Europeans to return to Lebanon in late April to continue Salameh probe
A European judicial delegation will return to Lebanon in late April, specifically after April 22, to continue its investigations in the embezzlement and money laundering case against Central Bank Governor Riad Salameh, an NGO said.
The NGO – the European Observatory for the Integrity of Lebanon – also called on the Lebanese judiciary to act and follow up on the work of the European judiciary, hoping the Lebanese arena “will witness measures such as those that are being taken by the Europeans.”
Salameh had stressed his innocence on March 17, following a second and final day of questioning in Beirut before the European.
Salameh, 72, faces allegations of financial crimes including embezzlement in separate probes in Lebanon and abroad, with investigators examining the fortune he has amassed during three decades in the job.
Following a three-hour session on March 17, Salameh released a statement saying he appeared as a witness and "not as a suspect or facing charges."
"Funds from the Lebanese central bank were not transferred to my account," he said in a statement, adding: "The transfers I made abroad, whatever the amount, were from my personal account."
The European investigators, including representatives of authorities in France, Germany and Luxembourg, are looking into allegations of financial misconduct, including possible money laundering and embezzlement.
Salameh "answered all the questions" and "pledged to provide all the documents tracing the sources of his wealth" as well as the addresses of people mentioned in the questioning sessions, a judicial official told AFP.
When they return, the European investigators also plan to question Salameh's brother Raja and former assistant Marianne Hoayek.
Salameh has decried "ill intentions" against him and blamed an "ongoing media campaign" for his legal woes.
France, Germany and Luxembourg seized assets worth 120 million euros ($130 million) in March 2022 in a move linked to a French probe into Salameh's personal wealth.
In February, Lebanese authorities charged Salameh with embezzlement, money laundering and tax evasion as part of their own investigation.
The domestic probe was opened following a request for assistance from Switzerland's public prosecutor looking into more than $300 million in fund movements by the Salameh brothers.
12 April 2023, 15:31
01
Toughest and most rewarding economic achievement is a stable money and attractive investment environment. These allow GNP growth of +7%, what transformed China, Turkey and Singapore in 2 decades from poor destitute nations to economic and industrial powerhouses. A key ingredient is political stability conducive to long-term investment. After Cedar Revolution, Lebanon had 8% GNP growth and would have become the Singapore of the region with highest standard of living based on unique factors such as top education, entrepreneurial spirit, worldwide diaspora and attractiveness as regional headquarter. Hizb 2006 War, assassinations and political risk reversed economic trajectory causing an exodus of foreign corporations and made productive investment impossible. Left was speculative investments that fueled corruption and spoiled the banking system. Hizb cost to the economy is in the hundreds of billions. Salameh is just a distraction.
12 April 2023, 15:48
02
News media failure is beyond belief. No discussions of economic cost of political instability, or retaining a reputable international firm for scientific assessment. Risk management is basic science, bread and butter for insurance & investment firms. Simple analysis shows cost of Hizb political risk, 2006 War, assassinations is in the hundreds of $billions. Hizbollah is the reason western firms left Beirut, why Arab & diaspora investment dried out and no sane industrialist will invest in automation, advanced machinery, industrial robots or R&D. Worst, Rafiq Hariri efforts to boost business reputation by rebuilding airport, infrastructure, Downtown, telecom were all destroyed by Hizb. Today, Miquati’s Vichi government is selling Lebanon on the cheap. Any major investment (port, airport, power…) will cost 20 to 80 times higher when accounting for political risk. Unless Hizbollah disarmed, no recovery or justice possible. Liberate Lebanon first so we can bring all culprits to justice.
12 April 2023, 15:50
01
Economy 101 anyone with a calculator can verify:
A peaceful well governed nation can get loans at 2% yearly interest. Political instability increases interest to 6%-10% for same loan. In a country controlled by a criminal militia funded by a belligerent country, interest will exceed 15%.
A loan payable in 30 years costs:
80% more if interest=2%
474% more if interest=6%
1645% more if interest=10%
6521% more if interest=15%
That is why all long-term investments dried up in Lebanon, our economy collapsed, businesses and country went bankrupt, and banking system destroyed. Thanks for Useful Idiots Aoun, Bassil and Franjieh for taking us to hell while protecting Hizb criminal activity, risk to economy, and disabling interest rates. Any long-term project approved while HizbIran control Lebanon will be costing Lebanese and their children several times its actual cost. Simple risk management calculations.
