The Salameh Papers: Full coverage here
Former Lebanese central bank governor Riad Salameh has been charged with financial crimes by a court in Beirut.
Mr Salameh is accused of theft of bank assets under article 638 of Lebanon’s penal code, a source in the country’s judiciary told The National.
“The public financial prosecutor, Judge Ali Ibrahim, pressed charges against the former governor of the Central Bank of Lebanon, Riad Salameh, for offences of embezzlement, theft of public funds, forgery and illicit enrichment,” Lebanon’s state-run National News Agency reported.
Mr Salameh was detained for four days on Tuesday after a court hearing on the alleged embezzlement of at least $42 million from the Banque Du Liban.
It comes after his arrest by Public Prosecutor judge Jamal Hajjar on Tuesday after a judicial hearing in Beirut concerning an investigation into a fraud scheme in which tens of millions of dollars in public funds were allegedly embezzled from Lebanon's central bank. The alleged scam is known as the Optimum case.
Mr Hajjar ordered a four-day preventive detention. Mr Salameh, once seen as the guardian of Lebanon's financial sector, is now an international fugitive with frozen assets worth millions of dollars, an Interpol notice against him and several judicial cases both domestically and internationally. He is also widely blamed for Lebanon's financial collapse.
The case is now in the hands of an investigating judge to confirm the facts, gather evidence and submit it to the chamber of indictment before Mr Salameh stands trial.
The arrangement between Optimum Invest SA and the Banque Du Liban (BDL) is alleged to have allowed massive losses at the bank to be concealed between 2015 and 2018. The Lebanese judiciary also suspects that some of the money shuffled between accounts at the BDL was actually embezzled.
The Associated Press reported that the Lebanese judiciary is looking into embezzlement of $42 million.
A forensic audit of the transactions between the BDL and Optimum, conducted by consulting firm Alvarez & Marsal, found that as much as $111 million may have been disbursed to undisclosed third parties.
It is unclear why the judiciary is investigating only part of the amount flagged by the audit.
This is a different case from the widely reported Forry Associates Ltd scandal, which involves another brokerage company under investigation domestically and internationally.
Optimum commissions are suspected to be a continuation of the Forry commission's scheme, another broker under investigation in Europe allegedly used by Mr Salameh to embezzle $330 million from the BDL between 2002 and 2015.
In Lebanon, the case has been stalled for years by political interventions despite the mounting international pressure.
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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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Company%20Profile
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MATCH INFO
Karnatake Tuskers 114-1 (10 ovs)
Charles 57, Amla 47
Bangla Tigers 117-5 (8.5 ovs)
Fletcher 40, Moores 28 no, Lamichhane 2-9
Bangla Tiger win by five wickets
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Biog:
Age: 34
Favourite superhero: Batman
Favourite sport: anything extreme
Favourite person: Muhammad Ali
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
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Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km