Will Syrian assets in US escape fate of South Sudan and Iraq?

Mr. President,

A U.S. federal court in Washington, D.C., has upheld an arbitration award issued by the International Centre for Settlement of Investment Disputes (ICSID), obligating the government of South Sudan and its central bank to pay over $1.02 billion to Qatar National Bank (QNB).

This judicial decision stems from the South Sudanese government and its central bank's failure to repay a loan obtained to develop the country's economic infrastructure and meet its financial needs following independence. This ruling is a significant step towards strengthening the authority of international arbitration awards and ensuring their enforcement across jurisdictions to safeguard creditors' rights.

Egyptian Court of Cassation Upholds $787 Million Ruling

In a related development, the Egyptian Court of Cassation (Civil and Commercial Division) issued its final ruling on June 1, 2026, in Appeal No. 36915 of the 95th Judicial Year.

The appeal was filed by both the Iraqi Minister of Transport and Iraqi Airways against Horse Tourism Company, which is officially represented by the Committee for the Seizure, Inventory, Management, and Disposal of Terrorist Groups' and Terrorists' Funds, acting as its legal representative. The Court of Cassation's ruling affirmed and upheld the arbitration award in the dispute, valued at a total of US$787 million, thus reinforcing the stability of legal transactions and the strength of international and domestic contracts in major arbitration cases.

What about Syria?

A source told Zaman al-Wasl: The Syrian state must study these two cases and others to protect its assets abroad and prevent the use of any illegal methods to seize assets, particularly those employed by government entities, to prevent arbitration cases from being filed by those affected, especially those related to the practices of the Anti-Illicit Enrichment Authority.

The source stressed the necessity for the state to take a proactive legal step by forming an independent committee to study the Anti-Illicit Enrichment Authority's decisions regarding the precautionary seizure of companies, the appointment of managers or custodians for companies, the deprivation of investors from management and control, and the prohibition of disposing of or benefiting from assets. Decisions issued by the Ministry of Finance or other government bodies.

Al-Hussein Al-Shishakli - Zaman Al-Wasl