Friday, September 04, 2009

Hezbollah loses money from a "Lebanese Madoff"

From YNet:
Three senior Hezbollah operatives are among those who invested and lost funds with Lebanese businessman Salah Ezzadine, who has been nicknamed the 'Lebanese Madoff' after being accused of losing over a billion dollars of his clients' money.

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.

Earlier this week the Lebanese a-Safir reported that Ezzadine, a prominent Lebanese businessman, is accused of leading a giant Ponzi scheme and that he was arrested by Hezbollah in Beirut while attempting to flee the country.
Naharnet adds that Ezzedine was close with Hezbollah and his bankruptcy is making thousands of Lebanese, presumably also Hezbollah supporters or members, jobless.

Al Quds is reporting that Hezbollah fears that when Ezzedine talks, he might reveal the illegal sources of income that Hezbollah uses, like drug trafficking.