Activist groups lodged a complaint with the financial supervisory authority in Switzerland on Thursday to request an investigation into the activities of three Swiss banks in relation to Lebanon’s embattled central bank governor.
The seven Swiss and Lebanese groups believe that Julius Baer and the Swiss subsidiaries of two Lebanese banks, Bank Audi (Suisse) and BankMed (Suisse), helped Riad Salameh shelter embezzled funds.
“All three banks appear to have breached their anti-money laundering obligations when assisting Mr Salameh and his entourage to shelter funds which appear to be ill-gotten and derived from corruption,” said Zena Wakim, a lawyer at the Swiss foundation Accountability Now, which took part in the complaint.
The six other plaintiffs are Lebanese. They include the Depositors’ Union, an association that defends the rights of Lebanese depositors, as well as small progressive political parties Li Haqqi, Beirut Madinati, and Taqaddom.
The Swiss financial watchdog, which goes by the acronym FINMA, can open an investigation, sanction banks, revoke their licences or refer the case to the Swiss judiciary.
"We can confirm that we have been or are in contact with relevant banks in the Lebanon context and that compliance with AML due diligence requirements plays an important role in our supervisory activities," FINMA spokesperson Tobias Lux told The National in an email.
"These requirements include in particular dealing with business relationships with PEPs [politically exposed persons] and business relationships with increased risks," he said.
FINMA, which does not provide details on its supervisory activities, has been in contact "with national and international authorities," added Mr Lux.
The aim of Thursday's complaint is to show that Lebanese activists are “keeping an eye” on the central bank governor, his family, and the Lebanese banking sector, said Lebanese lawyer Fouad Debs, from the Depositors’ Union. “The more pressure we put on them, the more they might accept a recovery plan that’s not only for their own benefit,” he said.
Widely viewed as a result of decades of mismanagement and corruption by Lebanon’s elite, the collapse of Lebanese banks in 2019 robbed depositors of most of their savings and caused skyrocketing levels of poverty. Previous discussions for a bail-out from the IMF have been stalled by the banking sector’s disagreement over the size of their losses.
The crisis also damaged the reputation of Lebanon’s veteran central bank governor, Mr Salameh, 71. Swiss judges suspect him of having used their country’s banking system to launder $330 million with his brother, Raja Salameh, 61, through a contract signed between his British Virgin Islands company, Forry Associates, and the central bank.
Lebanese commercial banks paid commissions to the central bank on their purchases of government certificates of deposits. Mr Salameh previously told Reuters that the central bank then sent on these commissions to Forry and other intermediaries but said that Forry's "only job was to gather all these commissions and fees and redistribute according to the instructions." He did not specify what those instructions were.
This system that was set up at least two decades ago, according to the Swiss request for judicial cooperation from Lebanon, dated November 2020, which The National was able to review.
The letter shows that Swiss judges believe that the Salameh brothers channeled some of these funds to Switzerland and laundered the money by investing in real estate across Europe, particularly in the United Kingdom, among others.
The Salameh brothers are also suspected of having sent $207 million of the Forry funds from Switzerland to four Lebanese banks.
The Swiss request for co-operation triggered an investigation in Lebanon in early 2021. But a raid on these banks conducted by Lebanese judge Jean Tannous was stopped at the last minute in January following a phone call from Prime Minister Najib Mikati to public prosecutor Ghassan Oueidate. Mr Mikati has publicly defended Mr Salameh, saying: “you don’t change officers during a war.”
Mr Salameh has repeatedly denied any wrongdoing and claims he is the victim of a campaign led by foreign media. He has refused to be interrogated by Lebanese judge Ghada Aoun, saying that she is openly hostile to him. She recently tried to force him to come in for questioning but officers could not find him. A few days later, he told the Financial Times: “I’m in my house and the central bank.”
Yet the European judiciary continues to pressure Mr Salameh. At least five European countries, including France and Luxembourg, are currently investigating him mainly on suspicion of money laundering.
Lebanese activists have more faith in European judges than in their own, said Mr Debs. “Not much has been done in Lebanon because judges are either complacent or threatened, so we have been working on cases abroad,” he said.
The National reached out on Friday to Julius Baer, BankMed (Suisse), Bank Audi (Suisse), the Association of Banks in Lebanon and Mr Salameh’s press advisor. Julius Baer said that as a matter of policy, the bank does not comment on "alleged or actual client relations." The others did not answer.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
SPEC%20SHEET
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UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
Killing of Qassem Suleimani
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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
Results
2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly
3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi
4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar
4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer
5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer
RESULT
Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45' 1 og), van La Parra (red card 90' 6)
Man City: Agüero (47' pen), Sterling (84')
Man of the match: Christopher Schindler (Huddersfield Town)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
