The US Treasury's Office of Foreign Assets Control sanctioned brothers Raymond Zina Rahme and Teddy Zina Rahme and their companies on Wednesday for alleged corruption contributing to the "breakdown of the rule of law in Lebanon," according to a release
WASHINGTON (Pakistan Point News / Sputnik - 04th April, 2023) The US Treasury's Office of Foreign Assets Control sanctioned brothers Raymond Zina Rahme and Teddy Zina Rahme and their companies on Wednesday for alleged corruption contributing to the "breakdown of the rule of law in Lebanon," according to a release.
"At a time when the Lebanese people face significant economic distress, a dire energy crisis, and unprecedented political dysfunction, the Rahme brothers have used their business empire and political connections to enrich themselves at the expense of their fellow citizens," the release said.
The Rahme brothers allegedly used companies inside and outside of Lebanon under their control to secure multiple Lebanese government contracts through a highly opaque public tendering process. In 2017, they secured a subcontract to import fuel for use by the state-owned national electricity utility and the Ministry of Energy and Water in a bidding process widely reported to be corrupt.
Through their UAE-based company ZR Energy DMCC, the brothers imported tainted fuel, causing significant harm to Lebanese power plants and increasing daily electricity cuts, the release stated. ZR Energy is being sanctioned.
In addition, the Rahme brothers own and manage Lebanon-based ZR Group Holding SAL, a company operating in the energy, telecommunications, and aviation industries. They also own ZR Logistics SAL through the holding company. Both companies are being sanctioned.
