Khaddam: Syria’s $12 Billion Reserve Was Registered Under Hafez Al-Assad's Name

Newly revealed memoirs from former Syrian Vice President Abdul Halim Khaddam expose a significant detail about Syria's financial management under the late President Hafez al-Assad: a state reserve of $12 billion was personally registered in Assad's name.

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No one imagined that an amount of this magnitude would be placed under the personal name of the head of state, given that it belongs to the Syrian state, not him.

Khaddam's account, set to be published in early September, highlights the unusual practice of placing such a vast sum under the head of state's personal name, rather than under state institutions. This arrangement led to an internal crisis when a substantial amount, $65 million, was withdrawn from the account using a forged signature.

Investigations traced the withdrawal to then-Prime Minister Mahmoud Al-Zoubi. Upon discovering the forgery and the withdrawal, Hafez al-Assad reportedly became enraged and ordered Al-Zoubi to return the funds under threat of execution. The money was subsequently returned to the bank.

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Mahmoud Al-Zoubi has betrayed me. Investigate him and hold him accountable.

Al-Zoubi's political career ended dramatically. In May 2000, shortly before Hafez al-Assad's death, the president accused Al-Zoubi of betrayal. Following this accusation and a decision to investigate him, Al-Zoubi committed suicide on May 24, 2000, as authorities arrived to escort him for interrogation. Khaddam reportedly learned of the forgery and the reserve details shortly after Al-Zoubi's death.

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If they call me for investigation, I will commit suicide.