From Luxembourg to Bahrain and the Cayman Islands, a company known as International Rapid Services was established and managed by a network of Lebanese politicians, business figures, and bankers. According to commercial registry records reviewed by Daraj, it serves as the parent company of GES (Overseas) s.a.r.l which is registered in Luxembourg.
Over the years, the company has been overseen by more than five directors, all of whom belong to the circle of Bahaaeddine Hariri, the brother of former Lebanese Prime Minister Saad Hariri and the son of the late Prime Minister Rafik Hariri, who was assassinated on 14 February 2005. Yet Bahaa Hariri’s name does not appear directly in the company’s annual reports, management amendments, or even in the signatures attached to its key corporate decisions. This omission is notable, given that international standards generally require the disclosure of the beneficial owner.
However, commercial registry records in Luxembourg reviewed by Daraj identify Bahaaeddine Hariri as the ultimate beneficial owner (UBO) of both International Rapid Services and GES (Overseas) s.a.r.l. The Bahraini commercial register also shows that Al Yazid bin Hisham bin Mohammed Sheik Damnahouri, the former Head of Treasury at the Saudi Fransi Bank, held management roles associated with the company.
This investigation is part of OpenLux, a cross-border investigative journalism project coordinated by the Organized Crime and Corruption Reporting Project (OCCRP) and the French newspaper Le Monde. The project is based on data obtained from Luxembourg’s commercial registry.
The Role and Structure of GES (Overseas) s.a.r.l
GES (Overseas) s.a.r.l was incorporated in October 2012 under Luxembourg law. Its primary business is to acquire and hold shares and equity interests in other companies, whether registered in Luxembourg or abroad, as well as to manage, develop, and invest in those holdings.
On 20 October 2014, (Overseas) s.a.r.lDevelopment (Holding) B.S.C. (Closed), a company incorporated under Bahraini law and registered with Bahrain’s commercial registry, transferred its entire holding of 100 shares in GES (Overseas) s.a.r.l to International Rapid Services, a company registered in the Cayman Islands.
According to commercial registry records, Bahaaeddine Hariri is also the ultimate beneficial owner of (Overseas) s.a.r.l Development (Holding) B.S.C. (Closed). He owns 99 percent of the company through 198,000 shares.
According to Bahrain’s commercial registry, GES (Overseas) S.a.r.l is a tax-exempt capital company incorporated under the laws of the Cayman Islands. Its registered office is located at Ugland House in Grand Cayman.
A review of the annual financial statements of both GES Logistics and GES (Overseas) s.a.r.l by Daraj found no clear indications of financial misconduct or unusual dividend distributions. What stands out, however, is the absence of Bahaa Hariri’s name from the companies’ general meetings, key management appointments, and the final signatures on corporate decisions related to their administration.
Identifying the ultimate beneficial owner (UBO) is a cornerstone of compliance with anti-money laundering (AML) requirements and Know Your Customer (KYC) procedures. By ensuring that the true owner of a company is clearly identified, the Financial Action Task Force helps financial institutions prevent criminals, corrupt officials, and sanctions evaders from concealing their wealth or illicit activities behind anonymous shell companies or complex trust structures.
Commercial registry records in Luxembourg also show that the companies’ directors changed regularly from year to year, although most were part of Bahaa Hariri’s close circle.
In 2012, Jamil Bayram and Walid El Sheikh were appointed managing directors of the company when the parent company was established.
Bayram’s name is linked to several influential political and business figures in Lebanon. Between 2001 and 2010, he served as Regional Manager at BankMed, where the Hariri family is the largest shareholder. Lebanese commercial registry records also list him as a partner in Al Huda Real Estate SAL alongside former Prime Minister Fouad Siniora and Bahaa Hariri.
Five years after leaving BankMed, Bayram joined Société Générale de Banque au Liban (SGBL) as a Strategy and Business Development Advisor. Lebanese businessman Antoun Sehnaoui chairs the bank.
Bayram has also maintained close ties with Walid Jumblatt, the former leader of the Progressive Socialist Party, and previously held positions within the party’s civil administration.
Jamil Bayram’s name also appears in records linked to Lebanon’s Ministry of Defense. In 2018, companies or entities associated with him received contracts or payments from the ministry while Yaacoub Sarraf was serving as defense minister in Saad Hariri’s government.
