Syria's new leadership is scrutinizing the vast corporate empires of former President Bashar al-Assad's allies, aiming to eliminate corruption and illicit activities. Since taking power in December, the Hayat Tahrir al-Sham (HTS) group has vowed to revamp Syria's economy and dismantle the centralized, corrupt system maintained by Assad's associates.
Under President Ahmed al-Sharaa, a committee has been formed to investigate the extensive business interests of well-known Assad-affiliated tycoons such as Samer Foz and Mohammad Hamsho. The new administration has issued directives to freeze assets of Assad-linked entities and individuals, including those sanctioned by the U.S.
Despite facing U.S. sanctions, Foz and Hamsho have returned to Syria and reportedly pledged cooperation with the new regime. Foz's Aman Holding conglomerate encompasses various sectors including pharmaceuticals, sugar refining, trading, and transport, while Hamsho's interests range from petrochemicals to television production.
Efforts to engage with these influential businessmen, key to Syria's economy, have not been widely disclosed. The government is in dialogue with Assad-linked figures to ascertain the country's economic future and potentially lift sanctions, though details remain vague.
The new government's handling of Assad-related businesses will be crucial in navigating economic recovery and international relations. Discussions with these tycoons signal a nuanced approach to addressing their roles in the former regime's economic structure.
Amid ongoing investigations, companies tied to the targeted tycoons continue operations under HTS supervision, reflecting efforts to balance economic stability and accountability. The situation underscores the complex interplay between past allegiances and rebuilding efforts in post-conflict Syria.