For years, he directly controlled income from Palestinian Authority monopolies over cement and gasoline.Major General Aharon Zeevi, Israel's chief of military intelligence, told parliament's Defence and Foreign Affairs Committee the Palestinian leader was worth about $1.3bn (€1.31bn).The figure is based on estimates by military intelligence.Select your favourite newsletters and get the best of Irish Examiner delivered to your inbox Did they lose? "When Fayyad dismantled the corporation, the man who had run it fled to California. But at the same time, he's accumulating hundreds of millions of dollars.
Arafat has always lived modestly, which you can't say about his wife, Suha. "Palestinians certainly paid dearly for something else Fayyad uncovered: a system of monopolies in commodities -- like flour and cement -- that Arafat handed out to his cronies, who then turned around and fleeced the public. Arafat recently sent armed men to prevent Fayyad from replacing the head of the civil service, who runs Arafat's patronage apparatus.
According to Javid Hassan, who used to be in charge of financial matters of the Palestine Liberation Organization, the financial empire of the Palestinian leader was evaluated somewhere between three of five billion dollars as of 1996.
There is impropriety, and that's what had to be fixed. Money, he says, is "essential" to Arafat's survival. No one knows this better than Dennis Ross, who was Middle East negotiator for the first President Bush and President Clinton, and now heads the Washington Institute for Near East Policy. But instead, Indyk says, "that money is transferred to Yasser Arafat to, amongst other places, bank accounts which he maintains off-line in Israel. Fayyad says the Petroleum Corporation charged exorbitant prices, and Arafat got a hefty kickback. "'I need a phone. But why?According to Indyk, "The Israelis came to us and said, basically, 'Arafat's job is to clean up Gaza. He's holed up in his Ramallah compound, which the Israelis all but reduced to rubble a year-and-a-half ago. "He's saying the Leumi money was sent to the Palestinian Authority. The Swiss account was closed out in 2001. "Actually, it was under a code name, "Ledbury" -- not the Palestinian Authority -- and Minister Fayyad says that this pot of money, too, was available only to Arafat. So far, Prince's team has determined that part of the Palestinian leader's wealth was in a secret portfolio worth close to $1 billion -- with investments in companies like a Coca-Cola bottling plant in Ramallah, a Tunisian cell phone company and venture capital funds in the U.S. and the Cayman Islands.Although the money for the portfolio came from public funds like Palestinian taxes, virtually none of it was used for the Palestinian people; it was all controlled by Arafat. Registered in Ireland: 523712. "He cannot know, and we cannot know at what point he crosses the red line," says Indyk. The results are then fact checked and confirmed by our staff. Yasser Arafat diverted nearly $1 billion in public funds to insure his political survival, but a lot more is unaccounted for. "The stockpile went well beyond the portfolio. "I used to see that people came in, you know, with their requests," Ross says. "But you know this is about, you know, doing the right thing for the people." Source of Wealth: World Leader: Net Worth 2020: under review: Earnings in 2020: Pending: Yearly Salary: Under Review: House(s) He lives in Cairo: Cars: There are no vehicles shown to the public: All net worths are calculated by applying a proprietary algorithm. And in 1990, the CIA estimated that Arafat and the PLO had between $8 billion and $14 billion. The answer is no. "Like a Chicago ward boss, he still doles out oodles of money; Fayyad says he pays his security forces alone $20 million a month, all of it in cash.All told, U.S. officials estimate Arafat's personal nest egg at between $1 billion and $3 billion.Arafat may have $1 billion, but he sure isn't spending it to live well. Yasser Arafat’s net worth estimate is under review. All rights reserved. Forbes features a two-page spread titled "Auditing Arafat," surmising he "may be brought to heel by, of all things, honest financial accounting." "Of all the monopolies, none was as lucrative or as corrupt as the General Petroleum Corporation, the one for gasoline. Jassir Arafat (* 24. There is abuse. According to Israeli officials, she gets $100,000 a month from Arafat out of the Palestinian budget, and lives lavishly in Paris on this allowance.He also uses the money to bolster his own standing. You need to go to the Saudis and get my money.' Arafat accumulated another $1 billion with the help of -- of all people -- the Israelis. The corporation took the fuel it purchased from an Israeli company and watered it down with kerosene, not only defrauding the Palestinian drivers, but wrecking their car engines. "Until three years ago, Israel put the tax revenues into Arafat's account at Bank Leumi in downtown Tel Aviv, no questions asked.
The answer is yes. According to a recent report by the International Monetary Fund, that secret account was: "Under the control of President Arafat and his financial adviser Mohammed Rachid" -- and no one else.
"Arafat for years would cry poor, saying, 'I can't pay the salaries, we're gonna have a disaster here, the Palestinian economy is going to collapse,'" says Indyk. Politicians from Yasser Arafat's milieu and his closest relatives have started the battle for the financial empire of the longstanding Palestinian leader.
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