Lebanese Central Bank governor is under investigation inside and outside Iraq on multiple financial cases. Riad Salameh has received a travel ban order yesterday by a Lebanese judge, following calls by various groups.
A Lebanese judge imposed a travel restriction on the governorof Lebanese central Bank. Riad Salameh faces the order while the once-heralded custodian of the Lebanese economy is under investigations for potential financial malpractice.
“Based on the clear evidence we have, he is scheduled for questioning on Thursday,” the probe Judge said yesterday. Judge Aoun further explained that the interrogation is critical due to significant information that must be checked.
Earlier today, the court interrogated top Banque du Liban, the country’s central bank, staff. Reuters reported the restriction for the first time and confirmed that it went in force right away.
The travel restriction for the Central Bank governorwas requested by attorneys from an advocacy group. “The People Demand the Reform of the Regime” called for the move in early hours of yesterday.
Salameh faces charges on a set of economic violations, including illegal gain, money laundering, fraud, and wasting public funds. Haitham Ezzo, a lawyers in the ‘People Demand’ confirmed the accusations and asserted the necessity of their addressing by the judicial apparatus.
Salameh allegedly rented a small room in French capital via Lebanon’s state bank at an exaggerated price. “He’s earning directly from the disparity,” Ezzo further emphasized.
Multiple groups in Lebanon find The Lebanese Central Bank governorresponsible for Lebanon’s banking meltdown. Salameh, formerly lauded for his economic skill, has rendered the country’s banking system mainly bankrupt and eroded clean the entire fortune of people.
Central bank governoris under investigation in Beirut as well as some European states. Geneva and Paris started investigations into possible a money laundering case in 2021.
Lebanese Central Bank; Roots of a Financial Collapse
Riad Salameh has always rejected any misconduct over his almost thirty-year control over the Lebanese Central Bank. He claims that there are political motivations behind the charges against him. Salameh insists that he gained his substantial fortune before becoming governor of the Lebanese Banque du Liban.
The new order comes as strength of the Lebanese national currency keeps sliding. The Lebanese pound have lost its value by more than 15% in less than a week. Since Lebanon’s first tumble into turmoil about two years ago, the currency has lost almost 95% of its power.
There has been no administrative session at the level of cabinet since three months ago in Lebanon. The political deadlock has pushed country into a full-scale depression and poverty.
The statistics indicate that more than 75% of Lebanese people are under basic living standards. Sharp poverty has expanded to every corner and people are in need of assistance for feeding.
Ezzo claims that his dissident organization wants the Lebanese country’s judiciary to move even further and freeze Salameh’s entire property. As of July last year, they were successful in filing a lawsuit to seize part of Lebanese Central Bank governor’s assets.
Lebanon crisis escalated following the blast in Beirut port in August 2020. The explosion, apart from the physical damages and massive casualties, left a harsh blow on the political apparatus. The political deadlock started to deteriorate and multiple governments failed in controlling the condition.
Around one and a half year after the explosion, the disputes over the potential perpetrators, or culprits, is underway. The probes seem to have failed with decisive influences by unknown sources.
Lebanese Central Bank is part of the failure in the financial collapse and scrutiny might clarify parts of the truth.