Leaked financial disclosures suggest that Lebanon's central bank allegedly engaged in transactions with a Lebanese broker to mask hefty financial losses from unsustainable monetary policies.
The 45 transactions between 2015 and 2018 were flagged in a confidential audit conducted by the international forensic audit firm Kroll and seen by The National. It details the relationship between Banque du Liban (BDL) and Optimum Invest SA, a Lebanese broker.
BDL and the broker allegedly engaged in “round-tripping” of transactions, generating $8 billion in paper gains for the central bank by booking all potential future interest payments as current revenue without creating any economic value, according to the audit.
Financial experts have described the alleged transactions as a "fraud scheme" to obscure losses, leaving many questions unanswered. Two of the transactions have already been mentioned in a previous Alvarez & Marsal audit as they raised suspicions of money laundering.
“These findings are extremely shocking,” Henri Chaoul, a former Finance Ministry adviser, told The National. “This type of transaction would qualify as a sham transaction by any international standards."
The bank's policies were widely blamed in Lebanon for the country's deep economic crisis in 2019.
A western diplomat who has seen the audit told The National that the magnitude of the alleged scheme, representing about 15 per cent of the country's gross domestic product, and the lack of any alarm being raised, was “truly astonishing".
“This suggests a systemic pattern of fraud designed to offset losses generated by reckless monetary policies, with a scale significant enough to potentially destabilise an entire country," said the diplomat.
An inquiry into Optimum has already been opened in Lebanon. It is led by Ghada Aoun, a divisive judge who has previously investigated several cases of financial corruption.
A BDL source confirmed to The National that the banking regulator is looking into allegations of falsified financial statements.
The revelations come amid escalating calls for intensified scrutiny of irregularities within the Lebanese financial sector, which collapsed in 2019 leaving depositors locked out of their savings, destroying the value of the local currency and plunging 80 per cent of the population into poverty.
The downturn caught many off guard: for decades, the banking sector maintained an image of resilience, with former BDL governor Riad Salameh, now suspected of embezzlement in Europe, praised as the “magician” who kept the country's economy strong through wars and instability.
Five years into the crisis, pieces of the puzzle are now falling into place, uncovering the reasons behind what has been described by the World Bank as one of the worst economic disasters since 1850.
Mr Salameh, whose term as the BDL governor ended in July, did not answer The National's requests for comment.
When asked about these transactions, Optimum said that they "are obligated to respect the confidentiality imposed in our contract with Kroll".
It referred to its recently published statement stating that the Kroll audit “found no evidence of wrongdoing or illegality” on its part.
“All services rendered by Optimum to the BDL were within the competence of Optimum and conducted at arm's lengths, at the request of the BDL and on terms stipulated by the BDL,” the statement said.
'Special deals'
Optimum commissioned Kroll to produce the audit after the Beirut-based broker, established in 2004, came under scrutiny for “extravagant” irregularities in two previous audits.
Notably, in a 2015 audit, Lebanon's Capital Markets Authority's (CMA) financial control unit uncovered alleged “conflicts of interest” as they found that Optimum's former chairman, Antoine Salame, had close business partnerships with a senior director at the BDL, Raja Abou Asli.
The Kroll report said the “unusual” transactions, referred to as the “special deals” in the audit, were established through contracts signed between Optimum and the BDL through its governor. It added that all deals were executed through an Optimum current account with the BDL, which was operated directly by the central bank.
Experts say the transactions mean that BDL would loan funds to Optimum to buy Treasury bonds and then directly buy them back at a significant premium. The premium, equal to the bonds' future interest payments, was then mostly refunded to BDL as a commission, generating $8 billion in paper gains for BDL, the experts explained.
These alleged “round-tripping” transactions merely shuffle cash between accounts at the BDL and have no substantial economic value other than inflating the bonds. The Kroll audit said Optimum's brokerage fees reached more than $570,000.
According to the audit, the operations seemed aimed at offsetting losses caused by so-called “financial engineering”. This refers to alleged costly manoeuvres by the BDL to attract dollar deposits, maintain the currency peg and fund the government's spending.
These operations, later described as an alleged “Ponzi scheme” after the economy collapsed, led to losses on BDL's balance sheet surging after 2016. The losses quadruped in under two years, leaving the institution with little means to realistically compensate them.
Optimum's chairman, Mr Salame, told Kroll that “he believed his firm was simply assisting the central bank in implementing its well-publicised financial engineering strategy".
The brokerage company claimed in the audit that it was unaware “of the purpose of these transactions, how they were processed on BDL's side, or what they were used for".
Because the BDL governor was at the time an “outstanding figure”, and “their ultimate regulator”, Optimum said it “carried out the transactions as instructed”.
Mr Chaoul argued that the BDL is not the only entity to be held accountable. “Auditors from both sides of the transaction found that $8 billion was not a big enough amount to prompt disclosure. There is an urgent need for holding them accountable."
Deloitte and Ernst & Young, which had provided sign-offs on the BDL financial statements for decades, did not flag the alleged scheme.
Neither Deloitte nor Ernst & Young responded to The National's request for comment.
The 2023 Alvarez and Marsal audit on the management of Lebanon's central bank previously flagged two of the 45 transactions as “highly irregular,” allegedly resulting in $111 million in “illegitimate commissions.”
Auditors suspected this was a continuation of the Forry Associates Ltd scheme, another broker allegedly used by Mr Salameh to channel $330 million of public funds, which ceased activity the same year BDL transactions with Optimum began.
Experts now suggest that if the $8 billion worth of "sham transactions" were primarily intended to conceal losses, a portion of the "paper" profits may have also been diverted as commission to third parties.
Optimum said it “was unaware that the funds raised through these trades were used by the BDL to pay consulting commissions to third parties", according to the Kroll report.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Zayed Sustainability Prize
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KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
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Ammar 808:
Maghreb United
Sofyann Ben Youssef
Glitterbeat
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
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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.
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Mohammed bin Zayed Majlis
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The five pillars of Islam
Killing of Qassem Suleimani
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
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Transmission: 8-speed auto
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Price: From Dh650,000
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Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
Zayed Sustainability Prize
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
UAE currency: the story behind the money in your pockets
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
JOKE'S%20ON%20YOU
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
2024%20Dubai%20Marathon%20Results
%3Cp%3E%3Cstrong%3EWomen%E2%80%99s%20race%3A%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Tigist%20Ketema%20(ETH)%202hrs%2016min%207sec%0D%3Cbr%3E2.%20Ruti%20Aga%20(ETH)%202%3A18%3A09%0D%3Cbr%3E3.%20Dera%20Dida%20(ETH)%202%3A19%3A29%0D%3Cbr%3EMen's%20race%3A%0D%3Cbr%3E1.%20Addisu%20Gobena%20(ETH)%202%3A05%3A01%0D%3Cbr%3E2.%20Lemi%20Dumicha%20(ETH)%202%3A05%3A20%0D%3Cbr%3E3.%20DejeneMegersa%20(ETH)%202%3A05%3A42%3C%2Fp%3E%0A
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Company%C2%A0profile
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The Light of the Moon
Director: Jessica M Thompson
Starring: Stephanie Beatriz, Michael Stahl-David
Three stars
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Killing of Qassem Suleimani
New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
The years Ramadan fell in May
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Mohammed bin Zayed Majlis
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Results:
5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard
7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia
7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle
Specs%20
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