Political Analysis

Former President Of Yemen Worths $60 Billion Says UN Sanctions Panel

National Yemen

High-level meeting of the Security Council on peace and security in Middle East

The corrupt practices of Yemen’s former autocratic leader, Ali Abdullah Saleh, have netted the strongman up to $60 billion, a UN sanctions panel report to the Security Council on Tuesday.

The panel’s report says Saleh amassed up to $2 billion a year from 1978 until he was forced to step down in 2012 and that the assets are hidden in at least twenty countries with the help of business associates and front companies.

“The origin of the funds used to generate Ali Abdullah Saleh’s wealth is believed to be partly from his corrupt practices as President of Yemen, particularly relating to gas and oil contracts where he reportedly asked for money in exchange for granting companies exclusive rights to prospect for gas and oil in Yemen,” the report says.

“It is also alleged that Ali Abdullah Saleh, his friends, his family and his associates stole money from the fuel subsidy program, which uses up to 10 per cent of Yemen’s gross domestic product, as well as other ventures involving abuse of power, extortion and embezzlement,” the report adds.

“The result of these illegal activities for private gain is estimated to have amounted to nearly $2 billion a year over the last three decades,” it states.

The report was prepared by a panel of experts appointed by the Council to monitor the asset freezes and travel bans placed on Saleh and other spoilers of Yemen’s political transition last February. The Council is expected to renew thosesanctions on Tuesday for another year.

So far, Saleh has evaded the measures with the help “of at least five prominent Yemeni businessmen… assisting the Saleh family to remove funds from banks in Yemen and deposit them overseas.”

“The panel is also conducting investigations into a number of private and publicly listed companies inside and outside Yemen, where it is believed that former President Saleh may be the beneficial owner of investments,” the report says.

It adds that the panel “has received information from a confidential source that Ali Abdullah Saleh has a number of alternative identity passports that have been provided to him by another State” which would further enable him to hide assets under false identities.

The panel’s estimated wealth of Saleh at $60 billion would place him fifth in Forbe’s list of the world’s richest people. Yemen’s GDP for 2014 was estimated at $24 billion by the World Bank.

Saleh stepped down in 2012 in a deal that granted him immunity from prosecution and allowed him stay in the country. The transitional government that succeeded him, headed by Abed Rabbo Mansour Hadi, was toppled last month with Salehaccused by some of using his wealth and connections to play a part in this.

The 54-page report from the panel also says that Houthi rebels, who are now in control in Sanaa, are using child soldiers and that hospitals and schools have been used by warring factions.

Yemen is one of the poorest countries in the world, ranked 154th out of 187 in the UN’s Human Development Index and ranked worst in the world for gender equality. More than half the population are living below the poverty line, according to World Bank figures.

Yemen lost its vote in the UN General Assembly last month because of the country’s inability to pay its dues.

Denis Fitzgerald