Assad regime crumbles: Rebels claim abandoned palace
Rebel forces entered Bashar al-Assad's deserted palace on Sunday. The president is said to have left Damascus by plane, but there is no confirmed information on his whereabouts. The family reportedly fled to Russia, and during 24 years of rule, they amassed a substantial fortune.
Rebels entered Damascus, and their leaders declared the fall of Bashar al-Assad's regime on Sunday. The president fled Damascus, and since Saturday evening, his whereabouts have been unknown. A Reuters source reported that the plane he might have been on disappeared from radar and may have been shot down.
Bashar al-Assad has left the presidency and Syria, the Russian Ministry of Foreign Affairs announced on Sunday, after years of supporting the Damascus regime. On Saturday, "The Telegraph" reported that the Assad family had left the country and is currently residing in the Russian Federation.
Rebel forces broke into Bashar al-Assad's abandoned palace on Sunday. Videos and photos of the autocrat's wealth are circulating on social media.
Enormous wealth
The U.S. Department of State published a report to Congress in 2022, estimating the wealth of Syrian President Bashar al-Assad and eight of his family members, with whom he has connections, forming a vast network.
The document includes the official wealth and assets of nine family members, including Bashar al-Assad himself, his wife Asma, brother Maher, sister Bushra, and cousins—Rami and Ihab Makhlouf, as well as uncle Rifaat and cousins Dhu al-Himma and Riad Shalish.
At that time, the net worth of the Assad family was estimated at 1 to 2 billion dollars.
These figures are approximate and likely significantly underestimated. As the Department of State indicated, Bashar al-Assad and his relatives possess various assets, bank accounts, real estate, and companies, which they conceal under false names.
These assets are likely located outside Syrian territory hidden under facade institutions and managed by other individuals to circumvent international sanctions. Some of them are believed to be used for laundering money obtained from illegal business activities, including smuggling, arms trade, drug trafficking, and protection rackets and extortion.
Bashar al-Assad and his wife Asma
According to a State Department report, the Assad couple had extensive connections "with Syria’s largest economic players, using their companies to launder money from illicit activities and funnel funds to the regime. These networks penetrate all sectors of the Syrian economy."
According to American officials, the first lady of Syria, Asma Assad, is behind a network of entities through which she exerts influence on Syria's economy.
The documents show she had a significant impact on the economic committee managing the ongoing economic crisis in Syria.
"According to open-source reporting, this committee makes decisions regarding food and fuel subsidies, trade, and currency issues. Asma has expanded her influence in the non-profit and telecommunications sectors in recent years. Asma reportedly continues to exert influence over the Syria Trust for Development, which she founded in 2001, and directs funding to charity and humanitarian initiatives in regime areas in Syria," the report states.
The document also reveals other business connections of Asma. In 2019, she reportedly took over control of the Al Bustan Charity foundation from Bashar Assad's cousin, Rami Makhlouf.
In 2021, officials close to Asma at the Presidential Palace were reportedly appointed to the board of Syriatel, Syria's largest telecommunications company, which was owned by Makhlouf, as the report lists. In 2019, Asma also founded the telecommunications company Emma Tel with Syrian businessman Khodr Taher Bin Alim.
