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Lebanese judge issues travel ban for the country’s central bank governor

The Arab News reported according to the AFP that Lebanon's state-run National News Agency and a lawyer said, Lebanese judge Tuesday issued a travel ban for the country’s central bank governor.
The move comes after a corruption lawsuit accused him of embezzlement and dereliction of duty during the country’s financial meltdown.
The decision was the first judicial action taken by authorities in Lebanon against Riad Salameh, who is being investigated in several countries abroad for potential money laundering.
It was not immediately clear if the ban will be implemented. Salameh, 71, has been in the post for nearly three decades and enjoys backing from most politicians, including the country’s prime minister, despite the country’s devastating economic crisis and banking sector collapse.

The travel ban was issued by Ghada Aoun, an investigating judge for the Mount Lebanon district, based on an investigation into a case filed by lawyers of an anti-corruption group known as the People Want to Reform the Regime.
Aoun’s decision came as the value of the Lebanese pound tumbled to new lows on Tuesday, reaching 33,500 to the US dollar. The pound has lost more than 90 percent of its value since the meltdown began, including nearly 10 percent of its value since the beginning of the year.
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Salameh was once touted as the guardian of Lebanon’s monetary stability and praised for steering the country’s finances through post-war recovery and bouts of unrest. But he has come under intense scrutiny since the small country’s economic meltdown began in late 2019, with many experts now questioning his monetary policies.
Haitham Ezzo, one of the attorneys who filed the lawsuit against Salameh, said the governor violated his official duty to protect the national currency and the banking sector. He said Salameh is also criminally responsible, saying the suit provides new evidence that he abused his position for personal gain.
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“We filed a criminal case against him ... and we asked for a number of things starting with a ban on his traveling,” Ezzo said. The second request was to reveal the fate of Lebanon’s huge gold reserves that are worth billions of dollars.
Salameh is being investigated in Switzerland, Luxembourg and France for potential money laundering and embezzlement. Local media reported in recent months that Salameh, his brother and an aide have been involved in illegal businesses, including money transfers abroad despite the informal capital controls imposed at home.
Ezzo said they have evidence that Salameh has rented an apartment in Paris’ Champs Elysee for the central bank at an overvalued price, accusing him of embezzling the difference.
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Salameh, who has repeatedly denied making such transfers, said in November that he asked for an audit of transactions and investments during his tenure and the results showed no public money has been misused.
Salameh has said that he was wealthy before he became central bank governor in 1993.
Lebanon’s economic crisis — rooted in decades of corruption and mismanagement — has been described by the World Bank as one of the worst the world has witnessed since the 1850s.
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Ezzo said: “How can I trust a person who said the pound is doing well. How can I trust a person who said the banks are not bankrupt but they really are."
Last month, Prime Minister Najib Mikati was asked whether he plans to remove Salameh from the post. Mikati responded: “During wars you don’t change officers.”
Source: arabnews
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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