Investigative journalism or financial audits

Bashar al-Assad Has £55 Million Fund in London, Seized Assets Could Total £163 Million and $250 Million Cash Transferred to Moscow

Dec 15, 2024, 07:18 PM

Bashar al-Assad, the ousted Syrian leader, reportedly has a personal fund valued at £55 million (approximately $69.4 million) in a frozen HSBC bank account in London. This revelation comes amid calls for the UK government to seize £163 million in assets linked to Assad, his family, and associates, with the intention of using these funds for rebuilding efforts in Syria. Reports indicate that while Assad's regime faced severe financial constraints, he managed to airlift around $250 million in cash to Moscow between 2018 and 2019, utilizing Syria's central bank. This cash transfer, comprising $100 bills and €500 notes, was conducted in 21 shipments, reflecting the regime's reliance on Russian support during its military struggles. Furthermore, the Assad family is believed to have amassed significant wealth, with estimates suggesting their total assets could be as high as $12 billion, despite Syria's GDP being only $8.98 billion in 2021. The complexities of freezing these assets are compounded by the fact that much of the wealth was hidden abroad through relatives and associates.