Coral and Liquigas condemn false allegations

Coral and Liquigas condemn corruption and bribery in fuel sector

August 21, 2021

Coral and Liquigas condemn corruption and bribery in Lebanon’s fuel sector, and disprove a series of false allegations of corruption by individuals and organizations attempting to destabilize the country further.

It started last April when the Alma Research and Education Center, a non-profit based out of Israel, made a series of false claims about Coral and Liquigas and the Yamin family, who fully own both.  Alma, in their article, claimed that Coral, Liquigas, and the Yamin family have engaged in “corruption.”   

Coral, Liquigas, and the Yamin family are responding to the Alma Research and Education Centers’ defaming rhetoric. 

One of their more wild claims concerns all importing companies regarding “plundering Lebanese public funds.”

The truth is that all fuel importing companies (COGICO, Coral, Medco, Uniterminals, Total, Wardieh, Liquigas, IPT, APEC, HYPCO, and United) are involved in a debate between the Council of Minister, the Customs, the Ministry of Economy, Ministry of Energy and Water Resources, over a tax reduction incentive to import products with Eur.1 movement certificate as agreed and signed by the European Union and Lebanon.  All companies had performed their duties in full abidance to customs rules, stated explicitly by the Commission of Consultation and Legislation decision.

Another false claim is that Coral and Liquigas colluded with a former Lebanese Minister to “favor Oscar Yamin in the Lebanese fuel market” to remove competing companies. 

This claim is not valid, and they provided no evidence supporting their false claim.

First, Coral and Liquigas do not import fuel to Lebanon for Electricite du Liban (EDL) or any other party.  Both companies’ activities are strictly limited to importing and distributing petroleum derivatives such as gasoline, diesel, and Jet A1 for the Lebanese Airport.

Secondly,  Coral and Liquigas both provide public details of the companies actives, financial, and shareholder information in both the commercial registers in Lebanon and the United Kingdom.  This information proves that the Yamin family (Oscar Yamin, Edgar Yamin, and Antonio Yammine) are the sole shareholders.  All the economic rights of those shares go only to them as Ultimate Beneficiary Owners.  The companies deny any transfer of their shares to any third party and any private or any political party, whoever it is. 

Nevertheless, because of false claims such as the ones pushed by Alma, investigations have been conducted by various Lebanese authorities, including the Public Prosecution and the Investigative Department in Mount Lebanon.  Both governing bodies found that the allegations regarding Coral and Liquigas were false and unfounded. 

Alma defamed Coral, Liquigas, the Yamin family, and many others in their poorly researched and investigated hit piece.  The article was based on defamations made in social media articles that hired writers published for new platforms with no reach and questionable credibility.  Sadly,  this situation induced Alma into error as the writer’s analysis was not based on any official and reliable information or source.

Letters from the General Directorate, the Lebanese General Security, and the Public Prosecution of Cassation were sent stating that the information mentioned in the Alma article constituted lies and false allegations aiming to harm Lebanon and its national companies.  Judgments were issued by the highest judicial authorities to suspend the website in Lebanon.

In conclusion, both Liquigas and Coral Oil and their owners will continue to stand up against the false accusations designed to divide the nation of Lebanon during this challenging time in the country using all legal methods at their disposal.  They will continue to provide the much-needed gasoline and diesel fuel to the people of Lebanon.   

Liquigas

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