Sun 15 December 2024:

The ousted leader has 55 million pounds ($69.4m) deposited in a frozen HSBC bank account in London, the UK’s i paper reports, citing sources in the banking sector.

According to the paper, the personal account held by al-Assad has been accruing interest since it was frozen under UK sanctions in 2011 and is part of about 163 million pounds ($205.7m) in assets held by the al-Assad family and their allies in the UK.

Bashar al-Assad’s personal net worth is pegged at around $1.6 billion, but that’s just the tip of the iceberg. Over the years, there have been claims that during peaceful times, al-Assad and his close-knit group of family and friends managed to amass a fortune that represents about three-quarters of Syria’s entire economy. They have stakes in various sectors like real estate, factories, energy plants, and licenses for foreign goods. However, turning those assets into quick cash or making a fast escape isn’t exactly straightforward.

When you add up the wealth of Bashar al-Assad and his extended family, the numbers are mind-blowing. Estimates suggest that the al-Assad regime’s total wealth could be between $60 billion and $122 billion when you factor in their real estate, oil, art, and cash reserves.

Al-Assad’s wealth is cleverly hidden across numerous companies and trusts, all designed to obscure the true extent of the assets and riches tied to the Syrian regime.

Switzerland has set its sights on around 127 Syrian officials and 40 companies connected to al-Assad’s regime. Meanwhile, Brussels is working to freeze the assets of 129 individuals and 49 companies associated with the Syrian regime, but they still need to track them down.

In 2016, Switzerland froze about $3.2 million belonging to al-Assad’s cousin, Hafez Makhlouf, in a Geneva bank due to money laundering suspicions. Makhlouf contested the seizure, arguing that the funds were deposited before the sanctions were imposed in May 2016. He ended up winning that appeal, and the money was released.

Rami Makhlouf, the brother of Hafez, plays a crucial role as the fixer for the al-Assad family. Since Bashar al-Assad took power in 2000, Rami has built an incredible fortune, making him the wealthiest person in Syria, with an estimated net worth between $5 billion and $10 billion.

As international investigators search for Assad’s hidden wealth, the glaring difference between his family’s lavish lifestyle and the devastation in Syria serves as a painful reminder of his regime’s impact. The extravagant homes in Dubai, the upscale apartments in Moscow and London, and the secret bank accounts in Lebanon all highlight how the Assads have exploited their country for their own benefit.

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Luxury cars and high-end labels

The halls and opulent bedrooms of Assad’s mansions appeared eerily empty, save for looters and spectators, after the former leader often referred to as “the butcher of Damascus” fled to Moscow with his family. The whereabouts of many other notable figures from the inner circle of the Assad regime remained unknown, amid rumours they had also fled the country as insurgent forces closed in, their mansions also left empty.

The state department estimated the net wealth of the Assad family at up to £1.6bn in a 2022 report to Congress, adding this remained an estimate due to their extensive collection of family assets “that are believed to be spread out and concealed in numerous accounts, real estate portfolios, corporations, and offshore tax havens”.

The Assads, they added, had deep “patronage relationships with Syria’s largest economic players, using their companies to launder money from illicit activities and funnel funds to the regime. These networks penetrate all sectors of the Syrian economy.”

While the Assad family and their friends enjoyed the trappings of their wealth, Syrians starved. A 2022 World Bank report said 14.5 million people, almost 70% of the population, lived in poverty while extreme poverty affected one in every four people.

A Syrian influencer and comedian called Fady Maaz shared videos of his finds inside one of the Assad’s houses, rifling through a fridge filled with bags of meat, with what appeared to be a paper bag from the luxury brand Hermès left in front of the fridge. In another room, groups of people ransacked racks filled with artworks and paintings, wading through piles of boxes and paper strewn on the floor.

Maaz filmed himself dragging a Louis Vuitton suitcase that appeared to be bursting at the seams, and costs an estimated £36,500. In another video, he went into the gym and filmed himself on the elliptical, turning to the floor-length mirror to reveal him standing atop the equipment in a hoodie and jeans.

Others entered a spacious garage filled with Assad’s car collection, filming dozens of luxury cars including Aston Martins and a Lamborghini. A new shiny black Lexus four-wheel-drive was parked near a rare red Ferrari F50, which can cost £1.5m.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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