By : Ya Libnan Editorial Board
Riad Salameh who was once internationally seen as the guardian of Lebanon’s financial stability, has fallen from grace long time ago . He spent his final weeks in office a wanted man, faced with French and German arrest warrants that have been prompted by long-running corruption probes.
Lebanon’s financial crisis has been described as one of the worst economic collapses in modern history. Once hailed as a financial wizard, Riad Salameh, the former governor of the Lebanese central bank, has now become synonymous with economic ruin, facing accusations of embezzlement, money laundering, and running an elaborate Ponzi scheme. The repercussions of Salameh’s actions have been devastating for Lebanon: the local currency has lost 99% of its value, and Lebanese citizens have been denied access to their life savings. As the country grapples with this financial nightmare, Judge Bilal Halawi has been assigned the monumental task of interrogating Salameh, but the stakes are high—not just for Salameh, but for a web of corrupt politicians who may also be implicated.
Judge Bilal Halawi issued an arrest warrant for Riad Salameh after he was questioned in an embezzlement case for two and a half hours. The judge also scheduled another hearing Thursday to continue questioning Salameh, according to officials
The Collapse of Lebanon’s Economy: A Tale of Betrayal and Corruption
In October 2019, Lebanese banks and the central bank reportedly held deposits totaling $167 billion. However, as the economic crisis deepened, it became apparent that these deposits had vanished, leaving depositors unable to access their accounts. Lebanese citizens were left to ask: where did all that money go? The answer, many believe, lies in the corridors of power, where an elite few may have enriched themselves at the expense of the entire nation.
Salameh’s fall from grace has been as dramatic as Lebanon’s economic collapse. Initially praised for his role in stabilizing Lebanon’s financial system, his reputation has been shattered by allegations of corruption on a massive scale. European nations have issued arrest warrants for Salameh, accusing him of funneling money out of Lebanon through illicit schemes. Meanwhile, Lebanese citizens, who once placed their trust in the banking system, now face a bleak reality of lost savings and uncertain futures.
Judge Halawi’s Challenge: A Battle Against a System of Entrenched Corruption
Judge Halawi’s mission is not just about interrogating Salameh—it’s about peeling back the layers of corruption that have crippled Lebanon. The challenge before him is immense. The allegations against Salameh are not isolated incidents but are believed to be part of a broader, systemic corruption involving powerful politicians and financial elites who have long exploited Lebanon’s resources for personal gain. The task of holding Salameh accountable is fraught with risks, as exposing the full extent of the corruption could implicate numerous high-ranking officials.
Will Judge Halawi succeed in this uphill battle? His investigation has the potential to shine a light on the murky dealings that have left Lebanon’s economy in tatters. However, the entrenched nature of political corruption in Lebanon poses a significant obstacle. Salameh is not just an individual accused of wrongdoing; he is a symbol of a corrupt system that has profited at the expense of ordinary Lebanese citizens.
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