Our new investigation: Syria's third telecom operator is majority-owned by the Iranian Revolutionary Guard Corps through a Malaysian front company.

Our Observatory of Political and Economic Networks Organized Crime and Corruption Reporting Project investigation was covered by Der Spiegel (German), Le Monde(French), عنب بلدي (Enab Baladi, Arabic), and others.

While the regime has long claimed that Wafa Telecom is a "national company," our investigation shows that 52% of Wafa is owned by IRGC members with ties and companies in Malaysia and Türkiye. Another 28% is owned by Assad's henchman, Yasar Ibrahim, and an unknown businessman.

Thank you Rana Sabbagh, Lara Dihmis, Alexander Dziadosz, "Sami Shahrour," and Jacob Greenwald for the great effort you put into this over the past year. I learned a lot from you.

With quotes from Syrian experts Jihad Yazigi and Joseph Daher.