Hezbollah’s newly established company, Joud, linked to its financial arm Al Qard al Hassan, has reportedly obtained official Lebanese licensing despite several of its leaders being under U.S. sanctions, according to an investigation by Saudi channel al-Hadath.
As part of a strategy aimed at circumventing both Lebanese laws and international sanctions, the institution is officially specialized, according to al-Hadath, in the buying and selling of gold on an installment basis, also serving as an alternative to the gold-backed lending mechanisms used by AQAH.
The channel reported that Joud opened its first office last September in Beirut’s southern suburbs, followed by a second branch in Nabatieh in November. A third opening in the Bekaa is planned by early 2026. To facilitate its financial operations, Hezbollah allegedly relied on opening accounts at Bank Saderat of Iran, which has been under U.S. sanctions since 2003 and operates three branches in Lebanon.
The investigation states that ownership of Joud is registered in the names of two individuals who do not publicly claim affiliation with Hezbollah, but whose links to the militia have been confirmed by the U.S. Department of Treasury. Ali Mohammad Korneib, a former procurement official at AQAH, and Mohammad Nayef Majed Ali, both sanctioned by the U.S., are among the company’s supervisors. Korneib was specifically sanctioned on July 3 for acquiring tons of gold on behalf of Hezbollah.
Strategic oversight of Joud is reportedly handled by Ali Daamouche, head of Hezbollah’s Executive Council, known as “Hajj Sultan,” who is responsible for companies affiliated with the militia. On the AQAH side, according to the investigation, Adel Mansour serves as executive director. He has been under U.S. sanctions since 2022. Sitting alongside him is Samer Hassan Fawaz, also sanctioned, who is said to have joined the structure last July.
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