Former Central Bank Chief Riad Salameh Released on $14 Million Bail Amid Corruption Charges
BEIRUT, Lebanon (AP) — Riad Salameh, the powerful former governor of Lebanon’s central bank and a figure largely held responsible for the nation’s devastating economic collapse, was released on Friday on a significant $14 million bail. His release comes after a year-long detention, awaiting trial on an array of corruption charges that have gripped local and international attention.
From Financial Maestro to Public Scrutiny
Salameh, 75, concluded his three-decade tenure as head of the Banque du Liban in July 2023 under a cloud of accusations. Initially hailed as a financial maestro credited with stabilizing Lebanon’s economy after its 15-year civil war (1975-1990) and navigating periods of political instability, his legacy dramatically soured with the onset of the country’s crippling financial crisis in late 2019.
This crisis has seen the Lebanese pound plummet by over 98% against the dollar, eradicating the savings of ordinary citizens, plunging an estimated 80% of the population into poverty, and triggering widespread social unrest. Many Lebanese hold Salameh directly accountable for the policies that led to this catastrophic implosion.
Allegations and International Probes
Now, the former central bank chief faces multiple criminal investigations both within Lebanon and across several European nations, including France, Germany, and Switzerland. Lebanese authorities initially charged him last September with embezzling $42 million. Further charges of illicit enrichment followed, linked to an apartment in France purportedly rented as a contingency office for the central bank. Officials allege Salameh leased this property from his former romantic partner at an exorbitant annual rate of approximately $500,000, raising serious questions about conflicts of interest.
Internationally, judicial probes are examining allegations that Salameh illicitly siphoned off some $330 million from the central bank, transferring these funds to accounts in Europe. These investigations have painted a grim picture of alleged financial mismanagement and personal enrichment at the expense of a struggling nation.
Bail and Ongoing Legal Battles
During his year in detention, Salameh’s health reportedly deteriorated, necessitating hospitalization outside Beirut shortly before his release. A court rejected his request for release without bail, ultimately setting the substantial $14 million figure. In addition to the financial condition, a strict travel ban has been imposed on him.
Following the posting of bail, investigators conducted further questioning regarding the source of the funds, demanding documentation to verify they were not proceeds from illicit activities. Marc Habka, Salameh’s lawyer, informed journalists that his client was in poor health and that “we have presented to the court all the evidence” to prove his innocence. Habka emphasized the public’s right to clarity, stating, “If Riad Salameh is involved (in the alleged crimes), he will be convicted. If other people are involved, they will be convicted, and if he is innocent, he will be acquitted.”
A Test of Accountability
As Lebanon continues to grapple with its profound economic challenges, the ongoing legal saga of Riad Salameh remains a pivotal test of accountability for the public officials accused of orchestrating the nation’s downfall. The journey to justice, however, is far from over.
