Alex Saab, a Colombian businessman of Lebanese descent, known for his multimillion-dollar deals with the Venezuelan government, was extradited to the US on Saturday.
The 49-year-old diplomat, the son of a Lebanese immigrant who had settled in the city of Barranquilla, Colombia, has been under arrest since June 2020 for allegedly corrupt deals for Venezuelan President Nicolas Maduro.
He was detained in Cabo Verde when his plane landed for refuelling.
Mr Saab, long considered a frontman for Mr Maduro, was reportedly on his way to Iran to negotiate obtaining various supplies for the Venezuelan regime. The Colombian government froze Mr Saab’s assets and issued a warrant for his arrest in 2018.
On Saturday, Cabo Verde's Constitutional Court approved Mr Saab’s extradition to the US where he is facing trial on corruption and money-laundering charges.
The second of four brothers, Mr Saab found success in Columbia’s textile industry before expanding his activities to Venezuela. There, he won government contracts to provide supplies for prefabricated houses and the state’s food programme.
He is set to make his first court appearance on Monday for exploiting food aid destined for Venezuela and laundering money for Mr Maduro through the food programme by taking advantage of the government-controlled exchange rate. His lawyers have called the US charges "politically motivated".
Last year, Mr Saab, in partnership with Venezuela's Oil Minister Tareck El Aissami, who is also of Lebanese descent, reportedly helped to negotiate a deal to purchase Iranian oil in exchange for gold – in breach of US sanctions.
His extradition prompted Venezuela to suspend negotiations with the opposition and to revoke the house arrest of six former executives of refiner Citgo, a US subsidiary of state oil company PDVSA. The six including five US citizens and a permanent resident, were released from jail and put under house arrest in April. The US government has repeatedly demanded their release.
Sanctions for Lebanese businessmen
Mr Saab is not the first businessman of Lebanese descent to be pursued by the US.
Several Lebanese businessmen affiliated with Iran-backed Hezbollah have been subjected to sanctions for their involvement in drug and weapons trafficking across Latin America and for providing support to Mr Maduro’s regime.
In 2012, the US Department of the Treasury flagged four people and three entities involved in laundering the proceeds of narcotics for Ayman Joumaa, whom he US accuses of running a network that has reach throughout the Americas and the Middle East with links to Hezbollah. Those designated included Abbas Hussein Harb, Ibrahim Chibli and Ali Mohamad Saleh.
The US Treasury said at the time that Mr Harb’s businesses in Colombia and Venezuela were laundering money for the Joumaa network through the Lebanese financial sector.
More on animal trafficking
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
