Lebanon PM Mikati among officials named in Pandora Papers
Prime Minister Najib Mikati and Central Bank Governor Riad Salameh are among several Lebanese political and financial officials named in the Pandora Papers with wealth hidden in offshore tax havens, at a time when millions of Lebanese people cannot access their savings in the banks.
The Papers show that Mikati, the recently reappointed billionaire prime minister of Lebanon, owns a Panama-based offshore company he used to buy property in Monaco worth $10m.
His son Maher owns at least two companies in the British Virgin Islands, which he used to buy an office in central London for the Mikati family’s international investment company, the M1 Group, the investigation revealed.
Establishing offshore companies is not necessarily illegal, but is a common tool for tax evasion, money laundering, and other nefarious financial practices.