Salameh, once vaunted as a financial wizard who earned Lebanon its reputation as the "Switzerland of the Middle East" during his 30-year tenure, is suspected of engineering a countrywide Ponzi scheme that caused Lebanon's 2019 financial meltdown and its five-year-long economic crisis.
Salameh is accused of concealing massive embezzlement from the central bank through creative accounting and by offering interest rates of up to 20%, which consistently attracted new capital. In 2019, a run on the banks brought the years-long scheme to an abrupt halt.
Millions of people lost their life savings in the resulting financial crisis and the country's currency depreciated by more than 95%.
Lebanon is now primarily a cash economy as the government has yet to pass a financial recovery plan to revive the insolvent banking sector.
Denne historien er fra September 10, 2024-utgaven av The Guardian.
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Denne historien er fra September 10, 2024-utgaven av The Guardian.
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Do it for Gary Villa mourn 1982 hero on return to European elite
Unai Emery has said Aston Villa plan to dedicate victory to Gary Shaw if they beat Young Boys in the Champions League after the 1982 European Cup winner died yesterday aged 63.
A new dawn, or just the richest clubs winning in ever more lucrative ways?
Uefa's new format is not about greater jeopardy, explains Jonathan Liew, but its desire to supplant sporting integrity with the thrills of the TV game show
"That trophy, the moment lives with you for ever'
As Aston Villareturn to Europe's elite competition, we catchup with some of the squad who won the 198? final
'I literally just cried. I curled up into a ball'
Tom Curry feared a hip injury would end his career but the Sale and England flanker is back after gruelling recovery
Higher and higher Villa fans' lame resistance to ticket price greed gives hierarchy free pass
If the powers that be at Aston Villa were remotely concerned their decision to charge extortionately high prices for tickets to Champions League home games this season might lead to repercussions in the form of any sort of meaningful fan protest, they were sent a very clear message on Saturday night.
John Lewis Hopes that former Tesco boss will speed up retail revival
Jason Tarry started his first day as chairman of the John Lewis Partnership yesterday with a full in-tray, after his predecessor, Sharon White, handed over control.
Blow for Belfast shipbuilding as Harland & Wolff goes bust
Harland & Wolff, the owner of the Belfast shipyard that built the Titanic, is to enter into administration this week after failing to find new funding, in a blow to UK government hopes of shipbuilding in the city.
France's European commissioner quits in row with EU chief
France's European commissioner, Thierry Breton, has resigned, citing \"questionable governance\" at the EU executive led by Ursula von der Leyen.
Israeli strikes on residential buildings kill 16 in Gaza, officials say
At least 16 people were killed in Israeli airstrikes across central Gaza on Sunday night and yesterday morning, including five women and four children, Palestinian health officials said.
At least 16 dead as 'catastrophic' rain and flooding hit central Europe
The death toll from torrential rain and flooding in central and eastern Europe rose to at least 16 yesterday, with several more people missing, as officials reported deaths in the Czech Republic, Poland and Austria, and warned the worst may be yet to come.
