The former governor of the Bank of Lebanon (BDL), Riad Salamé, suspected of corruption in his country and abroad, was arrested on Tuesday, September 3 in Beirut, according to a judicial source.
Aged 74, he was “arrested after being questioned for three hours by the attorney general on suspicion of embezzlement of BDL funds exceeding 40 million dollars”said the source, who requested anonymity.
Riad Salameh was the governor of the Central Bank from 1993 until July 2023, and many blame him, along with the political leaders he is closely linked to, for the collapse of Lebanon’s economy. No successor has been found due to the political crisis in the country, and the first deputy governor, Wassim Mansouri, has since been tasked with filling in the interim.
His first court appearance since July 2023
Suspected of massive embezzlement of Lebanese public funds and of having built up a rich real estate and financial heritage, Riad Salamé denies any wrongdoing. This is the first time he has appeared in court since his mandate expired on July 31, 2023.
Since 2016, the former Franco-Lebanese banker has been involved in financial schemes compared to a « Ponzi pyramid »and at the end of 2019, the collapse began, causing the Lebanese pound to lose more than 98% of its value and depriving savers of any access to their savings in banks.
Riad Salamé, who did not respond to a summons from a French judge in May 2023, has since been the subject of an international arrest warrant. Lebanon refuses to extradite its nationals. For its part, the German justice system canceled an arrest warrant against Riad Salamé last June, without however completing the investigation against him.
The United States, Canada and the United Kingdom have imposed economic sanctions against him over corruption, with Washington saying his “Corrupt and illegal actions contributed to the collapse of the rule of law in Lebanon”.
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