France probes Lebanese central bank chief's wealth

France has opened a probe into the personal wealth of Riad Salameh, central bank chief in crisis-hit Lebanon, sources told AFP Sunday.

Paris financial prosecutors have opened a preliminary probe into criminal association and money laundering by Mr Salameh, a source close to the investigation and a judicial source said, following a similar move by Switzerland.

Its findings could shed light onto the origins of the 70-year-old former Merrill Lynch banker's wealth.

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In post since 1993 and once hailed by political and business leaders, Mr Salameh has been repeatedly accused by the government of caretaker Prime Minister Hassan Diab of being responsible for the collapse of the Lebanese pound.

The Lebanese public suspect him and other high officials of transferring money abroad during a 2019 uprising, when ordinary people were prevented from doing so.

Lebanon has since been hit by an economic crisis which the World Bank says is one of the worst anywhere since the 19th century.

Close to the powerful Hariri family, Mr Salameh has been under investigation for months in Switzerland on suspicion of serious money laundering and embezzlement from the Bank of Lebanon.

He also owns several properties in France and may have transferred money via the country.

One of the criminal complaints that prompted French prosecutors to get involved came from Swiss foundation Accountability Now, French daily Le Monde reported.

Another was filed by anti-financial crime group Sherpa and by the Collective of Victims of Fraudulent and Criminal Practices in Lebanon, set up by savers devastated by the post-2019 crisis.

The French move signals the start of "a universal mega-investigation across Europe", said William Bourdon and Amelie Lefebvre, lawyers for Sherpa and the savers' collective.

"Enormous money laundering operations will be examined, which ought to open every nook and cranny of the mafia that has brought Lebanon to its knees," they hope.

Their criminal complaint, seen by AFP, accuses Mr Salameh and people close to him, his brother Raja, his son Nadi, a nephew and an aide at the central bank, of fraudulently building a vast fortune in Europe.

The groups urge the judiciary to investigate massive capital flight from Lebanon since the crisis began, as well as property purchases out of all proportion to the buyers' income and the roles played by financial intermediaries, tax havens and strawmen.

Based especially on reports by Lebanese website Daraj.com and the Organised Crime and Corruption Reporting Project, the plaintiffs believe that Mr Salameh's worldwide total wealth amounts to more than $2 billion.

He contests that figure, saying his holdings stem from inheritances, his banking career and legitimate investments since taking office in 1993.

The French prosecutors' investigation is the latest in a string of probes into "ill-gotten gains" of foreign leaders, especially from Africa or the Middle East.

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In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.

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Sole survivors

Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties