Syria: Makhlouf transfers seized assets to his charity

Syrian tycoon Rami Makhlouf said yesterday that he had donated his shares in banks and insurance companies to Ramak Development and Humanitarian Projects; a charity dedicated to members of the Alawite sect who died defending the Syrian regime of President Bashar Al-Assad.

Earlier this month, the Syrian regime ordered Makhlouf’s assets be seized and imposed a travel ban on him, claiming his telecommunications company Syriatel has outstanding taxes.

Makhlouf, who is Al-Assad’s cousin, responded by transferring ownership of all the assets to Ramak Development which he chairs.

The organisation is reported to be a parent company of business and non-profit organisations that are linked to an array of regime frontmen.

Makhlouf said the donation has given him a great feeling of satisfaction because, according to the endowments’ law, “any sale or profit made from these shares will return to good deeds entirely”.

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