Sarraf was appointed defense minister in December 2016 as part of the quota of then-President Michel Aoun and was widely regarded as being aligned with the Free Patriotic Movement, where he served as secretary of the party’s political council. Earlier in his career, Sarraf held several senior administrative and political positions, including Governor of Beirut in 1999, Acting Governor of Mount Lebanon in 2003, Director of Personnel at the Civil Service Board, and Minister of Environment in 2005. He also served as acting defense minister between July 2005 and April 2006.
Who Links Hariri and Makhzoumi?
The name of a businessman with a network of companies spanning India, Luxembourg, Lebanon, and Panama also emerges in the records. According to publicly available sources, he was appointed by Fouad Makhzoumi as chief financial officer of several of his companies, including Future Holding, Future Mansion, Future Domain, and Future Security.
That businessman is Omar Issam Ashour. Records suggest that he has maintained multiple business ties with Bahaa Hariri and former Prime Minister Fouad Siniora, on the one hand, and with Makhzoumi, on the other.
Ashour, a Lebanese British businessman, has managed companies owned by Makhzoumi since the 1990s, operating between London and Lebanon. Separately, he owns businesses across India, the United Arab Emirates, and Greece, most notably the engineering firm Enoia Engineering.
At the same time, Ashour is a partner alongside Bahaa Hariri and Siniora in Al Huda Real Estate SAL, a company engaged in real estate activities, including the purchase, sale, and leasing of properties, land subdivision, and construction projects in Lebanon and abroad. Property ownership in Lebanon is subject to the country’s law governing the acquisition of real estate rights by non-Lebanese nationals.
Ashour and Siniora also co-founded Nara Real Estate SAL, headquartered in Beirut’s Clemenceau district, on 23 April 1984, according to publicly available records. This indicates that the two men have maintained a business relationship for more than three decades.
Neither company has a website or publicly available information detailing its operations. Daraj obtained the above information through Lebanese commercial registry records available via open sources.
Beyond these partnerships and management roles, Ashour’s name also appears in Panama, where, according to OpenCorporates, he serves as a director of companies owned by Makhzoumi or his sons.
Notably, Saad Hariri’s name does not appear in any of these companies or business partnerships. This may reflect the political and professional rift between the two brothers, which became particularly visible after Saad Hariri announced his withdrawal from political life in 2022. This move led to the fragmentation of the Future Movement.
During that same period, Bahaa Hariri returned to Beirut in an attempt to establish a political role by backing electoral lists and launching media outlets, including Sawt Beirut International and Beirut City. His return also coincided with a sharp leadership dispute within the Hariri family.
Safi Olivier Kalo: Bahaa Hariri’s Trusted Associate
Another name that recurs throughout the corporate structure linked to Bahaa Hariri, both in Lebanon and abroad, is Safi Olivier Nazih Kalo. According to commercial registry records reviewed by Daraj, Kalo co-founded GES (Overseas) S.à r.l. alongside Bahaa Hariri.
Kalo rose to prominence within Bahaa Hariri’s circle following the assassination of former Prime Minister Rafik Hariri, becoming one of his closest political and business associates. In 2022, Bahaa Hariri’s media office announced Kalo’s appointment as his political representative in Lebanon, shortly before Hariri declared his return to the political arena ahead of the parliamentary elections.
Kalo also serves as Chief Executive Officer of Horizon Development Group, a real estate investment and development company founded by Bahaa Hariri in 2002, which operates projects in Lebanon, Jordan, Saudi Arabia, and other countries across the region.
His involvement extends beyond companies directly linked to Bahaa Hariri. Lebanese commercial registry records show that Kalo also appears in companies in which former Prime Minister Fouad Siniora is a partner, including Al Huda Real Estate, Al Bahaa Real Estate, and Al Mal Investment.
Kalo’s name also intersects with several figures closely associated with Bahaa Hariri, including Jamil Bayram and Walid El Sheik, the former Assistant General Manager of BankMed, who also served on the board of GES (Overseas) S.à r.l.
During El Sheikh’s tenure on the board of GES (Overseas) s.a.r.l, Kalo also sat on the board of the Abdali Group in Amman, a real estate development company founded by the late Prime Minister Rafik Hariri, whose management later passed to his son, Bahaa.
Bahaa Hariri did not respond to requests for comment.
