Leaked Financial Documents, Hamas Is Called To Have A Foreign Investment Portfolio Of IDR 7.6 Trillion

Hamas militant illustration. (Wikimedia Commons/MujahideenMuqadas)

JAKARTA - A German newspaper says the militant group Hamas has a secret foreign investment portfolio worth more than 500 million US dollars, or about Rp. 7,176.8 billion, according to documents they saw.

The investments include interests in about 40 international companies controlled by Hamas in the Middle East and North Africa, the Die Welt newspaper reported, citing The National News Aug. 11.

The newspaper said it looked at documents from 2017-18, which were part of a decade-long financial file found on Hamas computers. It did not say how the data was retrieved or who provided the information.

Die Welt said the group itself has a portfolio of US$338 million or around Rp.4,851,516.8 million. It is now estimated to be worth more than 500 million US dollars.

The companies are said to be primarily in the construction sector and found in Turkey with other interests in Sudan and Algeria. The so-called business interests have been built for more than 20 years.

Dr Matthew Levitt, of the Washington Institute, who previously worked in financial intelligence for the US Government, said the figures were "impossible to verify". But, he told the newspaper, it was no secret that Hamas was investing in foreign companies in the region.

The details contrast with the economic woes in Gaza, where the Hamas-run government, subject to harsh economic sanctions from Israel and its allies, is battling shortages of electricity, water and medicine. Hamas is designated a terrorist group by the US, European Union, UK and Israel. .

Illustration of the Hamas group. (Wikimedia Commons/Hoheit ¿!)

Last September, Hamas lost its appeal against its inclusion on the European Union's terrorism list, leading to sanctions and asset freezes. Hamas said the European Union had made a "wrong characterization" and claimed the list was "not supported by any evidence".

The latest Hamas financial details come to light after the worst fighting in years between Israel and Hamas, which controls the Gaza Strip. Israel killed several senior Hamas commanders in air strikes during 11 days of fighting in May. More than 250 people died in Gaza and 13 in Israel before the Egyptian-led ceasefire.

State-backed funding for the organization forced Hamas to seek other forms of funding. Its main state sponsor is alleged to be Iran, despite historical errors in their relationship.

Efforts to attract commercial revenue are seen as part of efforts to secure other revenue streams, the report's experts said, identifying Turkish construction conglomerate Trend GYO as one of its key investments.

The company is a leading developer in Turkey and has completed a number of well-known projects across the country, including universities and commercial plazas.

"Follow the money. Now let's see what action will be taken," said Jonathan Schanzer, a former terrorism finance analyst at the US Treasury.

"Companies that generate steady income will be of great help to terrorist groups, as long as they can operate in the open and are not identified as illegal," he told Die Welt.

To note, US authorities in 2019 imposed sanctions on four people deemed responsible for the transfer of tens of millions of dollars between Iran's Islamic Revolutionary Guard Corps and Hamas's operational branch in Gaza.

Hamas' business activities have been directed to Turkey in recent years, Die Welt said. There was no immediate response from Hamas to a request for comment on the document's findings.