A statement from the office of the Lebanese Prime Minister Najib Mikati’s stated, in response to Pandora Papers leak, that his family wealth comes from a communications company that has been audited and legal.
Lebanese news organization "Daraj" said Mikati owned an offshore company in Panama called Hessvile, with which he owns property in Monaco, that he bought for $8.1 million, adding that Mikati's son "Maher" was a manager of at least two companies based in the British Virgin Islands.
Mikati responded on Tuesday to the Pandora leak that owning real estate through companies is a common business practice and is legal.
The statement said the Mikati family's assets were examined when his telecom company was listed in London in 2005 and later merged with MTN in South Africa, adding that Mikati revealed his wealth and property to the Lebanese Constitutional Council since the beginning of his political career.
"Wealth does not necessarily accumulate at the expense of the public interest and the needy."
The use of offshore companies is not illegal and does not in itself constitute evidence of wrongdoing, but Daraj said such schemes may be designed to evade taxes.
Meantime, Lebanon suspended loan repayments of $1.2 billion, defaulting for the first time in March last year, and the Lebanese pound has lost more than 90% of its value since 2019.
According to a United Nations, more than 70% of Lebanese live below the poverty line.
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