2023-08-19 10:45:23
August 18, 2023 Today at 11:54 am
A painful end to the game for Riad Salamé, who was once considered “the best central banker on the planet”.
Trouble continues for Lebanese central banker Riad Salamé. His mandate at the Banque du Liban (BDL) ended at the end of July without a successor being officially appointed. He had been at the head of the issuing institute for 30 years, a record. It is the first vice-governor, Wassim Mansouri, who has been given the task of acting.
Last Monday, a special commission of inquiry announced that the accounts of Riad Salamé and some of his relatives, including his brother Raja and his son Nady, have been frozen. A drastic decision that comes after the United States, Canada and the United Kingdom imposed economic sanctions for corruption against him.
Riad Salamé had succeeded in protecting Lebanon from the “subprime” crisis, prohibiting banks in his country from buying such products.
Washington believes that its corrupt and illegal actions have contributed to the breakdown of the rule of law in Lebanon. There is talk of embezzlement and commission payments in Switzerland related to the negotiation of Lebanese Treasury bonds. Riad Salamé denies any illegal action.
The French financial prosecutor’s office was also interested in him, in particular on the origin of his heritage, including several real estate properties in France. Riad Salamé said that in 1993, the year of his arrival at the head of the BDL, his assets already amounted to more than 20 million dollars following two inheritances and his income earned at Merrill Lynch, his employer. .
Voted “Best Central Bank Governor in the World” in 2006 by Euromoney and “Central Banker of the Year 2009” by The Banker, he had succeeded in protecting Lebanon from the “subprime” crisis, prohibiting banks in his country from buying such products.
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