Hizbullah’s Madoff

‘Lebanese Madoff’ detained – Israel News, Ynetnews

Lebanese authorities are holding in custody a prominent Shiite financier close to Hezbollah on suspicion of fraud after he invested hundreds of millions of dollars of other people’s money before declaring bankruptcy, judicial officials said Wednesday.
…The judicial officials said Ezzedine had major business interests, particularly in oil and iron industries, in Eastern Europe and suffered substantial losses when oil prices dropped starting mid last year.
He tried to make up for his losses by taking money from Lebanese investors, promising them up to 40 percent interest on their deposits which he could not repay, the officials said, speaking on condition of anonymity in line with regulations.
….Media reports said among Ezzedine’s victims are high ranking members of Hezbollah, as well as Shiite investors from south Lebanon and the Hezbollah stronghold south of Beirut.   

The three Hizbullah’s leaders who lost funds are:

One of the three is Wafik Safa, the first to disclose during Israel’s prisoner swap with Hezbollah in 2008 that IDF reservists Ehud Goldwasser and Eldad Regev, kidnapped by the organization two years earlier, were dead.
During the prisoner swap Wafik Safa became known in Israel for refusing to reveal the status of the two captured soldiers until the very last minute, just before their bodies were brought out in coffins.
Al-Arabiya reported that the other two men were the leader of Hezbollah’s parliament bloc, Mohammad Raad, and a member of the bloc, Amin Sherri. The report did not say whether they had lost their own private funds or those of the organization.
 Sources affiliated with Hezbollah have estimated Ezzadine’s losses at around a billion dollars, and a Kuwaiti daily reported Thursday that the organization had lost around $683 million. 

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