9 months ago
Lebanon Central Bank Seeks Recovered Funds
Lebanon's central bank is trying to get back money that was stolen by some people who used to work there.
The governor, Karim Souaid, said they will work with other countries to find the money and bring those responsible to justice.
A man named Riad Salameh, who used to be the governor, is accused of taking more than $300 million.
He was in jail for a while but is now out on bail.
The bank wants to get the money back to help people who have deposits in the bank.
Lebanon's central bank is seeking to recover embezzled funds to bolster liquidity.
A criminal complaint has been filed against a former central bank official, a former banker, and a lawyer.
The operations involved four offshore shell companies in the Cayman Islands.
Riad Salameh, the former central bank governor, is under investigation for alleged embezzlement.
The central bank will coordinate with French investigators to exchange sensitive information.
- Who
- Lebanon's central bank, Governor Karim Souaid, former central bank official Riad Salameh, and others
- What
- Lebanon's central bank is seeking to recover embezzled funds to bolster liquidity
- Where
- Lebanon, with investigations in France, Germany, Switzerland, and other countries
- When
- The scheme allegedly occurred between 2002 and 2015, and the current actions are ongoing
- Why
- To recover embezzled funds and ensure liquidity for depositors
Key facts
- Central Bank Governor
- Karim Souaid
- Suspected Scheme Duration
- 2002-2015
- Suspected Amount Embezzled
- Over $300 million
- Investigation Locations
- France, Germany, Switzerland, and others
- Riad Salameh's Detention Duration
- Nearly 13 months
- Riad Salameh's Bail Amount
- Over $14 million
Quotes
Karim Souaid
Central Bank Governor of Lebanon
“Our mission is to pursue these individuals and entities, seek their conviction, and seize their movable and immovable assets and the proceeds of their illicit activities to ensure liquidity for the rightful owners, first and foremost the depositors.”
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