A covert network has begun restructuring Syria’s post-war economy by taking control of companies affiliated with former President  Bashar al-Assad, according to a detailed investigation by Reuters. The effort is reportedly spearheaded by Hazem al-Sharaa, brother of Syria’s new president, Ahmad al-Sharaa, alongside an Australian businessman currently under international sanctions.

While presented as an anti-corruption campaign, the initiative relies heavily on deals with individuals of questionable reputation, raising questions about the credibility and intent behind the reforms.

In the aftermath of Damascus falling into al-Sharaa's hands, a prominent Syrian businessman received a late-night summons to meet “the sheikh".

The man who greeted him wore a long beard, carried a pistol on his hip, and introduced himself only as “Abu Mariam". Speaking fluent Arabic with a faint Australian accent, he asked the businessman about his income and operations.

“He asked me about my work, how much money we made,” the businessman recounted. “I just kept looking at the gun.”

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Reuters has uncovered that this shadowy figure is now leading a committee tasked with reengineering Syria’s economic foundations, an effort carried out in secrecy, far from public view. Operating under pseudonyms, the committee’s members have quietly taken control of over $1.6 billion in assets, including $1.5 billion seized from just three businessmen and stakes in Syrian companies reportedly affiliated with Assad. Among them is the country’s principal telecommunications provider, reportedly valued at around $130 million.

At the heart of this "restructuring effort" is Hazem al-Sharaa, elder brother to Syria’s president. The committee’s head, known publicly as Abu Mariam al-Australi, has been identified by Reuters as Abraham Succarieh, a Lebanese-Australian businessman sanctioned by Canberra for allegedly financing terrorism. On social media, Succarieh portrays himself as a casual entrepreneur with a love for cricket and shawarma.

Power under a new elite

While Syria’s new leadership has dismantled much of the feared security apparatus that defined the Assad era, bringing about a newfound openness in public discourse, concerns have grown about the consolidation of power under a new elite, as per the report.

Observers warn that the current leadership, composed of relatives and operatives known only by their aliases, may simply be "replacing one oligarchy with another."

Reuters based its findings on more than 100 interviews with individuals spanning the business, diplomatic, and political spheres, and on a trove of internal documents, including company records, email correspondence, and financial statements.

Despite the scale of its work, the committee has never been formally acknowledged by the Syrian government, and its operations remain unknown to the general public. Only those who deal with it directly are aware of its sweeping authority, one that could significantly shape the nation’s future.

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