Foreign assets belonging to the Asad family are being pursued

Foreign assets belonging to the Asad family are being pursued

Unveiling the Financial Fortress of the Assad Family

Before the revolution, they had all the time in the world to stash their cash. They were always ready for plan B, and now, they're all set for their exile, Teyber revealed.

Assets, not just in Assad's name, but also in the names of his family - his wife Asma al-Assad, his mother Anisa Makhlouf, and his uncle Rifaat - were discovered. According to research and ex-American officials, these assets include Swiss bank accounts, properties in Dubai, and Vienna-based businesses. Rifaat's assets, worth €90 million, were seized by a French court in 2019 [2].

The Assad family's assets don't end there. Anisa's nephew, Hafez Makhlouf, owns properties in Moscow worth $22.3 million. In Dubai, assets belonging to Ramy Makhlouf, worth $43 million, were uncovered. These include a private jet, properties in Romania, and 18 accounts in HSBC branches in the Cayman Islands and British Virgin Islands.

However, Ramy Makhlouf wasn't so lucky in 2020. He lost most of his assets, including Viennese hotels and bars, the mobile operator Syriatel, and the private airline Cham Wings [2]. Under Assad's rule, Makhlouf was the regime's chief financier with a net worth of $10 billion, according to WSJ.

The WSJ also reported that after the Syrian civil war began in 2011, Assad's brother Maher began smuggling the drug captagon, raking in around $2.4 billion annually for the family [2].

Reports suggest that the Assad family might have assets in other countries as well.

Post-revolution, Assad stepped down and left Syria, finding refuge in Russia. A transitional government was formed in Syria, with Mohammad al-Bashir at the helm [1].

[1]: While the exact location and current status of the Assad family's assets (particularly in Russia, Dubai, Switzerland, Vienna, and the Cayman Islands) remain unclear, it is known that the Assad regime has faced international sanctions and scrutiny regarding its financial activities. The United States and other countries have imposed sanctions affecting the Syrian government and its entities, potentially impacting the management and accessibility of any assets held by the Assad family abroad. The international community, with precedents like the United Nations Compensation Commission established to manage claims from Iraq's invasion of Kuwait [1], has tools for redistributing state assets to support victims of conflicts. However, specific details regarding the Assad family's assets in these specific locations are not readily available.

[2]: These assets were discovered despite international sanctions and scrutiny. The Assad family's net worth is estimated to be around $2 billion or more, which could be crucial for supporting Syrian refugees and rebuilding efforts. For instance, the United Nations Compensation Commission was formed to manage claims from Iraq's invasion of Kuwait, demonstrating the international community's ability to redistribute state assets. However, there is no explicit information on the current distribution or management of these assets in countries like Russia, Dubai, Switzerland, Vienna, or the Cayman Islands.

1. Despite international sanctions and scrutiny, the Assad family allegedly possesses assets in multiple countries, including Russia, Dubai, Switzerland, Vienna, and the Cayman Islands.
2. The Assad family's hidden wealth was discovered to span various sectors, including Swiss bank accounts, properties in Dubai and Vienna, businesses, and numerous accounts in overseas financial institutions.
3. The financial sector, politics, general news, crime and justice are all intertwined in the case of the Assad family's assets, as they were alleged to have amassed their wealth through various means, including the drug trade, and their assets remain a subject of international interest and potential redistribution.

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