A French lawyer said the billions of dollars that vanished from Lebanon require full and accurate disclosure of the Banque du Liban (BDL) archives. There should be no reservations and no tampering.
William Bourdon said the central bank and its lawyers are responsible for explaining how this money “evaporated.” They must also say whether the compliance department did its job properly. Or was there complicity inside the institution that made these operations easier?
The lawyer explained that French judicial authorities opened the first legal proceedings about five and a half years ago. They targeted former BDL Governor Riad Salameh and his network of associates. The investigations led to formal charges (mise en examen) against 10 entities and individuals. These include HSBC Switzerland and nine individuals, led by Salameh, his family and those around him.
He also mentioned a new complaint against caretaker Prime Minister Najib Mikati and some of his family members. It alleges “illicit enrichment” in France. It also looks at how a 14% stake in Bank Audi was acquired.
The newly filed complaints also include suspected money laundering, breach of trust and criminal conspiracy. They target the French branches of Swiss HSBC and Bank Audi (the Richelieu – Audi France group). They also include specific allegations against Antoun Sehnaoui and some managers of those entities.
As for BDL, the lawyer noted that the bank has joined the case as an “injured party” (partie civile). He said this shows its wish to uncover the full truth.
Even so, he stressed that the continuing investigations will show whether Salameh’s practices were enabled or eased by an institutional failure or internal complicity. This could later raise the question of the bank’s own civil or criminal liability.
The lawyer also stressed the importance of active judicial cooperation between France and Lebanon. In addition, offshore financial centers within the European system, such as Cyprus and Monaco, should be involved. He said other countries are also believed to have helped make these financial violations possible.
Finally, he said that recovering looted funds follows strict stages, starting with identifying the assets and then freezing them. He pointed to the seizure of assets suspected of being acquired illegally in France, Britain, Germany and Luxembourg. However, he stressed that final recovery depends on final court rulings ordering the assets’ confiscation.
