Banking & Finance Judge in Lebanon paves way for ex-central bank chief indictment By Reuters April 9, 2025, 11:21 AM Marwan Naamani/Zuma Press Wire/Reuters A depositor points to the picture of Riad Salameh with a slogan that reads: 'Modern-day thief' during a protest last September when scores of depositors gathered to demand his trial ‘Presumptive decision’ on embezzlement ‘Illicit enrichment’ claim Riad Salameh denies wrongdoing A judge in Lebanon has published a court decision in the embezzlement charges against the country’s former central bank chief, Riad Salameh, paving the way for an indictment. Judge Bilal Halawi published a “presumptive decision” concluding that Salameh, who served as central bank governor for 30 years before his term ended in disgrace in July 2023, had engaged in “illicit enrichment” by knowingly transferring funds from the central bank to private accounts. Salameh’s media office said the decision was the result of a “hastily prepared file” and was “marred by numerous and blatant legal flaws”. The ex-governor, who was detained in September and remains in custody, has denied all wrongdoing. He did not respond to a request for comment from Reuters on Tuesday. Lebanon’s former central bank governor ‘arrested in Beirut’ After 2 years without a central banker, Souaid divides Lebanon Lebanon central bank chief denies alleged fund fraud Salameh built a reputation as a competent steward of the financial system in Lebanon after taking the helm at the central bank following a devastating 15-year civil war and was once seen as a possible president. But his legacy was tainted by the collapse of Lebanon’s financial system in 2019, as well as charges in Lebanon and Europe that he and his brother Raja embezzled public funds over more than a decade. The brothers deny the accusations. Salameh was arrested in September over alleged financial crimes linked to a brokerage company in Lebanon called Optimum Invest, which offers income brokerage services. Optimum Invest said at the time that a financial audit completed in late 2023 had found “no evidence of wrongdoing or illegality” in the company’s dealings with the central bank. Judge Halawi’s decision paves the way for an indictment in the case, according to a judicial source with direct knowledge of the court proceedings. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
