German prosecutors confirmed for the first time that they are investigating claims against the former head of Lebanon's central bank and had issued an arrest warrant for him.
The Munich public prosecutor's office said it was investigating Riad Salameh, Lebanon's central bank chief from 1993 to 2023, together with his brother Raja and other suspects on charges including forgery, money laundering and embezzlement.
In July last year, The National revealed the full extent of the prosecution case against Mr Salameh, who is accused of embezzling $330 million from the financially stricken country. Previously unseen documents, obtained by The National from two independent sources, disclosed in detail how Mr Salameh is alleged to have siphoned the funds into Europe and the US, the companies created to execute the plan, the accomplices he is said to have used and the vast property empire he now controls.
The Salameh brothers deny all the charges.
Mr Salameh, 72, is being investigated in Lebanon and at least five European countries for allegedly taking hundreds of millions of dollars from Lebanon's central bank, to the detriment of the Lebanese state, and laundering the funds abroad.
German and other European prosecutors have visited Lebanon several times to question the Salameh brothers. Lebanon, however, does not extradite its own nationals.
The Munich public prosecutor's office said that part of the allegedly defrauded sum, which investigators put at €150 million ($162.3 million), was routed to Europe via a letterbox company in the British Virgin Islands and invested in real estate, including in Germany.
In an operation with partner authorities in France and Luxembourg, the prosecutor's office said three commercial properties in Munich and Hamburg with a total value of about €28 million had been confiscated.
Authorities also seized shares worth about €7 million in a Dusseldorf property company.
Germany is considered a major country in the world in which illegally earned funds are fed into the economy through money laundering.
Killing of Qassem Suleimani
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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5pm Maiden (PA) Dh80,000 1,400m
Winner No Riesgo Al Maury, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm Handicap (PA) Dh80,000 1,600m
Winner Marwa W’Rsan, Sam Hitchcott, Jaci Wickham.
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Winner Dahess D’Arabie, Al Moatasem Al Balushi, Helal Al Alawi.
6.30pm Handicap (PA) Dh80,000 2,200m
Winner Safin Al Reef, Connor Beasley, Abdallah Al Hammadi.
7pm Wathba Stallions Cup Handicap (PA) Dh70,000 2,200m
Winner Thulbaseera Al Jasra, Shakir Al Balushi, Ibrahim Al Hadhrami.
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UAE currency: the story behind the money in your pockets
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
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Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
