Pandora Papers: Lebanese PM Najib Mikati says family wealth is legal
October 6, 2021, 12:17 am

Najib Mikati

The US News reported according to Reuters, a statement from Lebanese Prime Minister Najib Mikati office said on Tuesday in response to a giant leak of financial documents, his family wealth comes from a communications business that has been audited in the past and is legal.

The report mentioned that the Lebanese news organisation, Daraj, was among international media outlets that reported on the "Pandora Papers", a set of leaked documents purporting to reveal offshore transactions involving global political and business figures.

According to Daraj, Mikati owned an offshore firm in Panama called Hessvile through which he bought a property in Monaco worth 7 million euros.

On Tuesday, Mikati said owning property through firms was a common commercial practice that was legal.

The statement said, Mikati's family wealth was audited when his communications firm listed in London in 2005 and when it merged with South Africa's MTN later.

It said Mikati had disclosed his wealth and properties to the Lebanese Constitutional Council since the start of his political career.

Reuters said, it has not verified the reports or the documents. The use of offshore companies is not illegal and not evidence of wrongdoing on its own, but the news organisations that published the trove said such arrangements could be intended to hide transactions from tax collectors or other authorities.

The Daraj report includes senior political figures and bankers in Lebanon who it said had used offshore havens.

Read more: US senators call on Joe Biden to expel Russian diplomats over visas issue

Mikati formed a cabinet last month after more than a year of political deadlock that has compounded Lebanon's financial crisis, which the World Bank has described as one of the deepest depressions in modern history.

His government needs to introduce reforms in order to resume talks with the International Monetary Fund and unlock foreign aid.

Three quarters of the population has been forced into poverty and the currency has lost around 90% of its value in the past two years.

"Wealth is not necessarily accumulated at the expense of public interest and the needy," Mikati's statement said.

Source: usnews

US senators call on Joe Biden to expel Russian diplomats over visas issue Boris Johnson to return his focus on regional inequality as government under fire

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”