Thursday, 6 April 2017

Spain Confiscates $740 million Worth of Properties from Uncle of Syrian President

The highest Court in Spain seized a huge real estate portfolio belonging to Rifaat Al Assad, the uncle of Syrian President Bashar Al Assad on Tuesday, April 4. The Spanish authorities said they are investigating Rifaat for money laundering, therefor confiscated 503 properties belonging to him and his relatives worth €691 million ($740 million).
The 79-year-old was a former Vice President of Syria in the 1980s when his brother and Bashar’s father Hafez governed the country.

He was exiled in 1984 for attempting to take over the affairs of the country while Hafez recovered from heart problems. He has been living in Europe since his exile.
The investigation in Spain includes 16 individuals associated with Assad, including two wives, six of his children and one Spanish citizen who allegedly administered Assad’s assets in the country. Officials in Spain say Assad may have taken as much as $300 million from Syrian state coffers for personal gain.
Rifaat Al Assad has also lived in France, where authorities investigated him in 2013 for fraud of Syrian funds and seized €90 million ($95 million) of real estate belonging to his family.

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