The Salameh Papers: Full coverage here
Lebanon's former central bank chief Riad Salameh was arrested on Tuesday after a judicial hearing in Beirut, a senior judicial source told The National.
Public Prosecutor Judge Jamal Hajjar ordered his arrest, after which we will be detained for four days, the source added.
Mr Salameh is under investigation in Lebanon in two separate cases involving alleged embezzlement from the Lebanon central bank, Banque Du Liban (BDL).
Tuesday's hearing in Beirut related to alleged embezzlement and manipulation of financial statements through an $8 billion scheme. It involves controversial Lebanese broker Optimum Invest SA, with which BDL engaged in “round-tripping” of transactions, generating $8 billion in fake gains for the central bank and suspected embezzlement of public funds.
The 45 contracts, all seen by The National, were signed by Mr Salameh in his capacity as central bank governor at the time, and Optimum’s chairman, Antoine Salame – a distant relative who has since then left the company – between 2015 and 2018.
The alleged accounting “trick” would let BDL record future interest payments as immediate revenue, creating no real economic value, in an effort to hide mounting losses from unsustainable monetary policy, according to experts who accessed the audit and spoke to The National.
A BDL source previously confirmed to The National that the bank is looking into allegations of falsified financial statements.
BDL's forensic audit, conducted by consulting firm Alvarez & Marsal (A & M), also suggests at least $111 million of these “paper” profits was siphoned off as shady disbursement to undisclosed third parties.
Commenting on the rationale behind the deals with Optimum, Mr Salameh told The National in July that operations with Optimum were in line with the institution's accounting framework.
“The income from these operations was not booked as profit but revenue against postponed losses in accordance with the financial chart of BDL,” he said by email.
BDL relies on its own accounting standards, which diverge from International Financial Reporting Standards.
A&M had previously criticised BDL's “non-traditional” accounting standards in its audit for lacking transparency.
Mr Salameh did not comment on the embezzlement allegations related to Optimum in his email.
Caretaker Minister of Justice Judge Henri Khoury said of Mr Salameh's detention that the “judiciary has had its say. We respect the judiciary's decision.”
The move comes amid speculation that Lebanon could be put on the “grey list” by the FATF, the international financial crime watchdog, during its plenary in October of this year.
“Let justice take its course and we will see if this is a political manoeuvre, FATF-related move to show a desperate last minute agonising attempt to avoid a grey listing or it is finally a serious move by the judiciary to address corruption and money laundering alleged charges,” financial expert Henri Chaoul told The National.
Stalled investigation
Optimum commissions are suspected to be a continuation of the Forry Associates Ltd scheme, another broker under investigation in Europe, allegedly used by Mr Salameh to embezzle $330 million from the BDL between 2002 and 2015.
The funds were reportedly used to acquire luxurious properties in Europe and the US, most of which are now frozen.
Mr Salameh has repeatedly denied any wrongdoing.
The investigation into Forry, which began in 2021 in Lebanon, has been stalled for years due to political interference in a country where impunity usually prevails.
However, it has gained momentum abroad with France, Luxembourg, Germany, Switzerland, Belgium and Liechtenstein opening investigation into Mr Salameh over suspected financial crimes.
In May 2023, France issued an arrest warrant for Mr Salameh after a hearing in Paris. The US, UK and Canada have also imposed sanctions on him in connection with the allegations.
French lawyer William Bourdon, who initially brought legal action against Mr Salameh in France and has extensive experience in recovering ill-gotten assets, warns that Mr Salameh's arrest could be a “tactic” by the Lebanese judiciary.
“My experience shows that these procedures could act as smokescreens to create the impression of a genuine investigation, when in reality the person is arrested with the intention of later releasing them and dropping the case.”
This could be a calculated move to make Mr Salameh a scapegoat, he added, shifting the focus away and reducing international pressure on those who have committed worse offences.
“This would not work,” Mr Bourdon said.
Once praised as the guardian of the flourishing banking sector, Mr Salameh is widely blamed for Lebanon's financial collapse, characterised by losses exceeding $70 billion, a crumbling local currency and largely insolvent banks.
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
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- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
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- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
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- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
AL%20BOOM
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COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
UAE%20v%20West%20Indies
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
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Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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The%20Specs
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In%20the%20Land%20of%20Saints%20and%20Sinners
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PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Kandahar%20
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Company%20Profile
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