Continuous Crisis in Lebanon A Critical Analysis

It has now been well over a year since the criminal explosion of August 4, 2021 in Beirut’s port. The blast caused roughly two hundred deaths and thousands of injuries, and led to the resignation of Prime Minister Diab. A new government was formed in mid-September 2021 by billionaire Prime Minister Najib Miqati, with the support of the main neoliberal sectarian ruling parties. The new Prime Minister is a symbol of the class rule that underpins these parties and is the richest man in the country, while his family’s holding company M1 Group1 pledged in September to spend USD 330 million over the next three years to expand the Myanmar telecom business it’s buying from Norway’s Telenor ASA—a purchase, I should add, that was initiated after the Burmese military seized power in February 2021. His name was mentioned alongside hundreds of other Lebanese officials, politicians, and businessmen in the latest Pandora Papers leak, revealing how the international financial elite hide their wealth in usually opaque offshore tax havens. Lebanon’s three hundred and forty-six companies are actually the most faithful client of Trident Trust, a specialist in offshore company domiciliation. By comparison, the United Kingdom, which comes second, is far behind with one hundred and fifty-one companies.

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