Chainrai's loans were secured against Al Faraj's 90% shareholding, Fratton Park stadium and future TV revenue.
BBC: Owner Al-Faraj may challenge latest Portsmouth takeover
CNN's Josh Levs, Caroline Faraj, Joe Sterling and Adele Ghssoub contributed to this report.
CNN's Laura Smith-Spark, Frederik Pleitgen, Salma Abdelaziz, John Sinnott, Caroline Faraj and Schams Elwazer contributed to this report.
Now Chainrai, 51, has taken charge after his company took over Al Faraj's 90% shareholding in the south-coast club.
BBC: Owner Al-Faraj may challenge latest Portsmouth takeover
"Marie Colvin will always be in the hearts of each and every Syrian wherever they are, " wrote Reem Faraj.
But a lawyer for the club's previous owner, Ali Al Faraj, will challenge whether such a takeover can go through.
BBC: Owner Al-Faraj may challenge latest Portsmouth takeover
Al Faraj, 40, a property developer in the Middle East has already passed the Premier League's fit and proper test.
CNN's Amir Ahmed, Nic Robertson and Caroline Faraj contributed to this report.
In February, gunmen abducted the Chaldean Archbishop of Mosul, Paulos Faraj Rahho.
"Mr Al Faraj is very supportive of the club's plans for a new training ground and the development of Fratton Park, " the club statement continued.
On May 4th, Pakistan said it had captured one of the organisation's most senior operatives, a Libyan called Abu Faraj Farj al-Libbi, often described as the group's third-in-command.
Al-Faraj successful purchase comes after a previous failed attempt to buy the club in August, when former owner Alexander Gaydamak sold his majority shareholding to Al Fahim instead.
CNN's Craig Bell, Deborah Feyerick, Samson Desta, Tim Lister, Jeanne Meserve, Susan Candiotti, Reza Sayah, Caroline Faraj, David Fitzpatrick, Drew Griffin, Carol Cratty and Frances Townsend contributed to this report.
"Chainrai has invoked a clause in a loan contract he struck with the club's third owner this year, Ali Al Faraj, giving him the right to take over 90% of the shares should they default on repayments to him, " added Farquhar.
BBC: Owner Al-Faraj may challenge latest Portsmouth takeover
In October Al Fahim sold his majority shareholding in the club to Saudi tycoon Ali Al Faraj, but any hopes Hart may have had of this making his job easier were hit when the Premier League imposed a transfer embargo on the club over debts owed to other clubs.
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