BEIRUT: Lebanon’s judiciary has approved the release of former central bank governor Riad Salameh on bail exceeding $20 million after nearly one year in detention on embezzlement charges.
Salameh faces multiple accusations including embezzlement, money laundering and tax evasion in separate investigations both within Lebanon and internationally.
The 75 year old former governor, who led the central bank for three decades, is widely considered a primary figure in Lebanon’s economic collapse described by the World Bank as one of the worst in recent history.
Judicial officials confirmed the bail arrangement includes $20 million plus five billion Lebanese pounds equivalent to approximately $56,000 along with a one year travel ban effective from the decision’s implementation date.
This case specifically involves allegations that Salameh embezzled $44 million from the central bank according to judicial sources who spoke anonymously.
The judiciary had previously issued release orders for Salameh in two other cases last month according to the same officials.
A second judicial official described the bail amount as the highest ever set in the history of Lebanon’s judiciary.
Salameh’s lawyer Mark Habka told AFP that the bail is both high and illegal while indicating he would consult with his client about potential next steps.
Lebanese authorities had rejected bail in April when a judge formally indicted Salameh for embezzlement, illicit enrichment and forgery.
The decision to grant bail now reportedly considers Salameh’s health condition according to judicial sources.
Salameh would have been automatically released on September 4 when his pre-trial detention order expires regardless of the bail decision.
The former governor, who left office in July 2023, has consistently denied all allegations claiming his wealth originates from private investments and his previous employment at Merrill Lynch. – AFP