Lebanon's former central bank governor, who served for 30 years, was detained after being questioned in multiple corruption cases. Widely praised for his role in Lebanon's economic recovery post-civil war, he left office under scrutiny last year. Several European countries are investigating him for alleged financial crimes, with many in Lebanon blaming him for the country's financial crisis since late 2019.
The ex-governor denies corruption, embezzlement, and illicit enrichment allegations, attributing his wealth to inherited properties, investments, and his past job as an investment banker. He was interrogated for over three hours by the top public prosecutor on various financial matters, including allegations of manipulating financial statements to conceal losses.
Lebanon's Internal Security Forces transferred him to a more secure prison, where he is expected to remain in custody during further questioning. He has been a focal point of criticism for policies contributing to Lebanon's economic crisis, leading to a significant devaluation of the Lebanese pound and triple-digit inflation.
The U.S., the U.K, and Canada have sanctioned him and his associates, while France issued an international arrest warrant, although Lebanon does not extradite its citizens. France, Germany, and Luxembourg are also investigating him and his close associates for alleged illicit enrichment and money laundering.
The ex-governor has dismissed the European investigation as part of a media and political campaign to scapegoat him. Lebanon has yet to appoint a new central bank governor, with an acting governor currently in place. The country, facing a prolonged presidential vacancy, operates under a caretaker Cabinet with limited powers.
