The headquarters of the Bank of Lebanon, in Hamra. (Credit: F.G.)
BEIRUT — The deputy attorney general at the financial prosecutor's office, Fouad Mrad, recently held a hearing as part of a complaint filed on May 7 by Banque du Liban (BDL, Central Bank), represented by its governor Karim Souhaid, against former governor Riad Salameh over alleged illegal transfers totaling around $70 million.
L’Orient-Le Jour has learned that, during this session, Judge Mrad sought to question an official of V-Invest, Bassem al-Hout, as a witness regarding the alleged involvement of the transport company in the transfers in question, which allegedly benefited accounts belonging to individuals close to the former governor. These transactions were reportedly carried out with the assistance of two commercial banks, and consisted of payments first made by the BDL to "V-Invest" accounts, before being routed to the ultimate recipients through a circuit designed to conceal their identities.
However, before Judge Mrad, Hout reportedly said that as a member of the Beirut Bar Association, he wished to provide his statement only in the presence of a representative of the Bar Council. The Council is therefore expected to be notified of the date of the next hearing so that one of its members can attend.
A judicial source said that at this stage of the investigation, when the financial prosecutor's office seeks to question Hout as a witness, it is not required to request authorization from the bar council. It is only if the evidence — documents, testimony or other proof and indications — were to implicate him that a request to lift his immunity would be considered.
In such a case, and if the disputed facts appear unrelated to the practice of the profession, such a waiver would likely be granted, the source added. A second ground for granting it would be if he combines his legal status with commercial activities, which is prohibited by professional regulations.
V-Invest was reportedly used in the contentious financial circuit starting in 2017, two years after Forry Associates LTD, a brokerage firm run by Raja Salameh, Riad Salameh’s brother, ceased operations in 2015. That firm is implicated in alleged embezzlement and illegal commissions totaling around $330 million. Its case is currently being examined by Beirut’s First Investigating Judge, Roula Osman.
