Marta Gichko09:24, 15.12.24

The Assad family, during the decades of his autocratic rule, was able to secretly acquire significant wealth, estimated at billions of dollars.

After the fall of Bashar Assad’s regime in Syria, a global hunt began for billions of dollars hidden by the dictator’s family during decades of autocratic rule, writes  The Wall Street Journal.

The pursuit of this money is likely to be complex and lengthy, given the years-long attempts to recover wealth hidden abroad by other dictators, such as Saddam Hussein or Muammar Gaddafi.  

The Assad family has created a complex network of investments and business assets since Hafez al-Assad came to power in 1970.

“Acquisitions by close relatives of Bashar al-Assad include real estate in Russia, boutique hotels in Vienna and a private jet in Dubai,” former US officials said. Human rights lawyers are already planning to track down these assets with the aim of returning them to the Syrian people.  

“There will be a hunt for the regime’s assets internationally,” said Andrew Tabler, a former White House official. “They always had a Plan B, so now they are well prepared for expulsion.”  

Bashar al-Assad fled Syria on December 8 as opposition forces rapidly captured Damascus, ending his 24-year rule. Like his father, he has actively involved relatives in hiding assets abroad. The exact size of the family’s fortune is unknown. According to a 2022 report by the US State Department, assets linked to Assad could range from $1 billion to $12 billion.  

Wealth was obtained through monopolies and illegal trade, in particular the drug Captagon, reinvesting part of the funds in jurisdictions that do not fall under international law.  

Meanwhile, Syrians, affected by the civil war that began in 2011, have plunged into poverty — the World Bank estimates that by 2022, about 70% of the population will be living below the poverty line.  

Among the key figures in the regime is Asma al-Assad, Bashar’s wife, who, as a former banker at JPMorgan, was actively involved in the family’s financial operations.

“The ruling family was as expert in criminal violence as they were in financial crimes,” said lawyer Toby Cadman.  

Efforts to freeze assets have already begun. In 2019, a Paris court froze €90 million in assets belonging to Bashar al-Assad’s uncle, Rifaat, that were obtained through state money laundering. However, recovering assets from tax havens such as Dubai or Russia is considered more difficult.  

The Assad clan’s assets have been amassed over decades. According to advisers and research organizations, the family has invested in real estate, hotels and even a tea plantation in Argentina. Many of the assets were controlled through shell companies, making them difficult to trace.  

Relations between Bashar al-Assad and his cousin Rami Makhlouf, the regime’s chief financier, soured in 2020. Makhlouf was stripped of control of significant assets, while his sons continued to live lavishly, posting photos from luxurious Dubai nightclubs.  

Despite sanctions and international investigations, many members of the Assad family remain out of reach and their exact whereabouts are unknown. Asma al-Assad, after Makhlouf’s removal, began managing significant regime assets, including control of a major telecommunications operator.  

“We have an obligation to return the money to the Syrian people,” said William Bourdon, a human rights lawyer.  

Some Syrians have already taken matters into their own hands, looting Assad estates, including garages filled with luxury cars and works of art.  

(C)UNIAN 2024