VOL. XLVI

No 40

06-October-2003

SYRIA

REGIONAL BANKING

Syrian Authorities Freeze Assets Of Former Industry Minister

The Syrian Finance Minister Muhammad al-Husain has frozen the assets of former Industry Minister 'Isam al-Za'im and his wife until he pays the sum of S862mn ($19mn) jointly with a number of other named officials. The figure represents the amount paid to the state by a German company Pico Trading to guarantee a project to expand the Latakia Spinning Mill. The decision to freeze Dr...