Lebanon's former central bank governor Riad Salameh. (Credit: AFP)
BEIRUT — On paper, Lebanon appeared to be gradually finding its footing again. A series of long-awaited reforms, from the adoption of the bank secrecy law to the bank restructuring law, had finally been passed after six years of economic freefall. Tourism has gradually picked up, while the overall mood seemed to be shifting. Then came Tuesday’s headlines: a judicial decision setting bail for former central bank governor Riad Salameh at $20 million — the largest in Lebanon’s history.Salameh had been charged last September by a Lebanese Judge in connection with the Optimum Case, and was accused of embezzling at least $44 million from Banque du Liban (BDL, central bank), alongside forgery and illicit enrichment charges. This is just one of several legal battles he faces, including the Forry case and another concerning real estate...
BEIRUT — On paper, Lebanon appeared to be gradually finding its footing again. A series of long-awaited reforms, from the adoption of the bank secrecy law to the bank restructuring law, had finally been passed after six years of economic freefall. Tourism has gradually picked up, while the overall mood seemed to be shifting. Then came Tuesday’s headlines: a judicial decision setting bail for former central bank governor Riad Salameh at $20 million — the largest in Lebanon’s history.Salameh had been charged last September by a Lebanese Judge in connection with the Optimum Case, and was accused of embezzling at least $44 million from Banque du Liban (BDL, central bank), alongside forgery and illicit enrichment charges. This is just one of several legal battles he faces, including the Forry case and another concerning real...