Samer Foz, tycoon who helps Assad, uses UK firm for dealings!
June 13, 2019, 11:58 am

samer foz

Samer Foz, tycoon who helps Assad, uses UK firm for dealings!

A powerful Syrian businessman under international sanctions because of his support for President Assad’s regime allegedly controls a television station via a company in London.

Samer Foz is the director of a British company that acts as his agent but also apparently runs a TV station and propaganda website through two other companies, The Times has learnt. Mr Foz, 46, has made a fortune through deals between the Assad regime and Syrian Kurds to sell wheat, and through construction projects on land taken from families who have fled the war.

The news of his UK business interests follows a report from the Commons foreign affairs committee yesterday that described the government’s sanctions policy as “fragmented and incoherent”.

Mr Foz continues to run his businesses despite EU financial sanctions and a travel ban imposed in January. The EU has said he “provides the regime with financial and other support, including financing for the military security forces”. The US Treasury imposed its own sanctions this week.

Sigal Mandelker, the US undersecretary for terrorism and financial intelligence, said Mr Foz directly supported Assad’s regime and was “building luxury developments on land stolen from those fleeing his brutality”.

Mr Foz told The Times last year that he was considering investing in Britain. He became the director and co-owner of Morjan in 2014; the company is financially inactive but its accounts in February said that it had “acted as an agent for a person” in the previous year.

Mr Foz lists himself on Companies House as Turkish and living in Turkey. His correspondence address and registered office is Moorcrofts, a law firm in Marlow, Buckinghamshire. The other directors include Jaafar al-Charif al-Fadel, 73, who is based in Lebanon and is also the director of a company called Lana TV, whose registered office is a semi-detached home in Harrow, northwest London.

The US sanctions cover the Lana TV station based in Lebanon, which the US Treasury has said is “owned or controlled by Mr Foz” and “used to solicit investment in Syria”.

Alminbar TV, another British media company controlled by Mr al-Fadal, is not listed in the US sanctions notice. It is an Arabic-language website that focuses on pro-regime economic news from Syria.

Mr Foz has been part of Assad’s circle but has avoided sanctions and travelled widely for years. His main business, ASM International Trading, is based in Dubai. He and his brothers, Amer and Husen Foz, were sanctioned by the US in an effort to “cut off critical supplies and financiers for the regime”.

The US has said that Mr Foz has a passport from the Caribbean island nation of Saint Kitts and Nevis, which offers citizenship for an investment of $150,000. It allows him visa-free travel in the Schengen zone. The US has also said that Foz family interests facilitated shipments of Iranian oil into Syria via a Lebanon-based company. The deals breached American restrictions on Tehran’s oil trade.

Mr Foz was not immediately available for comment.

Source The Times, British newspaper.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.