By Lysandra Ohrstrom
Daily Star staff
Thursday, October 12, 2006
BEIRUT: A self-proclaimed billionaire of Lebanese origin pledged Wednesday to invest $15 billion in various economic and social reconstruction initiatives to "make Lebanon like it was between 1967-72." Elie Youssef Najem, 45, was unable to return to Lebanon for the occasion, but a four-person delegation that included the father of his 19-year-old wife read statements on his behalf.
The Malaysian-based, Batroun-born businessman also addressed reporters by speaker phone from Kuala Lumpur.
Najem - who claims to own a 50-percent stake in Saudi Aramco - said he
will donate $10 million to the Lebanese Red Cross and $2 million to the Batroun Red Cross; finance the construction of a $20 million orphanage and a home for the elderly; bring 160 million barrels of crude oil to the market; give 16 fighter jets to the Lebanese Air Force; develop a beach resort in Jounieh; and turn Lebanon into the "gateway for the export of Malaysian palm oil."
He also promised to set up at least three branches of what he described as his bank, Magobio Investments, which caters to "all lovers of money" according to Najem's personal Web site,
www.lordelieyoussefnajem.com. The Daily Star could find no record of Magobio, or any of the other diverse holdings that Najem claims to own.
"I'm sad not to be able to kiss the ground of my country, but here I am to help you and fight with you against anyone who wants to destroy you," Najem's personal assistant read from a hand-written letter he had addressed to "Lebanon."
"No one will prevent you from making money. I made it, but I don't want it. I'm going to give it all to Lebanon so your children have everything," Najem told reporters at the Beirut Press Association while one of his assistants held his mobile speaker to the microphone. He said work would begin as soon as Byblos Bank accepts his initial $4 billion deposit, after which he will establish an office to monitor transactions. His father-in-law will have power of attorney.
None of the would-be recipients or government agencies agreed to comment on the donation when contacted by The Daily Star, including Byblos Bank and the prime minister's office. Byblos Bank issued a statement in Lebanese daily Al-Anwar Tuesday, denying any transactions with Najem were in the works.
Najem said illness prevented him from attending the news conference - according to personal statements posted on his Web site, he suffers from an unspecified type of cancer and diabetes which restrict his mobility.
"I am a Lebanese bird, but twice before when I came to Lebanon [the government] embezzled $850 million from me," he cited as the the reason for not donating directly to the state.
According to numerous reports in the Malaysian English language daily, The Star, Najem was convicted of check forgery in Lebanon, and is being investigated by Interpol for other shady financial dealings.
Najem's legal troubles began in 1993 in Winnipeg, Canada - though he claims citizenship, the Canadian High Commission in Kuala Lumpur denied this - where
he was arrested for sexually harassing an employee at the "Bright and Early" phone-sex chat line he operated.
At least five businessmen have filed suits against Najem with the Malaysian police over the past year, after he made a similar pledge to build a $266 million children's cancer center in 2005.
In response to allegations, he was arrested and his passport was confiscated, though he is now out on bail. Najem has posted a request for donations on his Web site, to help him fight the newspapers and police, whom he accuses of trying "to kill, destroy and starve me."