Another judicial case involving embattled Central Bank Governor Riad Salameh has recently caught public attention in Lebanon. The Mecattaf money transfer company investigation involves allegations of money laundering, corruption and influence peddling.
In the latest development, Mount Lebanon First investigating judge Nicolas Mansour has set hearings on April 3 for Mr Salameh and several others, the judge confirmed on Monday to The National.
The President of the Banking Control Commission, Maya Dabbagh; staff of Mecattaf; chief executive of the Lebanese bank SGBL, Antoun Sehnaoui; and employees of PricewaterhouseCoopers (PwC) which is Mecataff's audit company, will also face hearings.
The case, marked by the death of Mecattaf's chief executive from a heart attack in the midst of the proceedings, has made the headlines several times following a slew of dramatic turns of events amid strong political and judicial pressure.
SGBL, Mr Salameh and Mecattaf Group have denied any wrongdoing.
But little has been written on the actual facts.
How did the case start?
The case started with a lawsuit filed in September 2020 from Mouttahidoun, an association of lawyers seeking to fight corruption, against Riad Salameh, SGBL and its chief executive Antoun Sehnaoui, and four of Lebanon's main exchangers including Mecattaf, for “money laundering crimes resulting from currency trading operations with the intent of exposure to the national currency”.
“The case kicked off with a violation of the cabinet decision to back the Lebanese pound”, said Mouttahidoun founder Rami Ollaik.
A year into the steep economic crisis, which has plunged more than 80 per cent of the Lebanese population into poverty since 2019, the central bank started to sell dollars at a preferential exchange rate, which was supposed to benefit importers and the general public, in a bid to support the national currency.
Yet, the measure had at the time little effect and failed to stop the collapse of Lebanon's national currency, which has now lost 98 per cent of its value against the dollar.
“The Lebanese pound kept plummeting: despite the massive dollars injection in the market, there were no tangible effects, so we wondered, where did the money go?” Mr Ollaik said.
He said that after further investigation, his collective found that BDL's dollars injections were not “benefitting the general public” but that the money was diverted in collusion with the central bank “in the hand of connected money exchangers and big banks, including SGBL”.
He said the money was then “transferred abroad via Mecattaf”, while Lebanese depositors were locked out of their savings as banks imposed drastic restrictions on transfers and withdrawals at the start of the crisis.
What are the charges?
The file was then referred to Mount Lebanon prosecutor Ghada Aoun, who investigated the case for months and ordered an audit of the company's records.
According to the investigation's findings, the bank SGBL allegedly transferred via Mecattaf $1.017 billion in 2019 and 2020, and its CEO $17 million “with the facilitation of (...) the Governor of the Banque du Liban, Riad Salameh”, “exploiting the information that the national currency would drop,” Ms Aoun wrote in an order seen by The National.
Riad Salameh “colluded with SGBL and the company Mecattaf to commit illicit acts as they intentionally harmed the national currency and economy,” the order sheet said.
Her investigation also uncovered alleged financial wrongdoing beyond the initial scope. From 2015 to 2019, experts could not identify the source of $4.3 billion transferred abroad by Mecattaf, over a total of $13.3 billion.
“The judiciary started its investigation with our lawsuit based on suspicions of financial wrongdoing at the beginning of the economic crisis, but ended up unveiling larger financial crimes,” said Mr Ollaik.
Ms Aoun charged Mr Salameh with money laundering as well as corruption and abuse of power; Mecattaf, SGBL and Antoun Sehnaoui, with money laundering; President of the BCC Maya Dabbagh with breach of professional duty; and PwC with false statements and concealing information.
“I send my investigation to Judge Mansour, who is now in charge”, confirmed Ms Aoun to The National.
Based on the questioning of the suspects, Mr Mansour can either close the case or decide to maintain charges, leading to the opening of a trial.
Why is the case sensitive?
The case turned into a tug of war between Ms Aoun and Lebanon's top prosecutor Ghassan Oueidat, which was seen as another evidence of the high politicisation of Lebanon's judiciary.
Ms Aoun is seen as an ally of former president and Free Patriotic Movement founder Michel Aoun, with some accusing her of serving his agenda.
She has, at least publicly, advocated for combating corruption within the financial world, and is leading several investigations into banks and charged Mr Salameh with illicit enrichment in another case in March 2022.
