Syrian government freezes assets of Assad cousin

May 19, 2020

The Syrian government ordered the assets of President Bashar al-Assad’s cousin, Rami Makhlouf, to be frozen in the latest episode of the regime’s attempt to isolate the business magnate.

A Syrian Finance Ministry document posted online ordered a “precautionary hold” on Makhlouf’s assets, as well as those of his immediate family.

The document justified the seizure as a “guarantee of repayment” of taxes allegedly owed by Syria’s largest telecommunications company, Syriatel, which Makhlouf owns.

Makhlouf went public with the dispute over the past few weeks in a series of videos posted online, refusing to step down as head of Syriatel and appealing to Assad directly. Makhlouf said in his latest video Sunday that some of Syriatel’s employees had been arrested and he was unable to contact them.

The billionaire regime insider is estimated to control some 60% of Syria’s economy. Syriatel is the country’s largest telecommunications company, but Makhlouf also has significant stakes in construction, real estate and Syria’s oil trade. Makhlouf’s father, Mohammad, was also entrusted with regime assets by Assad’s father, Hafez, when he was president.