The Great Lebanese Bank Heist Can't Go Unpunished
A Ponzi scheme at the Banque du Liban brought the economy to it knees, yet the alleged culprit remains at large.
Tumbling.
Photographer: Lucas Neves/NurPhoto via Getty Images
The pilfering of Lebanon's wealth is, arguably, the bank heist of the 21st century. The long-serving governor of the Banque du Liban, Riad Salameh, has become the focus of international pressure for accountability, leading to frustration over his, and Lebanese institutions’ generally, refusal to cooperate with Western investigations.
Untold billions of depositors’ money, stored in a number of banks in many currencies and supposedly delivering implausibly generous interest rates, turned up missing during a financial crisis that took hold in 2019. The BDL is Lebanon’s central bank, controls the lire, and regulates the commercial banks that were once a bedrock of the economy.