Mr Oueidat, on the other hand, is regarded as a being closely associated with the financial and political elites.
In April 2021, Mr Oueidat tried to remove her from the case, sparking outrage which led to clashes between supporters from both sides.
Despite the country’s highest judicial body reiterating that she abide by Ms Oueidat's order, she dramatically forced her way into the Mecattaf's offices in Beirut to collect evidence.
For Lebanese watchdog Legal Agenda, the political exploitation of the case, which is considered a “judicial uprising” for Ms Aoun's supporters and a “mutiny” for her opponents, has obscured the actual facts, in an “effort by the ruling powers to suppress the case and avoid opening Pandora’s box”.
Revival
Eminem
Interscope
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Liverpool’s fixtures until end of 2019
Saturday, November 30, Brighton (h)
Wednesday, December 4, Everton (h)
Saturday, December 7, Bournemouth (a)
Tuesday, December 10, Salzburg (a) CL
Saturday, December 14, Watford (h)
Tuesday, December 17, Aston Villa (a) League Cup
Wednesday, December 18, Club World Cup in Qatar
Saturday, December 21, Club World Cup in Qatar
Thursday, December 26, Leicester (a)
Sunday, December 29, Wolves (h)
It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
LOS ANGELES GALAXY 2 MANCHESTER UNITED 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
RACE CARD
6.30pm Maiden Dh165,000 (Dirt) 1,200
7.05pm Handicap Dh165,000 (D) 1,600m
7.40pm Maiden Dh165,000 (D) 1,600m
8.15pm Handicap Dh190,000 (D) 1,600m
8.50pm Handicap Dh175,000 (D) 1,400m
9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
6.30pm Underwriter
7.05pm Rayig
7.40pm Torno Subito
8.15pm Talento Puma
8.50pm Etisalat
9.25pm Gundogdu
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
EVIL%20DEAD%20RISE
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELee%20Cronin%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAlyssa%20Sutherland%2C%20Morgan%20Davies%2C%20Lily%20Sullivan%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Zayed Sustainability Prize
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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%3Cp%3EThe%20influx%20of%20talented%20young%20Afghan%20players%20to%20UAE%20cricket%20could%20have%20a%20big%20impact%20on%20the%20fortunes%20of%20both%20countries.%20Here%20are%20three%20Emirates-based%20players%20to%20watch%20out%20for.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EHassan%20Khan%20Eisakhil%3C%2Fstrong%3E%0D%3Cbr%3EMohammed%20Nabi%20is%20still%20proving%20his%20worth%20at%20the%20top%20level%20but%20there%20is%20another%20reason%20he%20is%20raging%20against%20the%20idea%20of%20retirement.%20If%20the%20allrounder%20hangs%20on%20a%20little%20bit%20longer%2C%20he%20might%20be%20able%20to%20play%20in%20the%20same%20team%20as%20his%20son%2C%20Hassan%20Khan.%20The%20family%20live%20in%20Ajman%20and%20train%20in%20Sharjah.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EMasood%20Gurbaz%3C%2Fstrong%3E%0D%3Cbr%3EThe%20opening%20batter%2C%20who%20trains%20at%20Sharjah%20Cricket%20Academy%2C%20is%20another%20player%20who%20is%20a%20part%20of%20a%20famous%20family.%20His%20brother%2C%20Rahmanullah%2C%20was%20an%20IPL%20winner%20with%20Kolkata%20Knight%20Riders%2C%20and%20opens%20the%20batting%20with%20distinction%20for%20Afghanistan.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EOmid%20Rahman%3C%2Fstrong%3E%0D%3Cbr%3EThe%20fast%20bowler%20became%20a%20pioneer%20earlier%20this%20year%20when%20he%20became%20the%20first%20Afghan%20to%20represent%20the%20UAE.%20He%20showed%20great%20promise%20in%20doing%20so%2C%20too%2C%20playing%20a%20key%20role%20in%20the%20senior%20team%E2%80%99s%20qualification%20for%20the%20Asia%20Cup%20in%20Muscat%20recently.%0D%3Cbr%3E%3C%2Fp%3E%0A
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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
List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Naga
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Aquaman%20and%20the%20Lost%20Kingdom
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20James%20Wan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Jason%20Mamoa%2C%20Patrick%20Wilson%2C%20Amber%20Heard%2C%20Yahya%20Abdul-Mateen%20II%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
