Lebanese judge issues travel ban for the country’s central bank governor
January 12, 2022, 5:30 am

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

Riad Salameh-Lebanese central bank governor/Facebook page

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.

Lebanon seizes nearly nine million Captagon tablets in fake oranges

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.

Lebanon's top Christian cleric stresses the importance of holding legislative elections

“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.

Lebanon's total confirmed cases of Omicron COVID-19 variant rose to 29

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.

Vulnerable families in Lebanon will receive financial support from the World Bank

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

USA sets new grim pandemic records with nearly 1.5 mln daily cases Cross-border humanitarian Syria aid gets 6-month extension without new UN vote

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.