Saturday, April 9, 2016

486 Lebanese companies involved in the Panama Papers scandal

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When the Panama Papers leak went public, many asked: What? There are no Lebanese involved? Actually there are, and not just a few.

According to Irish Times journalist Brian Kilmartin, who published a cartography listing all the countries mentioned in the Panama Papers, there are 486 Lebanese companies, 131 beneficiaries and 624 shareholders involved.

Unfortunately, the names of these companies, beneficiaries and shareholders have not been published. Not yet. But I’m sure it’s only a question of time before names start pouring out. And I’m looking forward to all the offended statements we’re going to drown in.

Even if we perfectly know that no measures will be taken against them – in Lebanon, cheaters are rewarded not punished – it will distract us for a while from the outdoor stench, the mosquitoes invasion, and all the sweet little things that make Lebanon such a charming country.

Click here to see Brian Kilmartin's cartography


Charbel said...

Hi Claude, as far as I know, it is not illegal to have an offshore overseas. There will not be impact on Lebanese unless they are dual citizen of US or France (or other countries where they have to disclose ownership). But as far as Lebanese per se, it is totally legal to have an offshore. Establishing it overseas as opposed to in Lebanon makes sense are the Laws are more flexible and there are less "formalities" pertaining to the day-to-day operations of the offshore.

Andreas Zachariou said...

It's legal everywhere if your transactions are declared and tracable and all due fees are payed. What makes it illegal is using it for tax evasion/ money laundering and the sort...