Makhlouf transfers seized assets to his charity – Middle East Monitor

Syrian tycoon Rami Makhlouf mentioned yesterday that he had donated his shares in banks and insurance coverage corporations to Ramak Development and Humanitarian Projects; a charity devoted 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 journey ban on him, claiming his telecommunications firm Syriatel has excellent taxes.

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

The organisation is reported to be a guardian firm of enterprise and non-profit organisations which are linked to an array of regime frontmen.

Makhlouf mentioned the donation has given him an awesome feeling of satisfaction as a result of, in accordance to the endowments’ legislation, “any sale or profit made from these shares will return to good deeds entirely”.

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