Syria’s New Government Targets Assad-Era Tycoons in Corruption Probe
The transitional administration is investigating business figures linked to Bashar Assad, freezing assets and restructuring their economic influence
[Damascus] Sources close to Syria’s new government revealed that the executive authority has formed a committee to investigate the sprawling business interests of prominent businessmen tied to the ousted Syrian president, Bashar Assad.
Businessmen Samer Foz and Mohammed Hamsho are at the top of the list for financial asset investigations. Both are under US and European sanctions. This move is part of the new government’s broader scrutiny of multi-billion-dollar corporate empires owned by Assad’s allies. Sources indicated that senior figures in the new Syrian administration have held discussions with some of these tycoons, labeling their efforts as a “campaign to root out corruption and illegal activities.”
The transitional government, led by interim President Ahmed al-Sharaa, has pledged to rebuild the country after 13 years of war and to dismantle the corrupt, highly centralized economic system long dominated by Assad’s loyalists.
Shortly after the fall of the Assad regime in December 2024, the new administration ordered the freezing of assets and bank accounts of companies and individuals linked to the former president. The sanctions specifically targeted those on US blacklists, including Hamsho, sanctioned since 2011, and Foz, sanctioned since 2019.
The US Treasury Department accuses Foz’s Aman Holding group of profiteering from the Syrian conflict through businesses spanning pharmaceuticals, sugar refining, trade, and transportation.
Similarly, Hamsho’s Hamsho International Group has extensive interests ranging from petrochemicals and metals to television production. The US Treasury Department has described Hamsho as a front for Assad and his brother Maher, and using his business empire to fund the military’s operations, including the notorious Fourth Armored Division, which Maher led. Neither businessman responded to requests for comment from Reuters.
The formation of the investigative committee and the discussions with Foz and Hamsho had not been previously disclosed. The committee members remain unidentified.
Economic analysts believe the new Syrian government is pursuing a pragmatic approach, engaging with influential economic figures to stabilize the country’s war-ravaged economy. Simultaneously, it seeks to persuade US and European governments to lift sanctions on Syria.
According to sources within the al-Sharaa administration, the government has taken control of approximately 10 major companies that were owned by Assad-era tycoons. These companies continue to operate under government oversight while the committee investigates their activities.
The policy toward these business magnates appears to be: “Allow their employees to continue operations and supply the market, but freeze the owners’ financial movements for now.”
For example, Hamsho International Group is now under state supervision. The administration stated that “the corruption file is enormous, as the country’s economy was controlled by figures like Hamsho and others.”
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Profiles of the Magnates Under Scrutiny
Foz’s name rose to prominence during the 2011 Syrian uprising, but his family’s business activities in Latakia date back to the late 1980s, initially focusing on real estate and food commodities. His ventures later expanded into sugar refining, trade, transportation, media, and tourism.
In 2019, the US Office of Foreign Assets Control (OFAC) imposed sanctions on 16 individuals and entities linked to Foz for profiting from the Syrian conflict and assisting Assad’s regime.
Hamsho, a key economic player, held several influential positions, including secretary of the Damascus Chamber of Commerce and the Federation of Syrian Chambers of Commerce. He was also a member of the Syrian Parliament and owned multiple commercial enterprises. The US and EU sanctioned Hamsho in 2011, accusing him of profiting from the war and engaging in illicit activities, including drug trafficking.
Regarding this issue and holding those involved responsible, Syrian lawyer Adwar Hashweh believes that sanctions against Syrian individuals should not be lifted and that those who collaborated with Assad against Syrians must be held accountable. However, at the same time, he finds it incomprehensible that sanctions on Syria as a country have not been lifted after the fall of the regime.
The Caesar Act imposes sanctions on individuals from Assad’s regime, his army, and his intelligence services, and these should not be lifted. The law as a whole must not be revoked!
The Syrian lawyer, who resides in the United States, told The Media Line: “The Caesar Act imposes sanctions on individuals from Assad’s regime, his army, and his intelligence services, and these should not be lifted. The law as a whole must not be revoked!”
Referring to individual sanctions, he explained that “sanctions targeting the Syrian state should be lifted from our country and people after their liberation. Anything beyond that is a matter for the United States!” He also pointed out that major businessmen involved in dealings with and supporting Assad must be held accountable, whether in Syria or abroad, and should not be engaged, economically or politically.
Questionable Freedom for Sanctioned Figures
Despite the crackdown, several prominent Assad-era figures still move freely within Syria, sparking public outrage. Recently, the presence of Maher Burhan al-Din Al-Imam in Damascus caused an uproar. Al-Imam, a businessman known for supporting Assad’s regime, was placed under EU sanctions in 2020, though the sanctions were lifted without public explanation.
Notably, Al-Imam was seen driving a car bearing an INTERPOL license plate, further fueling public anger. Anonymous sources stated that he returned to Damascus under guarantees of immunity from prosecution.
Al-Imam, who managed Telsa Communication—a telecommunications firm aligned with Assad’s regime—also founded Castro, a tourism and hospitality company. The EU sanctioned him in 2020 for financially supporting Assad’s war efforts, and in 2021, the European Court of Justice rejected his appeal to lift those sanctions. Nevertheless, the EU removed his name from the sanctions list last month without clarifying why.
Reports indicate that although Al-Imam has distanced himself from some public business activities, he continues to exert control through his close associate Mohammed Ammar Daloul. In April 2022, Al-Imam transferred his shares in Amwaj Internet Services to Daloul, though observers suggest this was merely a nominal change to obscure his ongoing influence.
These individuals, deeply entangled with the former regime’s corrupt activities, should face legal accountability. Their fundamental issue is with the Syrian people, and justice must prevail.
Syrian journalist Rana Toutanji expressed dismay at the apparent impunity of figures like Al-Imam, stating to The Media Line: “These individuals, deeply entangled with the former regime’s corrupt activities, should face legal accountability. Their fundamental issue is with the Syrian people, and justice must prevail.”
Toutanji called for judicial investigations into these businessmen, emphasizing that their culpability lies primarily with the Syrian public, not just international sanctions.
Western Sanctions and Their Shortcomings
The EU’s delisting of Al-Imam, despite ample evidence of his regime ties, highlights what critics see as a failure of Western governments to understand Syria’s complex business and political networks. Analysts argue that the EU’s unilateral sanctions often lack consistent enforcement and may inadvertently harm humanitarian efforts.
The case has reignited calls for the West to reassess its sanctions policies, ensuring that economic penalties effectively target regime enablers without exacerbating civilian suffering.
The Road Ahead for Syria’s New Government
Since taking power on December 8, 2024, the interim administration in Syria faces immense challenges, from combating entrenched corruption to investigating those complicit in war crimes and regime-linked profiteering.
With Syria’s post-war economy hanging in the balance, the government’s approach to former regime-affiliated businessmen—whether through prosecution or cooperation—could shape the nation’s path to recovery and international reintegration.
