Subscribe to Print Edition | Fri., September 04, 2009 Elul 15, 5769 | | Israel Time: 23:21 (EST+7)
Haaretz israel news English
web haaretz.com
Haaretz Toolbar
Diplomacy
Defense Jewish World Opinion National
Print Edition
Car Rental
Books Haaretz Magazine Business Real Estate Focus U.S.A. Travel Week's End Anglo File
Share |
Last update - 17:46 02/09/2009
'Shi'ite Bernard Madoff' held in custody in Lebanon
By the Associated Press
Tags: Bernard Madoff, Hezbollah 

Lebanese authorities are holding in custody a prominent Shi'ite financier close to Hezbollah on suspicion of fraud after he invested hundreds of millions of dollars of other people's money before declaring bankruptcy, judicial officials said Wednesday.

Salah Ezzedine gave himself up to authorities earlier this week after declaring himself bankrupt. The officials said he was then taken into custody and is being investigated for possible crimes including the fraud of large amounts of money.

He has not been formally charged yet.
Advertisement
The case has drawn comparisons in Lebanon with that of Bernard Madoff, the New York failed financier whose multibillion-dollar Ponzi scheme wiped out thousands of investors and charities worldwide. Madoff was sentenced in June to 150 years in prison.

Ezzedine, a wealthy businessman from the town of Maaroub near the southern port city of Tyre, is a prominent financier particularly among Shi'ite circles in Lebanon. He is the owner of Dar Al-Hadi Publishing House - one of Lebanon's most prominent publishing houses of religious Shiite books which also prints books written by Hezbollah officials - and al-Hadi TV for children.

Employees at the publishing house have refused to speak to reporters about the case.

An official with close links to Hezbollah confirmed to The Associated Press that Ezzedine has extensive connections with senior members of the group but could not say whether any senior members had business dealings with him. The official spoke on condition of anonymity because of the sensitivity of the subject.

The judicial officials said Ezzedine had major business interests, particularly in oil and iron industries, in Eastern Europe and suffered substantial losses when oil prices dropped starting mid last year.

He tried to make up for his losses by taking money from Lebanese investors, promising them up to 40 percent interest on their deposits which he could not repay, the officials said, speaking on condition of anonymity in line with regulations.

Many Muslims consider interest paid by banks as un-Islamic and therefore
prefer to invest their money in businesses such as the ones run by Ezzeddine.

Media reports said among Ezzedine's victims are high ranking members of
Hezbollah, as well as Shiite investors from south Lebanon and the Hezbollah stronghold south of Beirut.

Al-Mustaqbal daily said among those who filed charges against Ezzedine was Hezbollah lawmaker Hussein Hajj Hassan. Repeated calls by The Associated Press to Hajj Hassan went unanswered Wednesday.

It was still not clear whether Ezzedine knowingly deceived investors.

Ezzedine is also known for being a pious man involved in charity work. He headed an institution that organized pilgrimage trips to Muslims holy cities of Mecca and Medina in Saudi Arabia.

Related articles:
  • Report: Madoff tells cellmates he's dying of cancer
  • Bernard Madoff's right-hand man pleads guilty in Ponzi scheme
    • PROMOTION: Mamilla Hotel
    Bookmark to del.icio.us  
     
    Our ladies of terror
    Faces of female Palestinian suicide bombers placed on paintings of Virgin Mary.
    Norway divestment
    Israel summons Norway envoy over divestment from arms firm.
      1.   Croooooks 19:01  |  Arab American 02/09/09
      2.   Nobody said 20:07  |  Noura 02/09/09
      3.   Religion and Greed 20:13  |  Mohamed 02/09/09
      4.   WOW 20:26  |  Arie 02/09/09
      5.   #1 Well Said My Friend... 20:37  |  Daniel 02/09/09
      6.   Not a Bad Thing 20:42  |  Eisa 02/09/09
      7.   madoff with the money 21:43  |  king k 02/09/09
      8.   above 01:09  |  moishe 03/09/09
      9.   re: 4 11:28  |  surprised 03/09/09
    Special Offers
    Advertisement
    Date Local Jewish Singles
    Ready to meet your match? Join Jdate today!
    Holidays are here
    Minerals Aromatics Body Lotion for free! Click here.
    Eldan Rent a Car
    Israel's leading car rental company offers you a 20% discount on online reservations
    Junkyard
    Junk a car - get free towing nationwide and a tax-deductible receipt
    Marina Royale
    Your Luxurious Suite While staying in Israel
    Table to Table
    Help to Israel food bank
    4XP
    Trading Platform Online Currency Trading
    More Headlines
    22:24 U.S. 'regrets' Netanyahu plan to approve new West Bank homes
    21:37 Chavez tells Israelis: Disobey 'genocidal' government
    19:23 U.S. Congress members to EU: Condemn IDF organ harvesting article
    22:25 Hamas said ready to sign Shalit deal this weekend
    21:59 Iran: U.S. forged documents about our nuclear program
    20:09 Peres, Moussa face off over creation of Palestinian state
    21:09 Holocaust survivors re-create kindertransport trip
    22:27 TV ROUND-UP: Hamas may finalize Shalit swap, Madonna meets Netanyahu
    19:15 Witnesses: Palestinians storm outpost in north West Bank
    11:12 Suddenly, Netanyahu is popular and Obama is not
    12:29 Report: UAE to deport hundreds of Palestinians by month's end
    12:28 Israel envoy: Spain must rein in Leftists' anti-Semitic attacks
    Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Site rules |
    | Israel 2009 election results | Makom: Engaging on Israel
    | Search engine marketing
    Haaretz.com, the online edition of Haaretz Newspaper in Israel, offers real-time breaking news, opinions and analysis from Israel and the Middle East. Haaretz.com provides extensive and in-depth coverage of Israel, the Jewish World and the Middle East, including defense, diplomacy, the Arab-Israeli conflict, the peace process, Israeli politics, Jerusalem affairs, international relations, Iran, Iraq, Syria, Lebanon, the Palestinian Authority, the West Bank and the Gaza Strip, the Israeli business world and Jewish life in Israel and the Diaspora.
    © Copyright  Haaretz. All rights reserved