Lebanon’s Prime Minister Najib Mikati said on Tuesday that central bank governor Riad Salameh should remain in position for now, signalling continued political backing for him despite embezzlement probes at home and abroad.
“One does not change their officers during a war,” Mr Mikati told a news conference in reference to Mr Salameh, adding that he would wait for the results of investigations that are being conducted by judicial authorities in Switzerland and elsewhere.
Mr Salameh has repeatedly denied any wrongdoing.
Mr Mikati, a billionaire tycoon, said the investigations into Mr Salameh were “being used in politics”.
Mr Salameh’s tenure as governor has come under increased scrutiny since 2019 when Lebanon collapsed into a financial meltdown that has sunk the currency by about 95 per cent and caused poverty to rocket.
The central banker, who oversaw the financial system for three decades, continues to enjoy political backing from other powerful players in Lebanon, notably parliament speaker Nabih Berri.
He is being investigated by authorities in at least four European countries. The probes include a Swiss inquiry over alleged “aggravated money laundering” at the central bank involving $300 million in gains by a company owned by his brother, Raja Salameh.
In November, Mr Salameh said he had ordered an audit of transactions and investments that had been the focus of media reports and this had shown no public funds were used to pay fees and commissions to the company owned by his brother. Raja Salameh has not publicly commented on the accusation.
Mr Mikati also called for a national dialogue on foreign policy and for improving ties with Gulf countries.
His government, which aims to restart talks with the International Monetary Fund to unlock much-needed foreign aid, has not met since October 12 due to a dispute over a probe into last year’s catastrophic Beirut port blast.
The prime minister said he would not call for a meeting that could lead the government to unravel.
UAE currency: the story behind the money in your pockets
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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UAE currency: the story behind the money in your pockets
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
