Lebanon’s long-time former central bank chief, Riad Salameh, who is widely blamed for the country’s economic meltdown, has been released on bail of 14 million US dollars (approximately 10 million euros) after spending a year in jail awaiting trial on corruption charges.
Salameh ended his 30-year term as central bank governor in 2023 under a cloud, with several European countries probing allegations of financial crimes. Many in Lebanon hold him responsible for the crippling financial crisis that has gripped the country since late 2019. During this period, depositors lost their life savings as the value of the Lebanese currency collapsed.
Riad Salameh became the central bank chief in 1993 and was initially celebrated for his role in steering Lebanon’s economic recovery after a 15-year civil war. He was also credited with keeping the economy on an even keel during long spells of political gridlock and turmoil.
He is now facing several criminal cases, both locally and internationally. Last September, Lebanon charged Salameh with the embezzlement of 42 million dollars (31 million euros). Additional charges were later added, including illicit enrichment related to an apartment rented in France. This apartment was supposedly intended to serve as a substitute office for the central bank if needed. Officials revealed that Salameh rented the property from his former romantic partner for about 500,000 dollars annually (around 373,000 euros).
While in detention, the 75-year-old former bank chief’s health declined, and he was hospitalized outside of Beirut prior to his release on Friday. The court denied Salameh’s request to be released without bail and set the bail amount at 14 million dollars. It also imposed a travel ban on him.
Salameh’s lawyer, Marc Habka, told journalists that his client was in poor health and that they had presented all evidence to the court to prove his innocence. Habka said, “It’s the right of the Lebanese people to know, in the end. If Riad Salameh is involved [in the alleged crimes], he will be convicted. If other people are involved, they will be convicted. And if he is innocent, he will be acquitted.”
https://www.breakingnews.ie/world/lebanons-ex-central-bank-chief-accused-of-corruption-released-on-10m-bail-1811557.html