The Salameh Papers: Full coverage here
The nephew of Riad Salameh, the former governor of the Banque du Liban (BDL), has been formally charged in Paris in a case involving ill-gotten gains, a source confirmed to The National.
Emile Salameh, 38, son of Raja Salameh, was formally charged on February 12 with criminal conspiracy, money laundering, and receiving stolen goods, following his interrogation before a financial investigating judge, AFP reported.
Through financial arrangements facilitated by his father, he is suspected of having acquired two apartments in Paris and villas in Lebanon.
He is also accused of managing, through a similar arrangement, two companies registered in Britain, which own several properties in London, AFP said.
The National previously identified assets under investigation in Paris based on confidential documents related to Raja Salameh, his father, and his family.
The properties include two apartments bought on Avenue Victor Hugo for €3.6 million in 2013 and on Avenue Raymond Poincare for €1.2 million in 2011.
These apartments have been rented out since their purchase for about €4,000 per month.
“We are nearing the end of the legal journey, and it's not unlikely that further formal charges may arise,” said William Bourdon, one of the lawyers representing the Sherpa association and the Collective Association of Victims of Fraudulent and Criminal Practices in Lebanon as civil parties in the case.
Riad Salameh, with the help of his brother Raja Salameh, is suspected of setting up a money laundering scheme inside the central bank through a 0.38 per cent commission imposed by a shell company, Forry Associates Ltd on commercial banks for each transaction with the central bank.
The commission money is suspected to have been invested in real estate empires in Europe and the US.
About $92 million worth of property has been seized by European authorities.
'Actions attributable to others'
Stéphane de Navacelle, Mr Emile Salameh's lawyer, did not comment on the case's details.
He told The National in an email that his client “has been interviewed in connection with an investigation opened for actions attributable to others and in which he was not involved”.
“Mr Salameh has endeavoured to assist to his full ability the investigators and will continue to do so without restraint. He is confident that the investigation will conclude to no wrongdoing on his part,” Mr de Navacelle said.
Three other people, at least, have been put under formal investigation in France regarding this case: Mr Salameh's former assistant at the BDL, Marianne Hoayek, his former romantic partner, Anna Kosakova, and former minister Marwan Kheireddine.
Raja Salameh, who is the owner of Forry, has not been put under formal investigation. He failed to appear at his hearing in France in 2023 for medical reasons.
It was scheduled straight after the French judiciary issued an arrest warrant for his brother, Riad Salameh in May.
“In our view, Raja is a key player in the organised predation orchestrated by Riad and his clan. He presented a medical certificate to evade his hearing: his lifestyle raises doubts about his claimed inability to travel for health reasons,” Mr Bourdon told The National.
The Salameh brothers have previously denied any wrongdoing, with Mr Riad claiming his wealth was lawfully acquired through investments he made before he was appointed as the BDL Governor in 1993.
He said that he has made his money through his time as an investment banker, investments and other legal ways.
As the long-term head of the central bank, he has been one of the figures held responsible for the 2019 economic collapse in Lebanon that has been blamed on decades of mismanagement and corruption among the country's ruling elite – including its banking sector.
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4,872 matches
1,942 teams
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76 nations
26 UAE teams
15 Lebanese teams
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Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
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Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Ms Yang's top tips for parents new to the UAE
- Join parent networks
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Oppenheimer
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Killing of Qassem Suleimani
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs
AT4 Ultimate, as tested
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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The specs
Engine: 6.2-litre V8
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Power: 420 bhp
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
