Amin Salam has been placed under house arrest and issued with a travel ban. Matt Kynaston for The National.
Amin Salam has been placed under house arrest and issued with a travel ban. Matt Kynaston for The National.
Amin Salam has been placed under house arrest and issued with a travel ban. Matt Kynaston for The National.
Amin Salam has been placed under house arrest and issued with a travel ban. Matt Kynaston for The National.

Former Lebanese economy minister Amin Salam arrested over corruption allegations


Nada Maucourant Atallah
  • English
  • Arabic

Former Lebanese economy minister Amin Salam was arrested on Wednesday following an investigation into alleged financial crimes, a senior judicial source has told The National.

Mr Salam was arrested by order of Judge Jamal Hajjar, Lebanon’s top prosecutor at the Court of Cassation. The former minister is being investigated for alleged falsification, embezzlement of public funds and blackmailing insurance companies.

He was questioned several times in May by Judge Hajjar and has been placed under house arrest and issued with a travel ban.

The investigation also involves Mr Salam’s brother and business partner, Karim Salam, who has been in detention since April, the judicial source said.

The former minister's arrest follows a complaint filed two months ago by Lebanese MP Farid Boustany, who chairs the parliamentary economy committee, over allegations of “embezzlement, extortion and waste of public funds”.

The committee alleges Mr Salam awarded overpriced contracts to foreign firms for services that did not justify the costs, and misappropriated funds from the Insurance Companies Contribution Fund, which is overseen by the Economy Ministry.

At a press conference in March, Mr Salam denied any wrongdoing and slammed what he described as “attacks” against him. He denounced entrenched “mafias” who opposed reforms, and accused Mr Boustany of having personal motives behind the complaint.

In an interview with The National in January, weeks before a new government was installed, Mr Salam called for an end to the old corrupt political class, which he described as “a virus in the body, fighting back in every way possible”.

“They see [government] as a deal where they want the biggest share and profit,” he said.

On June 2, the acting head of the State Litigation Department, Judge Claude Ghanem, filed a complaint against Mr Salam with Judge Hajjar, following a request from current Economy Minister Amer Bsat, Lebanese daily L’Orient-Le Jour reported.

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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.”

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How tumultuous protests grew
  • A fuel tax protest by French drivers appealed to wider anti-government sentiment
  • Unlike previous French demonstrations there was no trade union or organised movement involved 
  • Demonstrators responded to online petitions and flooded squares to block traffic
  • At its height there were almost 300,000 on the streets in support
  • Named after the high visibility jackets that drivers must keep in cars 
  • Clashes soon turned violent as thousands fought with police at cordons
  • An estimated two dozen people lost eyes and many others were admitted to hospital 
Updated: June 12, 2025, 6:08 AM