Former Lebanese central bank governor Riad Salameh has been ordered to remain in detention as part of an ongoing investigation into alleged financial crimes, including embezzlement of public funds, during his time in office, according to three judicial sources.
The decision was made by investigative judge Bilal Halawi, who questioned Salameh for the first time since his detention last week. Salameh faces charges that state media reported include embezzlement, forgery, and illicit enrichment. Another hearing is scheduled for Thursday, one of the sources confirmed.
Salameh’s media office stated that he would not comment publicly on the case, in compliance with legal regulations. It also emphasized that Salameh had cooperated with over 20 criminal investigations in Beirut and Mount Lebanon and continues to cooperate following his detention. The former central bank chief has consistently denied previous corruption allegations.
Salameh, once praised as a financial mastermind in Lebanon, saw his reputation collapse after the country’s financial system imploded in 2019, a collapse many blame on years of financial mismanagement and corruption.
As Salameh arrived at the justice ministry, a group of protesters chanted “Thief!” and some struck one of the vehicles in his convoy as it entered the building.
Judicial sources revealed that Salameh is suspected of orchestrating financial misconduct involving over $110 million in commissions tied to Optimum Invest, a Lebanese brokerage firm. Investigators have identified $40 million in suspicious transactions related to the scheme, which allegedly moved from a central bank account to one belonging to Salameh.
Optimum Invest has stated it is cooperating fully with judicial authorities and providing all necessary information. The firm insisted that its dealings with the central bank were lawful and transparent.
While the Lebanese authorities have yet to officially release the charges, these allegations are distinct from previous accusations related to Forry Associates, a company owned by Salameh’s brother, Raja. The brothers have been accused of siphoning $330 million in public funds through commissions linked to Forry. Both brothers deny any wrongdoing.
Several European countries, including France and Germany, have been investigating whether some of the funds allegedly embezzled from the Lebanese central bank were laundered in Europe. Last year, authorities in both France and Germany issued arrest warrants for Salameh. However, in June, German authorities canceled their warrant due to technical reasons, though they continue to investigate Salameh, with his assets remaining frozen.
The continuation of this prosecution could mark a rare instance of a high-ranking Lebanese official being held accountable, in a country where critics argue the political elite have long been shielded from legal scrutiny.
