Lebanon’s ex-central bank chief accused of corruption released on $14m bail

Riad Salameh was initially celebrated for his role in steering the country’s economic recovery after a 15-year civil war (Hussein Malla/AP)

Lebanon’s long-time former central bank chief, who is widely blamed for the country’s economic meltdown, has been released on bail of $14m after a year in jail awaiting trial on corruption charges.

Riad Salameh ended his 30-year term as central bank governor in 2023 under a cloud, with several European countries probing allegations of financial crimes.

Many in Lebanon hold him responsible for the crippling financial crisis that has gripped the country since late 2019, during which depositors lost their life savings as the value of the currency collapsed.

Mr Salameh became the central bank chief in 1993 and was initially celebrated for his role in steering Lebanon’s economic recovery after a 15-year civil war, and for keeping the economy on an even keel during long spells of political gridlock and turmoil.

It's the right of the Lebanese people to know, in the end. If Riad Salameh is involved (in the alleged crimes), he will be convicted. If other people are involved, they will be convicted, and if he is innocent, he will be acquitted

He is now facing several criminal cases, both locally and internationally.

Last September, Lebanon charged Mr Salameh with the embezzlement of $42m, later adding charges of illicit enrichment over an apartment that was rented in France, supposedly to be a substitute office for the central bank if needed.

Officials said Mr Salameh had rented from his former romantic partner for about $500,000.

While in detention, the 75-year-old former bank chief’s health declined, and he was in a hospital outside of Beirut prior to his release on Friday.

The court denied a request by Mr Salameh to be released without bail, setting the bail amount at $14m. It also imposed a travel ban on him.

Mr Salameh’s lawyer, Marc Habka, told journalists that his client was in poor health, and that “we have presented to the court all the evidence” to prove his innocence.

“It’s the right of the Lebanese people to know, in the end,” he said.

“If Riad Salameh is involved (in the alleged crimes), he will be convicted. If other people are involved, they will be convicted. And if he is innocent, he will be acquitted.”