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.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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UAE currency: the story behind the money in your pockets
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
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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UAE currency: the story behind the money in your pockets
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
