hoya88 Just over $110 million in Syrian assets frozen in Switzerland

People look through documents at the Saydnaya prison in Damascus on December 11, 2024. – After Assad’s overthrow, thousands flocked to Saydnaya prison hoping to find loved ones who disappeared in government jails. Saydnaya is believed to have several underground levels sealed behind airtight gates. (Photo by Sameer Al-DOUMY / AFP)

Zurich, Switzerland — Switzerland is home to around 99 million Swiss francs ($112 million) in frozen Syrian assets, Bern’s economy ministry told AFP Wednesday, denying any of it belonged to fallen president Bashar al-Assad.

Those funds were frozen under sanctions Switzerland adopted in 2011 in alignment with the European Union, targeting Syria’s ex-strongman and his associates for his government’s widespread human rights abuses, the ministry said.

Article continues after this advertisement

But none of them belonged to Assad directly, it added, confirming newspaper Neue Zuercher Zeitung’s reports that relatively few Syrian assets were held in Switzerland’s famously secretive banking system.

FEATURED STORIES BUSINESS BIZ BUZZ: Surprise! MVP revives Smart Money BUSINESS Tech tycoon Dennis Uy’s air navigation pitch rejected BUSINESS PSE entry so hard for 400 firms

READ: New Syria PM says will ‘guarantee’ all religious groups’ rights

When dictators fall — as Assad did following a rebel alliance’s capture of Damascus on Sunday — “Switzerland and its financial centre automatically come to the fore,” the Swiss daily said.

gold fish casino slotsArticle continues after this advertisement

But “a hunt for Assad’s millions” does not seem to be in the offing for Swiss banks, as “financial relations between Switzerland and Syria have been virtually frozen since 2011”, the Zurich-based newspaper added.

Article continues after this advertisement

The Neue Zuercher Zeitung also pointed out that Switzerland’s banking industry largely withdrew from once-profitable Syria in the early 2000s.

Article continues after this advertisement

At present, 318 people and 87 entities are on Switzerland’s sanctions list related to Syria and Assad, whose toppling brought an end to more than five decades of his family’s dynastic rule.

With its banks’ much-touted policy of secrecy, Switzerland has long been a haven for governments and individuals wishing to avoid international scrutiny of their gains.

Article continues after this advertisement

Most infamously its banking vaults held millions in gold bullion shipped by Nazi Germany to the small alpine nation during World War II, as well as assets plundered from nations the Nazis conquered in the conflict and Jewish victims of the Holocaust.

Meralco said that power rates will drop by P0.3587 per kilowatt-hour for the October billing period, bringing this month’s overall rate to P11.4295 per kWh from P11.7882 per kWh in September.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.hoya88

READ NEXT 1 in 2 Filipinos feel ‘better off’ than before COVID-19 Into the stratosphere: Musk net worth tops $400 billion EDITORS' PICK Transman Jesi Corcuera gives birth to baby girl UN General Assembly calls for 'unconditional' ceasefire in Gaza FIFA confirms Saudi Arabia as 2034 World Cup host Kababaihan donates TV sets for women's jail's ALS program EXPLAINER: Depleted uranium and why it’s a national security threat? Fiesta Señor 2025: Registration for Fluvial Procession begins MOST READ PNP to crack down on private armies, loose firearms for 2025 polls INQToday: Grijaldo skips House quad panel probe for the 4th time; held in contempt 3 senior scouts die, 10 hurt in Zambo City electrocution incident Sofronio Vasquez looks back on Rey Valera's advice after 'The Voice' US win Follow @FMangosingINQ on Twitter --> View comments