New details emerge as Riad Salameh questioned in multi-million dollar probe

Report by Maroun Nassif, English adaptation by Mariella Succar

A judicial investigation into former Banque du Liban Governor Riad Salameh has advanced, with appellate public prosecutor Judge Samranda Nassar questioning him on Wednesday at his residence in Safra.

Nassar, acting on instructions from Public Prosecutor at the Court of Cassation Judge Ahmad Rami Al-Hajj, questioned Salameh in connection with a complaint filed by current central bank governor Karim Souaid against Salameh and Banque Audi Chairman Samir Hanna.

The complaint concerns what Banque du Liban describes as one of the largest alleged embezzlement schemes involving commissions and bribes estimated at around $40 million.

Sources told LBCI that Salameh’s questioning lasted more than four hours and was attended by his lawyer, Wassim Ghawi, as well as Banque du Liban’s legal representatives, Shoukri Haddad and Badih Moukarzel.

Salameh was questioned at his home rather than at the Palace of Justice because of a medical condition that prevents him from traveling easily, according to a report issued by a panel of doctors appointed by the public prosecutor.

The investigation focuses on four offshore companies established in the Cayman Islands.

According to LBCI sources, the scheme began in 2010 with the creation of M.O.S.F., which purchased 17 million Banque Audi shares from Hermes for $153 million. Banque du Liban financed the purchase through a loan.

In 2012, a second company, Levant Finance 1, acquired the debt instrument from M.O.S.F. and became the owner of the shares. In 2014, a third company, Levant Finance 2, acquired the debt instrument from Levant Finance 1 and assumed ownership of the shares. During this period, the debt and interest were fully repaid to Banque du Liban.

Investigators identified a key development in 2016 with the establishment of a fourth company, Crossland, whose beneficial owner was allegedly Salameh. The company reportedly held $14 million in cash and Banque Audi shares valued at $25 million.

According to the investigation, the funds transferred to Crossland were provided by former Prime Minister Najib Mikati and his brother Taha, who reportedly said the payments were made in exchange for consultancy services.

Based on these findings, Banque du Liban alleges that Salameh violated the Code of Money and Credit and securitization laws, breached his official duties, improperly financed a Cayman Islands-based company, and received unlawful commissions, amounting to illicit enrichment.

The investigation remains ongoing, and the Public Prosecutor’s Office has not yet taken any further legal action, according to LBCI sources.