Lebanon's Riad Salameh released on $14 million bail

Ex-central bank chief is charged with embezzling $42 million of public funds

Riad Salameh faces a string of misconduct investigations in Lebanon and abroad. He denies any wrongdoing. AFP

Lebanon's former central bank chief Riad Salameh was released on $14 million bail on Friday, as he awaits trial over a vast alleged theft of public money.

Mr Salameh, 75, has spent more than a year in custody after he was charged with embezzling at least $42 million from the central bank, as well as illicit enrichment and forgery.

He denies wrongdoing. His lawyers have reported health problems and he was released from a hospital outside Beirut under tight security on Friday.

A court ordered Mr Salameh's release last month on what was described as the largest bail in Lebanese history. It also imposed a one-year travel ban on Mr Salameh, who faces several investigations at home and abroad.

The bail figure was initially given as more than $20 million, but it appeared a reduction had been agreed before his release on Friday.

His release from custody "marks a new chapter in his trial", his lawyer Mark Habka was quoted as saying by official Lebanese media. Mr Salameh's release was expected in any case, as his pretrial detention had exceeded a one-year limit.

Once a respected figure, Mr Salameh saw his reputation crumble after a 2019 financial crisis in Lebanon, which was followed by a string of misconduct allegations. His term as governor ended in July 2023.

The case pending trial is known as the Optimum scandal, after a brokerage with which Mr Salameh's Banque du Liban was allegedly involved in fraudulent deals.

France has issued an arrest warrant for Mr Salameh and several other suspects, and European countries have also frozen assets worth hundreds of millions linked to the Salameh family.

The Optimum case is separate from an investigation into Forry Associates Ltd, another brokerage allegedly used by Mr Salameh to allegedly embezzle $330 million from the central bank. He denies all allegations against him, saying his personal wealth comes from legitimate sources.