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
TT

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.



Death Toll in Lebanon Crosses 3,000 in 13-Month Israel-Hezbollah War, Health Ministry Says

A building destroyed during an Israeli airstrike southern Lebanese town of Ghazieh, 03 November 2024. (EPA)
A building destroyed during an Israeli airstrike southern Lebanese town of Ghazieh, 03 November 2024. (EPA)
TT

Death Toll in Lebanon Crosses 3,000 in 13-Month Israel-Hezbollah War, Health Ministry Says

A building destroyed during an Israeli airstrike southern Lebanese town of Ghazieh, 03 November 2024. (EPA)
A building destroyed during an Israeli airstrike southern Lebanese town of Ghazieh, 03 November 2024. (EPA)

More than 3,000 people have been killed in Lebanon during 13 months of fighting between Israel and Hezbollah, Lebanon's Health Ministry said Monday. At least 13,492 have been injured.

Hezbollah began firing rockets into northern Israel the day after Hamas’ surprise attack into Israel on Oct. 7, 2023 ignited the war in Gaza. Hezbollah and Hamas are both allied with Iran.

The conflict dramatically escalated on Sept. 23 with intense Israeli airstrikes on south and east Lebanon as well as Beirut’s southern suburbs, leaving hundreds dead and leading to the displacement of nearly 1.2 million people.

Israel began a ground invasion of south Lebanon on Oct. 1, causing wide destruction in border villages but making little advances on the ground inside Lebanon.

In Israel, 72 people have been killed from Hezbollah attacks, including 30 soldiers.