Lebanese caretaker Prime Minister Najib Mikati.  EPA
Lebanese caretaker Prime Minister Najib Mikati. EPA

Monaco closes investigation into Najib Mikati for money laundering



Monaco has closed its three-year-long investigation into Lebanon's billionaire caretaker Prime Minister Najib Mikati and his brother Taha Mikati and son Maher over allegations of money laundering, the principality's acting general prosecutor has told The National.

“The offence of money laundering of proceeds from an initially investigated offence was not sufficiently established,” Julien Pronier said.

In January 2022, Monaco sought mutual legal assistance from Lebanese authorities for its investigation into Mr Mikati and his family members related to allegations of money laundering linked to subsidised loans.

In 2019, Lebanon opened an investigation into the housing loans case, prompted by allegations that politicians and affluent individuals had unduly profited from central bank-subsidised loans.

These allegations also implicated members of the Mikati family and Lebanon's Bank Audi.

Mr Mikati is a telecoms tycoon from Tripoli.

The case remained with Beirut's First Investigative Judge, Charbel Abou Samra, for two years.

In March 2022, in a letter seen by The National, Lebanon informed Monaco that the local investigation had been dropped as Mr Abou Samra “issued a motion to dismiss and that this decision is definitive”.

The case, however, had remained open for over a year in Monaco.

The announcement of the case's closure “confirms that the spurious allegations and accompanying speculation were unfounded”, said an official press statement from Mr Mikati's office shared with The National.

“The Mikati family was always confident that this would be the outcome as it was aware that there was no basis to these claims,” it added.

“I believe these investigations were triggered by false and politically-motivated smears. I look forward to continuing my work on behalf of the Lebanese people,” Mr Mikati said.

According to a request last year for mutual legal assistance sent by Liechtenstein to Lebanese authorities, the Vaduz Public Prosecutor's Office has investigated money transfers between two companies owned by Riad Salameh, Lebanon's former central bank governor, and Taha Mikati.

“The Monaco judicial decision follows a confirmation from the Princely Court of Liechtenstein that there are no pending investigations against the Mikati family in Liechtenstein and there have not been any in the past, as had been alleged by previous media reports. With a Lebanese case also recently dropped, there are no continuing investigations, queries, or indictments against any of the Mikati family in any jurisdiction,” the statement said.

Mr Salameh, who has recently been targeted by sanctions by the US, UK and Canada, is wanted by France and Germany on charges of alleged money laundering. He has denied all accusations, stressing that no public money ever entered his private accounts, and denounced what he says is a political campaign to make him a scapegoat for the economy's meltdown.

Many blamed Mr Salameh for the collapse of the Lebanese economy after decades of mismanagement and squandering of public funds. While the international cases into the former bank governor gather pace, with at least nine countries investigating Mr Salameh, in Lebanon an 18-month investigation has come to a standstill.

COMPANY%20PROFILE
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

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Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

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Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

Biography

Favourite book: Zen and the Art of Motorcycle Maintenance

Holiday choice: Anything Disney-related

Proudest achievement: Receiving a presidential award for foreign services.

Family: Wife and three children.

Like motto: You always get what you ask for, the universe listens.

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Top Hundred overseas picks

London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

Northern Superchargers: Dwayne Bravo, Wahab Riaz

Oval Invincibles: Sunil Narine, Rilee Rossouw

Trent Rockets: Colin Munro

Birmingham Phoenix: Matthew Wade, Kane Richardson

Southern Brave: Quinton de Kock

RESULTS

5pm Maiden (PA) Dh70,000 (Dirt) 1,400m

Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

5.30pm Maiden (PA) Dh70,000 (D) 1,400m

Winner Mutaqadim, Riccardo Iacopini, Ibrahim Al Hadhrami.

6pm Maiden (PA) Dh70,000 (D) 1,600m

Winner Hameem, Jose Santiago, Abdallah Al Hammadi.

6.30pm Maiden (PA) Dh70,000 (D) 1,600m

Winner AF Almomayaz, Sandro Paiva, Ali Rashid Al Raihe.

7pm Handicap (PA) Dh70,000 (D) 1,800m

Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.

7.30pm Handicap (TB) Dh70,000 (D) 1,000m

Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.

8pm Handicap (PA) Dh70,000 (D) 1,000m

Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.

The biog

Occupation: Key marker and auto electrician

Hometown: Ghazala, Syria

Date of arrival in Abu Dhabi: May 15, 1978

Family: 11 siblings, a wife, three sons and one daughter

Favourite place in UAE: Abu Dhabi

Favourite hobby: I like to do a mix of things, like listening to poetry for example.

Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo

Favourite food: fresh fish

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Updated: August 25, 2023, 6:12 PM