Salah Ezzedine

Salah Ezzedine (born in 1962[1] in South Lebanon) is a Lebanese businessman who is accused of running a pyramid scheme. He had supposed investments in oil, publishing, metals and television, and his businesses spread out from the Gulf to Africa.[2] He was well known as a philanthropist.

Before the fraud scandal occurred, he was known for his generosity and had even built a stadium and a mosque for his hometown of Maaroub.[3]

In the ensuing debacle, financial downfall and declaring of his bankruptcy, Lebanese investors, mostly from the Shia community lost hundreds of million dollars. Amounts involved vary between $700 million was lost by Lebanese investors[4] up to 1.2 billion dollars.[5]

References

  1. ↑ Liberation: Salah Ezzedine, le «madoff» libanais (in French)
  2. ↑ Andrew Lee Butters in Time magazine: Lebanon's Bernie Madoff - A Scandal Taints Hizballah
  3. ↑ "Time article". Retrieved 21 November 2016.
  4. ↑ Billion-Dollar Pyramid Scheme Rivets Lebanon
  5. ↑ Robert Fisk in The Independent: 'Lebanon's Madoff' bankrupted after bouncing $200,000 cheque to Hizbollah


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