Naguib Sawiris, the Egyptian billionaire businessman, shared shocking details of how Rami Makhlouf, the cousin of former Syrian president Bashar al-Assad, seized his investments in Syria during a recent television interview.
Political Instability and Regret Over Syrian Investment
Speaking on the “Hadrat Al-Muwatin” program on “Al-Hadath Al-Youm” TV, Sawiris expressed regret over Syria’s current state and warned that the region faces two troubling options: either dictatorship or extremist factions. He also expressed hope that Syria would not follow the same tragic path as other Arab nations.
The Partnership with Rami Makhlouf: A Mistake in Hindsight
Sawiris explained that his initial investment in Syria’s telecommunications sector was made with the understanding that he would have to partner with Makhlouf to obtain an investment license. Looking back, he now calls this decision a grave mistake, as he was left with no choice given the political climate.
Makhlouf’s Takeover and Sawiris’ Legal Struggles
After the company became successful and profitable, Sawiris revealed that Makhlouf took control, expelled employees, and left him with significantly less than his original investment. Despite legal action, Sawiris was unable to recover his full share of the profits.
“He removed me from the company with less than what I invested and forced us out of the country, along with our employees,” Sawiris lamented. “Makhlouf was not the only corrupt figure, but he also controlled exports, free markets, and even the petroleum and gas imports.”
Naguib Sawiris Charity and the Stark Contrast in Wealth
The businessman also highlighted the stark contrast in charity, noting that Makhlouf had previously donated $1.5 million to Syria, despite his fortune being estimated at $15 billion.
This situation sheds light on the ongoing corruption and political instability that continues to plague Syria, affecting foreign investments and economic growth.