• Lebanese security personnel raid the Banque du Liban, the country's central bank, in Beirut. EPA
    Lebanese security personnel raid the Banque du Liban, the country's central bank, in Beirut. EPA
  • They were searching for Riad Salameh, governor of the Banque du Liban. Reuters
    They were searching for Riad Salameh, governor of the Banque du Liban. Reuters
  • Lebanese security personnel stand guard at the entrance of the central bank during the raid. AP
    Lebanese security personnel stand guard at the entrance of the central bank during the raid. AP
  • Judge Ghada Aoun is surrounded by security personnel as she leaves the central bank. AP
    Judge Ghada Aoun is surrounded by security personnel as she leaves the central bank. AP
  • Lebanese Judge Ghada Aoun (C), walks as she leaves the Lebanese Central Bank after members of the state security patrol raid the Banque du Liban in search of Riad Salameh central bank Governor, in Beirut, Lebanon, 19 July 2022. Lebanon opened a probe into Salameh's wealth last year after the office of Switzerland's top prosecutor requested assistance in an investigation into more than 300 million USD which he allegedly embezzled out of the central bank with the help of his brother. EPA / WAEL HAMZEH
    Lebanese Judge Ghada Aoun (C), walks as she leaves the Lebanese Central Bank after members of the state security patrol raid the Banque du Liban in search of Riad Salameh central bank Governor, in Beirut, Lebanon, 19 July 2022. Lebanon opened a probe into Salameh's wealth last year after the office of Switzerland's top prosecutor requested assistance in an investigation into more than 300 million USD which he allegedly embezzled out of the central bank with the help of his brother. EPA / WAEL HAMZEH
  • European countries are also investigating Mr Salameh. It is alleged he embezzled more than USD$300 million out of the central bank with the help of his brother Raja. EPA
    European countries are also investigating Mr Salameh. It is alleged he embezzled more than USD$300 million out of the central bank with the help of his brother Raja. EPA
  • A member of Lebanese State Security on guard during the raid at the Banque du Liban. EPA
    A member of Lebanese State Security on guard during the raid at the Banque du Liban. EPA
  • Officials said they did not find Salameh and were unable to look for him in the building’s offices and storage rooms. EPA
    Officials said they did not find Salameh and were unable to look for him in the building’s offices and storage rooms. EPA
  • The allegations against Mr Salameh come as Lebanon reels under economic crises that have left most of the population in poverty. EPA
    The allegations against Mr Salameh come as Lebanon reels under economic crises that have left most of the population in poverty. EPA
  • Lebanese state security personnel on patrol during the raid on the Banque du Liban. EPA
    Lebanese state security personnel on patrol during the raid on the Banque du Liban. EPA

Lebanese security forces raid central bank in search of governor Riad Salameh


Jamie Prentis
  • English
  • Arabic

A Lebanese judge raided the central bank in Beirut on Tuesday in search of its governor Riad Salameh, after state security forces failed to find him at one of his houses earlier in the day.

Judge Ghada Aoun, a state prosecutor, has charged Mr Salameh and his brother Raja with illicit enrichment.

But the 71-year-old governor could not be found, and Ms Aoun said she was unable to search for Mr Salameh in Banque du Liban's offices.

“We immediately received a judicial order [to leave],” she said. Central bank employees then began a three-day strike following the raid.

“The dignity of the institution and its employees comes first. We refuse to be treated with militia methods and we announce the strike”, said Abbas Awada, the head of the central bank’s employee union.

“We are not defending Riad Salameh but the institution, and we do not accept these methods.”

A separate statement by the bank's employees called on authorities to “intervene to put an end to these inappropriate behaviours by Judge Ghada Aoun, which deviate from all legal principles … so that we do not have to regret announcing an open strike.”

Riad Salameh has held the role of Lebanon's central bank governor for three decades. Reuters
Riad Salameh has held the role of Lebanon's central bank governor for three decades. Reuters

Prime Minister-designate Najib Mikati said the raid was “not the appropriate solution” to Mr Salameh's case.

“What is required is to solve this case with a prior political agreement on a central bank governor and then take the appropriate legal course after,” he said.

Mr Salameh is at the centre of two corruption investigations in Lebanon, but has failed to appear at several hearings.

A previous raid last month by Ms Aoun and security forces on Mr Salameh’s property in Rabieh, in northern Beirut, failed to locate him. Banque du Liban staff went on a one-day strike a week later to protest against “the unjust situation against the central bank and its employees, and to avoid later escalation”.

Mr Salameh is one of Lebanon’s most controversial figures and has held the governor role for three decades. An economic collapse that began in 2019 has plunged much of the population into poverty and seen the local currency lose more than 90 per cent of its value.

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

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

'Laal Kaptaan'

Director: Navdeep Singh

Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

Rating: 2/5

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

Walls

Louis Tomlinson

3 out of 5 stars

(Syco Music/Arista Records)

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

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.

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

All or Nothing

Amazon Prime

Four stars

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
The Abu Dhabi Awards explained:

What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.

Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.

When do nominations close? The process concludes on December 31.

How do I nominate someone? Through the website.

When is the ceremony? The awards event will take place early next year.

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

THE BIO

Age: 30

Favourite book: The Power of Habit

Favourite quote: "The world is full of good people, if you cannot find one, be one"

Favourite exercise: The snatch

Favourite colour: Blue

Normal People

Sally Rooney, Faber & Faber
 

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

Porsche Macan T: The Specs

Engine: 2.0-litre 4-cyl turbo 

Power: 265hp from 5,000-6,500rpm 

Torque: 400Nm from 1,800-4,500rpm 

Transmission: 7-speed dual-clutch auto 

Speed: 0-100kph in 6.2sec 

Top speed: 232kph 

Fuel consumption: 10.7L/100km 

On sale: May or June 

Price: From Dh259,900  

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Updated: July 19, 2022, 3:03 PM