Lebanon’s Ex-Central Bank Chief Detained Over Corruption

Lebanon’s former central bank governor, Riad Salameh, was detained after a corruption investigation. He denies the charges, saying his wealth is from investments.

Riad Salameh, Lebanon’s former central bank governor, was taken into custody on Tuesday. This follows a big investigation into his finances. Three officials confirmed the news.

Salameh was the central bank governor for 30 years, starting in 1993. Many people praised him for helping Lebanon recover from a long civil war. 

But when he left his job last year, things started to go wrong. European countries began looking into him for possible financial crimes.

People in Lebanon blame Salameh for the country’s severe money problems, which began in late 2019. The Lebanese pound has lost about 90% of its value compared to the U.S. dollar. 

Prices have gone up a lot, causing big inflation. Salameh denies doing anything wrong. He says his money comes from inherited properties, smart investments, and his old job as an investment banker at Merrill Lynch.

On Tuesday, Salameh was questioned for over three hours by Judge Jamal Hajjar, the top public prosecutor. The officials, who wanted to stay anonymous, said this. 

Salameh was asked about various financial issues. One major problem is a case where he is accused of hiring a company called Optimum. This company allegedly helped him hide Lebanon’s growing financial losses.

After being questioned, Salameh was moved to a more secure prison. Officials did not share more details about his detention. He will likely stay in custody while the investigation continues.

Many people have blamed Salameh for Lebanon’s economic crisis. The Lebanese pound has lost a lot of its value, and prices keep rising. The U.S., U.K., and Canada have placed sanctions on Salameh and his close associates. France has even issued an international arrest warrant for him, but Lebanon does not send its citizens to other countries for trial.

Salameh has said that the European investigations are unfair. He believes they are part of a campaign to make him a scapegoat. Lebanon has not yet chosen a new central bank governor. 

For now, Wassim Mansouri, a vice governor, is filling in. Lebanon also doesn’t have a president right now and is being run by a caretaker Cabinet with limited powers.

As Lebanon faces these ongoing problems, the investigation into Salameh is still very important. The results of this case could affect Lebanon’s future.