
By Oscar Rickett — middleeasteye.net — Some of Lebanon’s most powerful political and economic leaders, including Prime Minister Najib Mikati and Central Bank Governor Riad Salameh, have had their secret offshore wealth highlighted in a major new leak of financial documents. A massive leak of more than 11.9m confidential files to the International Consortium of Investigative Journalists (ICIJ) has revealed the secret offshore holdings of more than 300 politicians and public officials from over 90 countries and territories. The Pandora Papers consist of financial and legal records that expose what the ICIJ called a “system enabling crime, corruption and wrongdoing, hidden by secretive offshore companies”.
World leaders from the king of Jordan to former British prime minister Tony Blair are implicated in the latest exposure of secret documents relating to offshore dealings. While establishing offshore companies in territories such as the British Virgin Islands or Panama is not necessarily illegal, it is a common tool for tax evasion, money laundering, and other secretive financial practices. Mikati and his predecessor Hassan Diab are among the 35 current or former world leaders included in the Pandora Papers leaks. Also prominent among the revelations is Marwan Kheireddine, a powerful Lebanese banker and the minister of state from 2011 t0 2014, and Riad Salameh, the governor of Lebanon’s central bank. The publication of the Pandora Papers came as Lebanon resumed “interactions” with the International Monetary Fund, with a view to agreeing an “appropriate recovery programme”, the country’s finance ministry said on Monday.
Najib Mikati, prime minister



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