Riad Salameh spent three decades reigning over the governance of Lebanon's Central Bank. Still, as he departs, he leaves behind an unprecedented financial and monetary collapse in the country.
His exit, however, opens the door to the possibility of facing legal actions that have been pursued against him both domestically and internationally, with numerous lawsuits awaiting him.
The fate of his personal wealth, including cash and real estate assets, remains uncertain after the imposition of precautionary seizure on his properties in Lebanon, France, and other European countries.
This article was originally published in, translated from Lebanese newspaper Asharq al-Awsat.
It is not a mere coincidence that Judge Charbel Abou Samra, the First Investigative Judge in Beirut, scheduled Salameh's third interrogation just 48 hours after the end of his tenure and departure from his official position, which granted him a form of immunity.
On Wednesday, August 2, Salameh is set to appear before Abou Samra to continue the investigation based on the claims brought by the Attorney General of the Court of Appeal in Beirut, Judge Raja Hamoush, accusing Salameh of embezzlement, money laundering, and illicit enrichment.
The judge will then have two options: either leave Salameh on bail or issue an arrest warrant against him. However, the latter possibility seems unlikely or "not the right time yet," according to sources following the investigation.
According to sources following the course of the
investigation, the second possibility is not possible, or "the time has not come yet." At the same time, Raja Salameh, the brother of the former governor, and his assistant Marianne El Howayek, who are also implicated in the same case, will be subjected to interrogation at the same time.
The judicial and political circles are eagerly awaiting the outcome of Wednesday's session, especially since Riad Salameh has lost the immunity that protected him during the past months and now faces the possibility of being detained.
This could have significant implications for the country's financial situation. However, a judicial source clarified to "Asharq al-Awsat" that "ongoing investigations against Salameh, even during his tenure as head of the central bank, do not necessarily mean he had functional immunity or that his departure stripped him of immunity."
The source considered that any "punitive action against Salameh, such as issuing an arrest warrant while he was in his position of responsibility, would have negative repercussions on the money market and the exchange rate of the dollar against the lira."
Following the recent investigation session held last Tuesday, sources close to Judge Abu Samra hinted that he would not go for Salameh's arrest and cause further damage to the country's stability (referring to the potential impact of the detention on the fragile exchange rate of the Lebanese lira).
However, once Salameh leaves his position, all possibilities remain open. The source urged everyone to wait for the decision that will be made after Wednesday's session. Although the issue of detention might be unlikely in the short term, the judiciary fully recognizes that Salameh bears responsibility for the major crisis and collapse that the country has experienced. Nonetheless, the judiciary believes that Salameh is not the sole party responsible for the country's bankruptcy; there are other political partners who cannot be pursued due to political immunities they enjoy.
In parallel with the Lebanese investigations, developments in the European legal files related to the former governor remain uncertain. They are likely to accelerate in the coming weeks. The judicial source mentioned that "the French authorities have not yet handed Lebanon a request for Salameh's extradition based on the absentia arrest warrant issued by Judge Aude Buresi against him, which was circulated through Interpol and executed by Lebanon."
The French judiciary is not in a hurry to send this request, especially as Buresi has not concluded her investigations yet, and she has scheduled an interrogation of Raja Salameh on August 31.
The actions to be taken by the Belgian and Luxembourg judiciaries in light of the investigations in Beirut have not been specified. There are reports that the Swiss judiciary "seeks to access the information contained in the Lebanese investigation and obtain information that may overlap or coincide with the Swiss investigation."
The judicial source also confirmed that the Germans had not handed Lebanon an extradition request more than a month after the red notice was executed. Salameh was interrogated based on the German arrest warrant.
The German judicial team, headed by the Chief Prosecutor in Munich, has not yet received approval from Judge Abou Samra to raid the central bank of Lebanon and obtain documents related to Salameh's accounts and those of his associates.
Abou Samra seeks to distance himself from responsibility for approving or rejecting this request, leaving that decision to the Attorney General of Cassation, Judge Ghassan Oweidat, and not to any other judicial authority.