As Lebanese got poorer, politicians stowed wealth abroad

A trove of leaked documents shows that for years, Lebanon’s politicians and bankers have stowed wealth in offshore tax havens and used it to buy expensive properties

BEIRUT -- A trove of leaked documents confirmed that for years, Lebanon’s politicians and bankers have stowed wealth in offshore tax havens and used it to buy expensive properties—a galling revelation for masses of newly impoverished Lebanese caught in one of the world's worst economic meltdowns in decades.

Some of the newly outed holders of offshore accounts belong to the same ruling elite that is being blamed for the collapse and for derailing the lives of ordinary Lebanese who have lost access to savings and now struggle to get fuel, electricity and medicine.

Bold-faced names in the leaked documents include the longtime central bank governor, a pivotal figure in the failed policies that helped trigger the financial crisis, as well as Prime Minister Najib Mikati and his predecessor.

The documents, named the “Pandora Papers,” were examined by the International Consortium of Investigative Journalists, with the first findings released Sunday. The ICIJ report exposes the offshore secrets of wealthy elites from more than 200 countries and territories.