What's happened
Riad Salameh, Lebanon’s former central bank governor, was detained for over a year over allegations of embezzling $44.8 million during his 30-year tenure. He was released on bail in September and remains under investigation in Lebanon and abroad, including France and Germany, over suspected illicit activities.
What's behind the headline?
The case against Salameh underscores the deep-rooted issues of financial governance and corruption in Lebanon. The indictment accuses him of embezzling nearly $45 million from a central bank account, with investigations revealing complex offshore schemes involving shell companies controlled by his brother. The international scope of the probes, including France, Germany, and Switzerland, highlights the transnational nature of financial crimes linked to Lebanon’s crisis. Salameh’s denial of wrongdoing and the Lebanese authorities’ efforts to pursue justice suggest a potential shift towards accountability, but the case also exposes the systemic vulnerabilities in Lebanon’s financial sector. The ongoing investigations and potential trial could set a precedent for tackling corruption at high levels, but political and institutional resistance may influence the outcome. This story will likely shape Lebanon’s economic and political landscape for years, as it tests the country’s capacity for reform and transparency.
What the papers say
The New Arab reports that Salameh was accused of embezzling $44.8 million and is under investigation in multiple countries, emphasizing the scope of the allegations and the international cooperation involved. Reuters highlights his detention, bail, and the widening scope of investigations, including the involvement of shell companies and offshore accounts. The Independent notes the upcoming trial at the Court of Cassation and details Salameh’s long tenure and the economic crisis that followed his departure. These sources collectively portray a complex picture of high-level corruption, international legal efforts, and Lebanon’s ongoing struggle with financial accountability.
How we got here
Salameh led Lebanon’s central bank from 1993 until 2023, overseeing policies that critics blame for the country’s economic collapse. His long tenure was marked by international scrutiny over allegations of embezzlement and illicit enrichment, with investigations spanning multiple countries. His departure followed a series of domestic and international probes into financial misconduct linked to his administration.
Go deeper
Common question
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What Are the Latest Developments in Lebanon and UK Politics?
Recent headlines reveal significant legal and political shifts in Lebanon and the UK. From corruption charges against Lebanon's ex-central bank governor to complex Brexit negotiations in the UK, these stories raise questions about regional stability and future policies. Below, we explore the key details and answer common questions about these ongoing issues.
More on these topics
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Riad Toufic Salameh (Arabic: رياض توفيق سلامة; born 17 July 1950) is a Lebanese economist. He previously was governor of Lebanon's central bank, Banque du Liban, from August 1993 until July 2023. He was appointed Governor by decree, approved
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Lebanon, officially known as the Lebanese Republic, is a country in Western Asia. It is bordered by Syria to the north and east and Israel to the south, while Cyprus lies west across the Mediterranean Sea.