Quincy Committee meeting in Qatar: The future of Lebanon's Central Bank governorship discussed

During the meeting held in Doha on Monday, the Quincy Committee discussed Lebanon's presidential and reform files.

Among other issues, they addressed the ongoing debate over filling the vacancy in the governorship of the Central Bank of Lebanon after the end of Riad Salameh's term in July.

This article is originally published in, translated from Lebanese newspaper Nidaa al-Watan.

However, the group reached a near-consensus on implementing the Monetary and Credit Law provisions in case of the governor's appointment delay, meaning the responsibilities would be transferred to the First Deputy Governor, Wassim Mansouri.

Locally, the discussion returned to the possibility of extending Riad Salameh's term for a specific period until the election of a new president. Ecclesiastical sources indicated that Maronite Patriarch Mar Bechara Boutros al-Rahi "is concerned about the vacuum affecting major institutions, which could negatively impact citizens' lives, leading to financial chaos after July 31."

The sources pointed out that the solution to all dilemmas lies in electing a president and forming a government. As the vacancy impacts the presidency, it would be illogical for Mikati's caretaker government to appoint a new governor under the current vacancy. Instead, they suggested maintaining the status quo, with the governor continuing to perform his duties at the minimum required level until a new president is elected.

The sources called for "creating a legal opinion to continue the work of the Central Bank governor" while clarifying that they do not advocate for extending Salameh's term. Their primary concern is preventing the vacuum from affecting the governorship and avoiding any financial turbulence, as seen last weekend. The absence of political stability forces everyone to manage institutions with the available means.

In an attempt to avoid Mansouri taking on the position, other sources revealed that the Parliament Speaker, Nabih Berri, is searching for ways outside the legal framework. His goal is to prevent Mansouri's appointment, claiming that the Shia sect cannot bear the burden of what is present in the Central Bank.

Berri believes the position is Maronite, and they should accept appointing an authentic governor or extending Salameh's term. Prime Minister Najib Mikati is said to support this position implicitly.

The sources added that Berri took advantage of the fear among the governor's deputies and capitalized on their implicit resignation threat.

However, this maneuver faced broad objections, leading Berri to reconsider the possibility of the governor's deputies submitting their resignations. He might then request the Cabinet to manage affairs temporarily until a governor is appointed after a president's election and a government's formation.

Therefore, Mansouri could avoid potential scrutiny by claiming he resigned.

On a related note, a judicial source reported by "Nidaa Al-Watan" that the Justice Ministry's Legislation and Judicial Committee obtained a precautionary seizure order by Judge Gaby Chahine on properties, real estate, and vehicles registered in Riad Salameh's name in Lebanon. The seizure also includes properties and assets co-owned with others close to him, but the seizure is only applicable to his share.

The source clarified that the precautionary seizure was executed because Salameh is a defendant, and it will be converted into an executive seizure when a judgment is issued against him. These seized assets will be auctioned, and the proceeds will be transferred to the general treasury, thus preserving the rights of the Lebanese state. The estimated value of the seized assets is around $50 million.

Additionally, properties and assets belonging to Salameh's brother, Raja Salameh, and his assistant, Mariane El-Howayek, were also subject to the precautionary seizure.

Regarding the forensic audit report, Youssef Khalil responded to deputies who requested a copy, stating that the report was preliminary, not final. 

Moreover, contractual conditions with the audit firm, Alvarez & Marsal, prevent publication.

If any party obtains the final report, the audit firm is not responsible for its disclosure, and the concerned parties must maintain its confidentiality.