INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Lebanon frees ship as stolen grains charge prove false

Lebanon has ordered the release of the ship - Laodicea - carrying grains. (AFP)
  • Ukraine's embassy in Lebanon had claimed that grain aboard the ship was loaded from a region occupied by Russian forces.
  • Investigations failed to prove--Laodicea--which docked in the northern port city of Tripoli last week, carried stolen goods.

Lebanon’s top prosecutor Tuesday cleared a Syrian-flagged ship for release after it was seized over allegations by Kyiv’s embassy in Beirut that it carried flour and barley stolen from Ukraine, an official said.

Prosecutor Ghassan Oueidat allowed the Laodicea, which docked in the northern port city of Tripoli last week, to set sail after investigations failed to prove it carried stolen goods, a judicial official told AFP.

“Preliminary investigations… did not reveal the existence of a criminal offense, or that the goods were stolen,” the official said on condition of anonymity.

Ukraine’s embassy in Lebanon had claimed that the grain aboard the ship was loaded from a region occupied by Russian forces and said it presented Lebanese authorities with proof that the merchandise was stolen.

Ukraine has repeatedly accused Moscow’s forces of ransacking its grain warehouses since Russia invaded the country in late February.

On Saturday, Oueidat ordered the vessel’s seizure and instructed police to investigate.

The prosecutor found that the grain aboard the vessel belonged to a Syrian merchant, the judicial official said.

“The Syrian national whose name is on the shipment from Ukraine came in for investigation and presented the papers and documents that prove his ownership,” the official said on Tuesday.

Ukraine, one of the world’s largest grain exporters, has this week tentatively resumed grain exports following a UN-backed deal.

A Sierra Leone-registered ship, Razoni, set sail from Odessa port for Lebanon Monday under an accord brokered by Turkey and the United Nations that seeks to release millions of tonnes of trapped Ukrainian produce to world markets and curb a global food crisis.

The Marine Traffic website showed the vessel — which is carrying 26,000 tonnes of maize — off the coast of Bulgaria by 0900 GMT on Tuesday.

Lebanon, which is struggling with one of the world’s worst financial crises, is facing a particularly acute bread shortage.