Dilip Kuner
AS Spain’s National Court gears up for one of the most high-profile money laundering trials in its recent history, the spotlight has turned to the sprawling financial empire allegedly built by Rifaat al-Assad.
The infamous uncle of Syrian President Bashar al-Assad – known as the ‘Butcher of Hama’ – and his extensive investments across Spain and Gibraltar are in the crosshairs of the public prosecutor.
The case is centered on the alleged laundering of over €700 million stolen from Syrian state coffers. And he and his family are thought to have pillaged as much as €4 BILLION in total.
The case has drawn in six of Rifaat’s relatives and two close associates, all accused of being central players in a network of shell companies, shady deals, and offshore assets.
At the heart of the scandal is not just the astonishing amount of wealth involved, but also the political and ethical questions it raises for European governments – particularly in Gibraltar and Spain.
In particular, the court has been looking at how such a notorious figure was allowed to embed himself so deeply in the real estate and financial systems of both countries.
Especially as Rifaat earned his gruesome nickname over the 1982 Hama massacre, where he led a military operation that killed an estimated 25,000 people.
Syria’s then Vice President, Rifaat fell from grace following a failed coup attempt against his brother, then-President Hafez al-Assad, in 1984.
Exiled soon after, he began amassing property and influence abroad, particularly in France, Spain, and Gibraltar.
European investigators now believe he was syphoning off billions from the Syrian treasury even as Syria descended into poverty and civil war.
French prosecutors in 2020 sentenced him in absentia to four years in prison for money laundering and embezzlement, and seized €90 million in assets.
Now, Spanish authorities are following suit, even though the case has temporarily been sent back to Marbella court, over an administrative issue (see below).
The Marbella empire
The scale of Rifaat al-Assad’s real estate holdings in Spain is staggering.
Prosecutors allege he purchased over 500 properties – including luxury hotels such as the Park Plaza Suites and Plaza Beach Banus in Marbella – and a vast estate in Benahavis.
Many of these acquisitions were made through shell companies registered in Gibraltar, often with the help of disgraced accountancy firm Marrache & Co.
The financial structure behind these purchases was labyrinthine. At its centre was High Mountain Estates Ltd, a company registered in the Bahamas but owned by the Alhambra Trust, controlled by Rifaat.
High Mountain owned 99% of 29 separate Gibraltar companies, with the remaining 1% held by Groove Limited, itself owned largely by Hiba Development SA. This complex ownership structure, facilitated by the Marrache brothers, Isaac and Benjamin – who were later jailed for fraud – was designed to obscure the Assad family’s involvement.
Through these offshore channels, millions of euros flowed into Spain to purchase property and business interests, effectively laundering Syrian national wealth, as well as alleged profits from drug smuggling, extortion, and the trafficking of archaeological treasures.
But in 2017 his Marbella property empire came crashing down when Magistrate Jose de la Mata ordered the confiscation of 503 properties including holiday homes, car parks, luxury apartments and rural estates worth €700 million.
Authorities also seized an estate with a market value of €60 million in Puerto Banus, and froze dozens of bank accounts.
Trial and evasion
While the trial in Spain targets eight individuals, including Rifaat’s sons and other family members, the patriarch himself is notably absent. His lawyers claim the now 87-year-old is hospitalised in Dubai, too ill to attend court.
Despite this, prosecutors are pressing for a sentence of eight years and a fine of €2.7 million against Rifaat, along with six years and €2.2 million fines for each of his relatives.
The defense has challenged the trial’s jurisdiction, demanding the case be moved to Malaga’s provincial court. Proceedings were suspended earlier this month, sent back to Marbella court to pend a judicial review. An Olive Press source revealed: “I understand this might take a year.”
The Gibraltar connection
A key part of the investigation is focused on Gibraltar, where Rifaat’s business dealings flourished for decades. One of the most controversial aspects involves his sale of a prestigious property at 6-9 Europort, an office complex in the heart of Gibraltar’s financial district.
In 2018, Rifaat sold his stake in the building for £17.5 million – a figure critics argue was well below market value.
What raised eyebrows wasn’t just the price, but the identity of the buyers: a company linked to the Isola family, including Gibraltar’s Financial Services Minister, Albert Isola.
The deal was facilitated by Fiduciary, a firm partly owned by the Isolas, who also managed Rifaat’s sale.
This led to allegations of conflicts of interest and prompted opposition parties in Gibraltar to demand full transparency.
Isola has always denied any wrongdoing.
Independent MP Marlene Hassan Nahon accused the government of ‘burying the case under layers of legal jargon’, and called for a public explanation.
The opposition GSD party also called on the Attorney General to investigate whether any proceeds from the sale were frozen or distributed to Assad’s family.
Despite public pressure, Chief Minister Fabian Picardo defended the legality of the sale, stating that Gibraltar courts had approved it and they were cooperating fully with French investigators.
A matter of conscience
The Rifaat al-Assad case is not just about financial crimes – it’s about moral accountability. How could a man accused of mass murder and corruption build a property empire in democratic Europe?
Why were alarm bells not raised sooner, especially when Interpol warrants and international sanctions were in play?
Furthermore, the controversy has implications for Gibraltar and Spain’s financial credibility. With increasing global scrutiny on tax havens and offshore financial centers, the Assad case serves as a cautionary tale.
As Anonymous hackers targeted Gibraltar’s government website shortly after the Europort sale was publicised, the symbolism wasn’t lost – this is a story about transparency, ethics, and the thin line between legality and complicity.
Looking ahead
Spanish prosecutors are expected to push ahead with asset seizures and verdicts later in 2025.
Whether Rifaat al-Assad will ever face justice in person remains unclear, but his family’s alleged financial web is rapidly unraveling.
In the end, the case is about more than one man. It is a story of how wealth stolen from a devastated nation found a safe haven in Europe’s sunny enclaves, shielded by legal structures, financial institutions, and at times, political silence.
The outcome of the trial will not only affect the Assad family but could set a precedent for how Europe handles dirty money, offshore finance, and the legacy of authoritarian regimes hiding their loot in plain sight.
