the imminent danger of a regional war.

Moreover, the Israeli Knesset's decision to ban UNRWA's work in the occupied Palestinian territories is an additional flagrant violation of the UN Charter, of the international will, and of all human values.

The aim of this step is to destroy generations of Palestinians for whom the UN agency represents a lifeline in catastrophic humanitarian conditions. It is imperative that Israel stop these crimes and protect the agency's work in accordance with its UN mandate.