Lebanon’s Central Bank Head at Center of $330 Million Money Laundering Probe

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A joint investigation by France, Germany, and Luxembourg has frozen assets worth €120 million in a probe targeting Riad Salameh, the head of Lebanon’s central bank. The allegations center around embezzling more than $330 million in public funds between 2002 and 2021.

Key Suspects Named in Investigation

• Riad Salameh: Head of the Banque du Liban since 1993, one of five suspects named in the investigation.
• Other suspects: Names not disclosed at this time.

Investigation Details

The probe centers around money laundering and embezzling public funds between 2002 and 2021. European Union officials seized properties and bank accounts worth €120 million on March 25 as part of a coordinated effort.

Timeline

• 2002-2021: Alleged period of money laundering and embezzlement.
• March 25: Assets frozen in the investigation, valued at €120 million.

Salameh’s Background

Salameh has faced investigations in France, Switzerland, and Lebanon over alleged financial misdeeds. Swiss authorities are looking into claims that he benefited from the sale of Lebanese Eurobonds held in the central bank’s portfolio.

Allegations

• Financial Mismanagement: Claims of corruption and poor management have tarnished Salameh’s reputation.
• Sale of Lebanese Eurobonds: Investigation into possible benefit from selling these bonds.

Reaction to Probe

Salameh has denied allegations, claiming they are part of a media smear campaign. His office did not immediately respond to requests for comment on the latest developments.

Spokesperson’s Statement

• Salameh was aware of the investigation but declined to provide further details.

The probe is seen as a major blow to Salameh’s reputation and could be a contributing factor in Lebanon’s ongoing economic crisis. Many have blamed Salameh for the collapse that wiped out people’s life savings and plunged the middle class into poverty.