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.



Evidence of Ongoing 'Crimes Against Humanity' in Darfur, Says ICC Deputy Prosecutor

A boy sits atop a hill overlooking a refugee camp near the Chad-Sudan border, November 9, 2023. REUTERS/El Tayeb Siddig/File Photo
A boy sits atop a hill overlooking a refugee camp near the Chad-Sudan border, November 9, 2023. REUTERS/El Tayeb Siddig/File Photo
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Evidence of Ongoing 'Crimes Against Humanity' in Darfur, Says ICC Deputy Prosecutor

A boy sits atop a hill overlooking a refugee camp near the Chad-Sudan border, November 9, 2023. REUTERS/El Tayeb Siddig/File Photo
A boy sits atop a hill overlooking a refugee camp near the Chad-Sudan border, November 9, 2023. REUTERS/El Tayeb Siddig/File Photo

There are "reasonable grounds to believe that war crimes and crimes against humanity" are being committed in war-ravaged Sudan's western Darfur region, the deputy prosecutor of the International Criminal Court (ICC) said.

Outlining her office's probe of the devastating conflict which has raged since 2023, Nazhat Shameem Khan told the UN Security Council that it was "difficult to find appropriate words to describe the depth of suffering in Darfur," AFP reported.

"On the basis of our independent investigations, the position of our office is clear. We have reasonable grounds to believe that war crimes and crimes against humanity, have been and are continuing to be committed in Darfur," she said.

The prosecutor's office focused its probe on crimes committed in West Darfur, Khan said, interviewing victims who fled to neighboring Chad.

She detailed an "intolerable" humanitarian situation, with apparent targeting of hospitals and humanitarian convoys, while warning that "famine is escalating" as aid is unable to reach "those in dire need."

"People are being deprived of water and food. Rape and sexual violence are being weaponized," Khan said, adding that abductions for ransom had become "common practice."

"And yet we should not be under any illusion, things can still get worse."

The Security Council referred the situation in Darfur to the ICC in 2005, with some 300,000 people killed during conflict in the region in the 2000s.

In 2023, the ICC opened a fresh probe into war crimes in Darfur after a new conflict erupted between the Sudanese army and the Rapid Support Forces (RSF).

The RSF's predecessor, the Janjaweed militia, was accused of genocide two decades ago in the vast western region.

ICC judges are expected to deliver their first decision on crimes committed in Darfur two decades ago in the case of Ali Mohamed Ali Abd-Al-Rahman, known as Ali Kosheib, after the trial ended in 2024.

"I wish to be clear to those on the ground in Darfur now, to those who are inflicting unimaginable atrocities on its population -- they may feel a sense of impunity at this moment, as Ali Kosheib may have felt in the past," said Khan.

"But we are working intensively to ensure that the Ali Kosheib trial represents only the first of many in relation to this situation at the International Criminal Court," she added.