Syria: Syrian tycoon says front companies used to dodge sanctions as rift with Assad widens

Syrian businessman Rami Makhlouf revealed on Sunday he had set up a web of offshore front companies to help President Bashar al Assad evade Western sanctions, in a social media post blasting the government for investigating his business empire.

One of Syria’s richest and most powerful businessmen, Makhlouf said security forces were now targeting Cham Holding, the centerpiece of a vast business portfolio much of which has been seized by the cash-strapped government.

The former Assad loyalist who is also a cousin of the president said security forces were pursuing contracts signed by Cham Holding on suspicion he had embezzled funds abroad.

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(Picture: AFP)

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