Damascus: New bills to be approved for joint banks, shareholders market
Syria-Saudi Arabia, Politics, 7/6/2000

The Syrian government has submitted six important draft bills to the People's Assembly ( parliament), in the framework of the new economic policy to achieve openness and progress.

The projects which were submitted to the parliament are "a draft bill to establish joint banks; a draft bill relating to secrecy of banks; a draft bill to establish a market to exchange shareholders companies; a draft bill to amend law no. 60 on the lands of housing expansion; a draft bill to amend the agricultural relations law and a new draft bill for the house rent."

In this regard, the high investment council in Syria approved the cement production factory project of Portland cement which is jointly owned by the Saudi " Peninsula company for contracting, the Egyptian Hassan Allam's sons company and Syrian holders as governed under the law no 10 on encouraging investment for 1991 and its amendments.

This project makes use of the privileges and exemptions provided in the context of the said law. The project will produce all kinds of Portland's black cement, its sacks for packing it and marketing it inside and outside Syria.

Meantime well-informed sources in Damascus told the Lebanese daily al- Safir that in the framework of the corruption- fighting campaign, two days ago the Syrian judicial authorities arrested the deputy director general of the Damascus International Fairs DIF Abdul Majid al-Hou after he was on Monday was brought into the economic court. A warrant of arrest was also released against the financial director of the DIF Hassan al-Sheikh Issa after investigations revealed the two men involvement in falsifying results of the DIF lottery and releasing cheques for non-existing persons. The value of these cheques are estimated in tens of millions of Syrian pounds.

The specialized authorities froze the DIF accounts in the Syrian banks until the end of the investigations.

Worthy mentioning the DIF lottery is carried out once a week with a prize ranging between 4 million in ordinary lottery, held on weekly basis and 30 million Syrian pounds in special occasions.

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