A protest in Beirut against Riad Salameh, who has been accused for years of embezzling hundreds of millions of dollars from Lebanon's central bank. EPA
A protest in Beirut against Riad Salameh, who has been accused for years of embezzling hundreds of millions of dollars from Lebanon's central bank. EPA
A protest in Beirut against Riad Salameh, who has been accused for years of embezzling hundreds of millions of dollars from Lebanon's central bank. EPA
Insight and opinion from The National’s editorial leadership
September 05, 2024
Riad Salameh was once seen as a hero and a financial wizard in Beirut's banking sector, credited with rehabilitating the Lebanese economy after the country's civil war ended in 1990. The 73-year-old was the governor of the Banque Du Liban (BDL), the country’s central bank, for three decades until his resignation last summer. But in the past few years, his legacy has been almost entirely rewritten.
Mr Salameh was arrested on Tuesday morning at his home in Beirut after a long, multinational effort to bring him to justice. He has been accused for years of embezzling hundreds of millions of dollars from BDL using dodgy brokerage firms, and an alleged scheme to falsify $8 billion worth of revenue for the bank. An embezzlement investigation began in Lebanon in 2021, and since then at least six European countries have opened their own probes into Mr Salameh’s alleged misdeeds. The US, UK and Canada have imposed sanctions on him.
Lebanese prosecutors charged Mr Salameh on Wednesday with theft of BDL assets. He is alleged to have stolen funds to the tune of $330 million to build a property empire around the world, as The National reported last year. If his case proceeds to a trial it will be an important moment for the Lebanese, who continue to reel from multiple crises, economic and political. It could also be a step in the direction of wider accountability for those corrupt elements in Lebanon’s elite class who have brought a country with once-strong institutions, particularly in finance, to ruin.
His legacy has been almost entirely rewritten
The amount of money that Mr Salameh is accused of defrauding contrasts with the daily financial battering Lebanese citizens contend with. Food inflation in Lebanon is crippling, having risen 33.5 per cent since last year. The situation is compounded by a presidential vacuum, and the knock-on effects of regional conflict and escalation between the Lebanese militant group Hezbollah and Israel.
The Lebanese pound has lost 95 per cent of its value against the dollar since the onset of the economic crisis in 2019. Since then the country has fallen even further behind. The World Bank said the number of people in Lebanon living below the poverty line rose from 12 per cent in 2012 to 44 per cent in 2022, a situation the Bank labelled a "temporary bottom”.
Mr Salameh is expected to be held until a hearing next week, during which prosecutors must make a case for continuing to hold him. There is speculation in Lebanon that his arrest is a mere smokescreen to pre-empt the possibility of the country being put on the grey list of the global money laundering watchdog, the Financial Action Task Force (FATF). Last month Lebanon’s acting central bank governor, Wassim Mansouri, said that BDL was trying to prevent being placed under special scrutiny by the FATF.
But the arrest must be more than that. It must be a chance for Lebanon’s judiciary to show the country’s citizens that not all of its institutions are broken, and that their future cannot be stolen with impunity.
Sole survivors
Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
An arms embargo
A ban on uranium enrichment and reprocessing
A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
A targeted global asset freeze and travel ban on Iranian individuals and entities
Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Benefits of first-time home buyers' scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
She is the eldest of three brothers and two sisters
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Enjoys travelling, reading and horse riding
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COMPANY PROFILE
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Year started: 2018
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Amount raised: $13m
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