The Salameh Papers: Full coverage here
Lebanon's former central bank chief Riad Salameh was arrested on Tuesday after a judicial hearing in Beirut, a senior judicial source told The National.
Public Prosecutor Judge Jamal Hajjar ordered his arrest, after which we will be detained for four days, the source added.
Mr Salameh is under investigation in Lebanon in two separate cases involving alleged embezzlement from the Lebanon central bank, Banque Du Liban (BDL).
Tuesday's hearing in Beirut related to alleged embezzlement and manipulation of financial statements through an $8 billion scheme. It involves controversial Lebanese broker Optimum Invest SA, with which BDL engaged in “round-tripping” of transactions, generating $8 billion in fake gains for the central bank and suspected embezzlement of public funds.
The 45 contracts, all seen by The National, were signed by Mr Salameh in his capacity as central bank governor at the time, and Optimum’s chairman, Antoine Salame – a distant relative who has since then left the company – between 2015 and 2018.
The alleged accounting “trick” would let BDL record future interest payments as immediate revenue, creating no real economic value, in an effort to hide mounting losses from unsustainable monetary policy, according to experts who accessed the audit and spoke to The National.
A BDL source previously confirmed to The National that the bank is looking into allegations of falsified financial statements.
BDL's forensic audit, conducted by consulting firm Alvarez & Marsal (A & M), also suggests at least $111 million of these “paper” profits was siphoned off as shady disbursement to undisclosed third parties.
Commenting on the rationale behind the deals with Optimum, Mr Salameh told The National in July that operations with Optimum were in line with the institution's accounting framework.
“The income from these operations was not booked as profit but revenue against postponed losses in accordance with the financial chart of BDL,” he said by email.
BDL relies on its own accounting standards, which diverge from International Financial Reporting Standards.
A&M had previously criticised BDL's “non-traditional” accounting standards in its audit for lacking transparency.
Mr Salameh did not comment on the embezzlement allegations related to Optimum in his email.
Caretaker Minister of Justice Judge Henri Khoury said of Mr Salameh's detention that the “judiciary has had its say. We respect the judiciary's decision.”
The move comes amid speculation that Lebanon could be put on the “grey list” by the FATF, the international financial crime watchdog, during its plenary in October of this year.
“Let justice take its course and we will see if this is a political manoeuvre, FATF-related move to show a desperate last minute agonising attempt to avoid a grey listing or it is finally a serious move by the judiciary to address corruption and money laundering alleged charges,” financial expert Henri Chaoul told The National.
Stalled investigation
Optimum commissions are suspected to be a continuation of the Forry Associates Ltd scheme, another broker under investigation in Europe, allegedly used by Mr Salameh to embezzle $330 million from the BDL between 2002 and 2015.
The funds were reportedly used to acquire luxurious properties in Europe and the US, most of which are now frozen.
Mr Salameh has repeatedly denied any wrongdoing.
The investigation into Forry, which began in 2021 in Lebanon, has been stalled for years due to political interference in a country where impunity usually prevails.
However, it has gained momentum abroad with France, Luxembourg, Germany, Switzerland, Belgium and Liechtenstein opening investigation into Mr Salameh over suspected financial crimes.
In May 2023, France issued an arrest warrant for Mr Salameh after a hearing in Paris. The US, UK and Canada have also imposed sanctions on him in connection with the allegations.
French lawyer William Bourdon, who initially brought legal action against Mr Salameh in France and has extensive experience in recovering ill-gotten assets, warns that Mr Salameh's arrest could be a “tactic” by the Lebanese judiciary.
“My experience shows that these procedures could act as smokescreens to create the impression of a genuine investigation, when in reality the person is arrested with the intention of later releasing them and dropping the case.”
This could be a calculated move to make Mr Salameh a scapegoat, he added, shifting the focus away and reducing international pressure on those who have committed worse offences.
“This would not work,” Mr Bourdon said.
Once praised as the guardian of the flourishing banking sector, Mr Salameh is widely blamed for Lebanon's financial collapse, characterised by losses exceeding $70 billion, a crumbling local currency and largely insolvent banks.
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
OPTA'S PREDICTED TABLE
1. Liverpool 101 points
2. Manchester City 80
3. Leicester 67
4. Chelsea 63
5. Manchester United 61
6. Tottenham 58
7. Wolves 56
8. Arsenal 56
9. Sheffield United 55
10. Everton 50
11. Burnley 49
12. Crystal Palace 49
13. Newcastle 46
14. Southampton 44
15. West Ham 39
16. Brighton 37
17. Watford 36
18. Bournemouth 36
19. Aston Villa 32
20. Norwich City 29
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POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
