The new power in Damascus takes over the business empire Assad

The new power in Syria secretly transforms the state economy and “oligarchy is replaced by oligarchy,” writes the Reuters agency on Thursday. Restructuring consists in secretly taking over assets previously controlled by former president Bashar al-Assad and his surroundings.

The secret role in this process is played by the Secret Economic Committee, led by President Ahmad Al-Szara's brother, Al-Szara's hazt, and Abraham Succarieh, Australian Lebanese origin, covered in Lebanon with sanctions for financing terrorism.

The investigation of Reuters shows that the committee, acting outside the knowledge of public opinion and the official structures of the state, has already taken over assets worth at least $ 1.6 billion, most from entrepreneurs and companies previously controlled by Assad.

The new power focused on pragmatism. Instead of confiscation or lawsuits, it contains unwritten contracts with oligarchs operating for the old regime – in exchange for release from liability for this cooperation, entrepreneurs give some of the assets. This was the case, among others with the magnate Mohamed Hamszo, who gave you shares worth over $ 640 million, and the nounge of Syria, one of Syria, who lost 80 percent. property.

As part of these agreements, the Committee took over, among others Syriatel, the main mobile operator, and Cham Wings airlines. In many cases, the acquired companies operate under new names. There are to be over 100 companies controlled by Assad and its palace in the crosshairs of the Committee.

Al-Szara's hazt, previously a Pepsico manager in Iraq, has no official state function, but he manages economic reforms and, according to Reuters sources, is to manage the new Fund of National Asset subordinate to the President, in which the assets are to be taken over.

Western diplomats and analysts warn that the concentration of economic power in the hands of closed structures may undermine the credibility of Syria on the international arena and discourage foreign investors. Although the new authorities announce transparency and reforms, their actions resemble the mechanisms known from the Assad era.

Despite the controversy, Syria attracts the attention of investors from the Persian Gulf countries, who care about strengthening Sunnic power in this country. During the Syrian-Saudi Investment Forum in Damascus, several dozen agreements with a total value of $ 6.4 billion were signed on Thursday. Announced, among others Opening of the cement plant in Syrian Adra and cooperation in energy, telecommunications and transport sectors.

This is another step towards rebuilding Syria's relationship with Arab countries. Saudi runny nose and Arabia repaid Syrian debt towards the World Bank ($ 15.5 million) in May, and the DP World WORLD operator from Dubai signed a contract worth $ 800 million for the development of the port of Tartus. In turn, the Qatarian Holding UCC has invested $ 7 billion in the reconstruction of the power grid. (PAP)

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