Syria: Memoirs claim $12B in state reserves held by Hafez al-Assad

Memoirs by the late Syrian Vice President Abdul Halim Khaddam reveal allegations regarding the management of Syria’s state reserves. According to the text, which is set to be published by SRMG’s Raf publishing house, approximately $12 billion in state reserves were held abroad under the personal name of the late President Hafez al-Assad rather than in the name of state institutions.

Khaddam details a specific incident involving the unauthorized transfer of $65 million from this account. After Hafez al-Assad discovered a forged signature on a transfer request, an investigation revealed the funds had been directed to an entity linked to then-Prime Minister Mahmoud al-Zoubi. Khaddam claims that al-Zoubi was threatened with execution and eventually returned the money to the bank.

The memoirs also provide a critical account of al-Zoubi’s long tenure as Prime Minister, from 1987 to 2000. Khaddam accuses al-Zoubi of engaging in corruption and building influential networks. The account concludes with al-Zoubi’s downfall; following accusations of betrayal by the President, al-Zoubi committed suicide in May 2000 as he was being taken in for investigation.