Former ‌Lebanese Governor Riyad Salameh Arrested⁣ on⁤ Charges⁣ of Financial Crimes

Two judicial sources revealed that Riyad Salameh, ⁣the former governor of⁢ the Bank of Lebanon,⁣ was arrested on ⁣Tuesday on‍ charges ‍of financial crimes, including embezzlement and money ‍laundering.

Salameh, 73, was questioned by Judge Jamal al-Hajjar, the cassation ⁣public prosecutor, for three hours before being arrested on suspicion of embezzling over $40 million from the Bank of Lebanon.

This is Salameh’s first appearance before the judiciary since his term ended on July 31,‍ 2023. He ‍faces charges ⁤of committing financial crimes, including money ‌laundering, embezzlement, and​ illicit enrichment, which he denies.

During his 30-year tenure as governor of the Bank of Lebanon, the⁣ country ​witnessed a growing financial⁤ crisis and accusations of public fund theft. The Lebanese pound collapsed, following decades of corruption and ⁢unaccounted ‍spending by the ruling elite.

Walid Abu Suleiman,⁤ CEO of⁢ Axis Capital Financial, stated that Salameh’s ⁢arrest was ⁣due to discrepancies between the​ submitted file‌ and the ⁣constituted ​file by the French or German Judiciary. He added ⁢that the ⁤current file was suspicious of a ⁣local agency and⁢ a forensic audit of Alvarez and Marsal.

Abu Suleiman explained that the allegations ⁣centered on a consulting account, which ⁣the former governor of the Bank ‍of Lebanon refused to provide information about. ‍He stated that‍ the company was working on behalf of the governor to buy and⁣ sell ⁢instant deposit and treasury bond certificates, earning profits and commissions beyond‍ its normal scope.

The Lebanese judiciary decided to arrest Salameh due ​to​ these allegations, which ⁢are considered to be 90-100% beyond the normal scope of work. Salameh’s arrest marks a significant development in the investigation into‌ financial‌ crimes in Lebanon.