120 million euros frozen in Lebanese laundering probe
March 29, 2022, 5:05 am

120 million euros frozen in Lebanese laundering probe

Lebanon’s Central Bank Governor Riad Salameh speaks to a reporter during an interview with AFP at his office in Beirut. (AFP)

The Arab News reported, citing the AFP, the EU’s justice agency said Monday that France, Germany and Luxembourg have seized properties and frozen assets worth 120 million euros ($130 million) in a major operation linked to money laundering in Lebanon.

The seizures are linked to a probe launched by French investigators last year into the personal wealth of Riad Salameh, the central bank chief in crisis-hit Lebanon.

Eurojust said in a statement that “Five properties in Germany and France were seized as well as several bank accounts” were frozen.

The Hague-based Eurojust said the operation on Friday was directed against five individuals who were suspected of embezzling public funds in Lebanon of more than $330 million and five million euros, respectively, between 2002 and 2021.

A source close to the probe told AFP that the five suspects include Salameh, a former Merrill Lynch banker and members of his family.

Lebanon-Armenian street (File photo: Pixabay)

Prosecutors are probing Salameh’s alleged links to criminal association and money laundering, judicial sources said, following a similar move by Switzerland.

A Lebanese judge last week charged Salameh with “illicit enrichment” and money laundering after he failed to attend a court hearing for the fifth time.

Patriarch Bechara Rahi warns against turning Lebanon into a dictatorship

Legal proceedings opened against Salameh after complaints filed by anti-graft groups in April last year, supported by a group of Lebanese citizens who lost money since the crisis hit the country in 2019.

Friday’s seizures also include three properties in Germany, valued at 28 million euros as well as other assets worth seven million euros.

In France, two Paris properties valued at 16 million euros as well as a bank account with 2.2 million euros were seized.

Eurojust said that in Luxembourg, around 11 million euros were frozen in another bank account.

Lebanon arrests brother of embattled central bank governor over money laundering

The agency did not give any details on the suspects, saying “they are assumed to be innocent until proven guilty.”

In post since 1993 and once hailed by political and business leaders, Salameh has been repeatedly accused by the government of former caretaker Prime Minister Hassan Diab of being responsible for the collapse of the Lebanese pound.

The Lebanese public suspect him and other high officials of transferring money abroad during a 2019 uprising, when ordinary people were prevented from doing so.

The 71-year-old financial official has defended himself, saying he believed he was being made the scapegoat for the Middle Eastern country’s financial woes.

Lebanon’s Fransabank closes all branches after judicial order

His lawyers too have called for the opening of a judicial probe, saying “it will give us access to the file” the contents of which “we contest entirely.”

Salameh’s French lawyer Pierre-Olivier Sur said: “We will exercise our full remedies” in the case.

Source: arabnews

Egypt counts on 'strategic relations with France' to secure wheat supplies amid Ukrainian crisis Ukrainian troops liberate Irpin town from Russian invaders

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”