The judge investigating Lebanon's central bank governor Riad Salameh on suspicion of illicit enrichment has described a lawsuit that forced the suspension of his probe as "unprecedented".
It comes amid rising tensions between the country's judiciary and political and financial elite.
The investigation by Judge Jean Tannous began in January, after one of several European countries that are looking into Mr Salameh's substantial wealth asked for co-operation from judicial authorities in Lebanon.
Mr Salameh, 71, the central bank chief since 1993, was once highly regarded but has faced increasing scrutiny after the country's economic collapse that began in late 2019.
The meltdown, which the World Bank has called one of the worst in the world since the industrial revolution, robbed many Lebanese of their life savings and caused skyrocketing levels of poverty.
Mr Tannous was forced to suspend his investigation after one of the four Lebanese banks he sought as witnesses filed a lawsuit filed on November 3, reportedly accusing him of gross misconduct. He is now awaiting a decision on the matter by one of the top Lebanese judicial bodies.
"Filing a case against a judicial request during a preliminary investigation is unprecedented," Mr Tannous told The National.
The judge had sought information on bank accounts belonging to Mr Salameh's brother, but banks say that there are differing viewpoints in the interpretation of Lebanese laws regarding conditions allowing the lifting of banking secrecy.
Local watchdog Legal Agenda said the lawsuit was yet another attempt to intimidate judges who are trying to hold Lebanon’s ruling class – widely perceived as corrupt and responsible for the crisis – accountable. The UN Special Rapporteur lambasted officials during a visit to Lebanon last week, saying they were busy "evading accountability".
“The judge is faced with lawsuits because he suspects influential people, just like in the investigation into the Beirut port blast,” said lawyer Ghida Frangieh, a member of Legal Agenda. Lebanon’s elite are “buying time, crippling the judiciary, and sending a message to judges: if you come after us, we’ll go after you personally,” she said.
A judicial probe into the deadly explosion at Beirut’s port on August 4 last year was put on hold for the third time on November 4. There are 11 lawsuits against the investigating judge, Tarek Bitar, all filed by former ministers and MPs.
Banking secrecy is one of the pillars of [Lebanon's] impunity regime, so we must lift it and restrict it to the maximum
Ghida Frangieh,
lawyer at Legal Agenda
Mr Salameh’s wealth is reportedly under investigation in France, Luxembourg, Germany, Liechtenstein and Switzerland. Lebanon's public prosecutor launched a probe after Switzerland sent a request for judicial co-operation to the Justice Ministry in November last year.
Swiss investigators suspect Mr Salameh of having embezzled $330 million from the central bank between 2002 and 2015 under the guise of payment to Forry Associates Ltd, a company registered in the British Virgin Islands and managed by his brother, Raja Salameh. Forry allegedly acted as a broker in the bank’s sale of treasury bills and the money was transferred to Switzerland.
Swiss authorities believe that $200m may have then re-entered the Lebanese banking system and was also used in part by Mr Salameh and his associates to purchase real estate in Europe, reports say. Mr Salameh has been questioned twice in Lebanon, while his brother was questioned once in Lebanon and once in France.
In early October, the investigating judge asked Banque Audi, BankMed, Banque Misr Liban and Credit Libanais for details of accounts belonging to Raja.
A 1956 law allows any judicial authority to request banks details without the need to lift banking secrecy in suspected cases of illicit enrichment.
But Lebanese media reports said the banks told Mr Tannous that the only institution allowed to lift banking secrecy was the central bank's special investigation commission headed by its governor, citing a 2015 law on fighting money laundering and terrorist financing.
The probe was automatically suspended after former minister and lawyer Rashid Derbas, acting on behalf of BankMed, filed a lawsuit against the investigating judge.
Mr Derbas did not respond to a request for comment.
Mr Tannous said the matter was now in the hands of the general assembly of the Court of Cassation, which has no time limit to come to a decision.
The general assembly's decision could have a ripple effect on Lebanon's tight banking secrecy laws. The sector's opacity, combined with close relations between politicians and banks, reportedly allowed the elite to send millions of dollars out of the country at the start of the financial collapse while average Lebanese were banned from doing so.
"Banking secrecy is one of the pillars of [Lebanon's] impunity regime, so we must lift it and restrict it to the maximum," said Ms Frangieh.
Two of the banks involved told The National that clarifying the interpretation of the law regarding banking secrecy was essential.
Zeina Zamel, head of marketing and communications at BankMed, said in an email that the bank had recently resorted to “one of the highest judicial authorities in Lebanon” for a decision "on a legal matter related to the conclusive determination of the competent authority authorised to lift banking secrecy".
BankMed did not confirm or deny "the existence of any relationship with any third party or any investigation directly or indirectly related to the same."
Bank Audi, the only other bank to respond to a request for comment, said there was "a difference of views over the interpretation of a legal point pertaining to the applicability of banking secrecy in the context of illicit enrichment cases in light of the applicable laws, particularly law 44/2015 on combating money laundering and terrorism, which provided the special investigation committee with the exclusivity over the lifting of banking secrecy on clients’ accounts.”
The word “exclusivity” was underlined and written in bold.
The central bank governor has repeatedly said that his fortune came from his previous job at investment bank Merrill Lynch and from inheritances. On Wednesday, he issued a statement attacking “opponents” who “misled public opinion by spreading false rumours”.
Mr Salameh then told a local television channel that he had asked the Lebanese company BDO, Semaan, Gholam & Co to audit his accounts. On Friday he said he had handed the audit report to Prime Minister Najib Mikati “to refute all we hear and read, all the rumours”.
But financial experts say the audit is actually an "agreed-upon procedures engagement" that requires Mr Salameh to hand over only information of his choosing.
The client “specifies the areas that need to be verified”, said a Lebanese certified public accountant who asked to remain anonymous due to the sensitivity of the subject.
"He can ask to verify some assets and not others.”
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Jawan
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THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
UAE FIXTURES
October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi
October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium
November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
