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.

THE SPECS

2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

UAE SQUAD

Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

MATCH INFO

Chelsea 1 (Hudson-Odoi 90 1')

Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')

Man of the match: Ilkay Gundogan (Man City)

Teachers' pay - what you need to know

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

Race card

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

The specs

Engine: 6.2-litre V8

Power: 502hp at 7,600rpm

Torque: 637Nm at 5,150rpm

Transmission: 8-speed dual-clutch auto

Price: from Dh317,671

On sale: now

Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Updated: August 25, 2023, 6:12 PM