Raja Salameh, the brother of Lebanon's former central bank governor Riad Salameh, has been placed under investigation in France as part of a corruption probe into the embezzlement of more than $330 million from the bank, a source close to the case confirmed to The National on Wednesday.
Following his hearing last week in Paris, Raja Salameh faces charges including criminal conspiracy, embezzlement of public funds, aggravated breach of trust, corruption, and organised money laundering, AFP reported, and the source confirmed.
He is suspected of having helped Riad Salameh embezzle more than $330 million through a slush fund at the central bank, which was allegedly used to acquire properties in Europe and the US.
Both brothers have denied the allegations.
“It is a crucial but anticipated development. The evasion ends here,” 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.
“The judicial puzzle of a massive diversion of public resources by a family clan and its allies is nearing completion.”
In February, Raja's son Emile Salameh was charged in France with criminal conspiracy, money laundering, and receiving stolen goods following his interrogation by a financial investigating judge.
Through financial arrangements facilitated by his father, Emile Salameh is suspected of having acquired two apartments in Paris and villas in Lebanon.
The National has previously reported on Raja Salameh’s property holdings in France and the US that are suspected to have been purchased with illicit funds, and suspicious transfers between Raja and Emile Salameh.
Since 2021, French authorities, along with several other EU countries, have been investigating money laundering linked to Lebanon's central bank chief between 1993 and 2023.
In May 2023, France issued an arrest warrant for Riad Salameh following a hearing in Paris. Raja Salameh had failed to appear at his hearing in France in April the same year, citing medical reasons.
France has also put others suspects under formal investigation, including Riad Salameh’s partner Anna Kosakova, Lebanese banker and former minister Marwan Kheireddine, senior BDL adviser Marianne Hoayek and Antoine Gholam, manager of Lebanese auditing firm BDO Semaan.
“Raja Salameh answered all questions put to him by the investigating magistrates, aiming to establish the truth,” his lawyer Karim Beylouni told AFP.
“Raja Salameh denies any wrongdoing, including participation in the alleged misappropriation of public funds. He aims to clear his name and that of his family,” he added.
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Dubai College A 50-12 Dubai College B
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
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Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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.”
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
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The specs
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THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
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SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
Killing of Qassem Suleimani
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
