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Report: 'Embezzled' Lebanese Cash in Swiss Banks

A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. REUTERS/Mohamed Azakir
A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. REUTERS/Mohamed Azakir
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Report: 'Embezzled' Lebanese Cash in Swiss Banks

A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. REUTERS/Mohamed Azakir
A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. REUTERS/Mohamed Azakir

Banks in Switzerland are holding a substantial amount of the millions of dollars Lebanese central bank chief Riad Salameh is accused of embezzling, Swiss media reported on Sunday.

Salameh, 72, faces investigations related to suspicions of money laundering and illicit enrichment in Lebanon and abroad after he amassed a fortune in the country mired in financial crisis.

A Lebanese judge on Thursday filed new charges against Salameh, his brother Raja and his former assistant Marianne Hoayek for embezzlement of public funds and money laundering.

Salameh categorically denies all accusations against him and has rarely appeared before the judiciary, despite numerous complaints, summonses, investigations and a travel ban issued against him a year ago.

Twelve Swiss banks have received a large part of the money he is alleged to have embezzled, estimated at up to $500 million, SonntagsZeitung reported on Sunday, according to AFP.

The Swiss weekly said $250 million was left on Raja Salameh's personal account with HSBC's subsidiary in Geneva.

Other amounts ended up with UBS, Credit Suisse, Julius Baer, EFG and Pictet, with the transactions carried out using an offshore company registered in the British Virgin Islands, the report added.

"Considerable sums" were then allegedly used to buy real estate assets in several European countries.

SonntagsZeitung said some of the funds have already been frozen, but federal prosecutors have not revealed how much.

Switzerland's federal market regulator FINMA has been carrying out preliminary investigations into 12 Swiss banks "for months", it reported.

A spokesman told the weekly that legal proceedings had been started against two banks in the "Lebanese context", but their names were not revealed.

Lebanon opened an investigation into Salameh's assets in 2021, after a request for assistance from Switzerland's public prosecutor probing more than $300 million in fund movements by the governor and his brother.

Riad Salameh has headed Lebanon's central bank since 1993.

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Families of Israeli Hostages Held in Gaza Start Hunger Strike

Families of Israelis held hostage in Gaza hold banners and photos during a protest near Prime Minister Benjamin Netanyahu's residence in Jerusalem on September 30 (EPA)
Families of Israelis held hostage in Gaza hold banners and photos during a protest near Prime Minister Benjamin Netanyahu's residence in Jerusalem on September 30 (EPA)
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Families of Israeli Hostages Held in Gaza Start Hunger Strike

Families of Israelis held hostage in Gaza hold banners and photos during a protest near Prime Minister Benjamin Netanyahu's residence in Jerusalem on September 30 (EPA)
Families of Israelis held hostage in Gaza hold banners and photos during a protest near Prime Minister Benjamin Netanyahu's residence in Jerusalem on September 30 (EPA)

Family members of Israelis held in Hamas tunnels in the Gaza Strip began a hunger strike, accusing the Israeli government of Prime Minister Benjamin Netanyahu of completely abandoning their cause by waging a brutal war in Lebanon.
They said Israel’s decision to expand the war to the north with Lebanon and possibly to a regional war with Iran, is “a death sentence for their sons and daughters” who were taken captive by Hamas a year ago in Operation Al-Aqsa.
The hunger strike came after the Israeli Army’s Home Front Command ordered a ban on gathering for fear of Hezbollah, Houthis and other parties firing rockets at the protesters.
Despite this decision, some family members of Israeli hostages chose to continue their protest. But there were only a few hundred who participated.
Meanwhile, 18 Israelis continued a hunger strike, demanding a deal that would bring the hostages home.
Danny, the brother of Itzik Algert, one of the hostages in Hamas captivity said he understands that the hunger strike is a desperate move, but added that he cannot remain silent while his brother faces the danger of death in captivity.
“We have a government that does not shy away from committing a crime against its children,” he said. “Demonstrations are now limited and forbidden while the public is indifferent. They will not move until they watch us die, and even then, I'm not sure they will. But, we can't celebrate the holiday while our children suffer,” Danny added.
There are 101 hostages held by Hamas since October 2023, about 31 of whom Israeli officials estimate have died. Their families urge the country's leadership to secure a ceasefire deal that would free the captives before they see more deaths.
The hunger strike was started by activist Orna Shimoni, who is 83 years old. Shimoni became prominent during the first Lebanon war in 1982 when she established a movement called the Four Mothers.
Protesters who joined Shimoni include David Agmon, a retired Brigadier General in the Israeli army, and Rabbi Avidan Freedman.
Those striking are staying outside the Knesset west of Jerusalem.
Michal Deutsch, who is taking part in the protest, accused right-wing activists of attacking and insulting everyone at the hunger strike. She said those activists were sent by the government to harass the strikers.