$14 million cash and LBP 5 billion bail raise questions over ex-central bank chief Riad Salameh’s release

Report by Bassam Abou Zeid, English adaptation by Karine Keuchkerian

The bail that secured the release of former Central Bank of Lebanon governor Riad Salameh amounted to $14 million and LBP 5 billion, paid in cash.

Because the court that ordered Salameh’s release did not have a safe large enough to hold the amount, it was deposited as a trust in the Judges’ Mutual Fund.

The $14 million is intended to secure compensation and rights for the plaintiff, the Central Bank of Lebanon. If Salameh is convicted and fined, the $14 million would go toward that sum. If the fine is higher, it would cover part of the payment; if lower, the balance would be returned to Salameh.

The LBP 5 billion includes LBP 4 billion as an appearance bond, which would be forfeited if Salameh fails to appear before the court, and LBP 1 billion allocated for fees and expenses.

The source of the $14 million in cash is under investigation by the Court of Cassation’s Public Prosecution, led by Judge Jamal al-Hajjar.

Sources close to Salameh say the former governor is wealthy in both financial assets and real estate, a fact known to the court that requested the bail. They add that nothing in Lebanese law prevents others from helping him secure the amount, provided guarantees are in place.