Salah Ezzedine Explained

Salah Ezzedine
Birth Place:South Lebanon
Nationality:Lebanese
Occupation:Businessman

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 to 1.2 billion dollars was lost by Lebanese investors[4] .[5]

Notes and References

  1. http://www.liberation.fr/economie/0101590781-salah-ezzedine-le-madoff-libanais Liberation: Salah Ezzedine, le «madoff» libanais
  2. https://web.archive.org/web/20090922174236/http://www.time.com/time/world/article/0,8599,1924186,00.html Andrew Lee Butters in Time magazine: Lebanon's Bernie Madoff - A Scandal Taints Hizballah
  3. Web site: Time article. 21 November 2016.
  4. https://www.nytimes.com/2009/09/16/world/middleeast/16lebanon.html?scp=1&sq=ezzedine&st=cse Billion-Dollar Pyramid Scheme Rivets Lebanon
  5. https://www.independent.co.uk/opinion/commentators/fisk/lebanons-madoff-bankrupted-after-bouncing-200000-cheque-to-hizbollah-1783407.html Robert Fisk in The Independent: 'Lebanon's Madoff' bankrupted after bouncing $200,000 cheque to Hizbollah