French Investigation Targets Swiss Branch of "HSBC" in Case of Embezzled Lebanese Funds

SadaNews - A judicial investigation has been opened in Paris targeting the Swiss branch of "HSBC" bank over embezzled Lebanese funds, amid suspicions of its assistance to the former governor of Lebanon's central bank in misappropriating funds, according to the French financial prosecutor's office.

The French financial prosecutor's office clarified that the Swiss branch of the British bank "HSBC" is under investigation for money laundering charges, as part of an "organized gang and the formation of a gang of criminals" for committing offenses such as embezzling public funds, abuse of credit, or corruption in public office, thereby confirming information reported by the newspaper "Le Monde".

As a result, the bank was forced to pay a financial bail of 80 million euros to cover potential compensations and damages it may be required to pay in the future, according to the same source.

In response to an inquiry from the "France Presse" agency, "HSBC" stated: "We are not in a position to comment on a legal matter. The investigation is ongoing and we continue to cooperate."

The French judicial inquiry was opened in July 2021, encompassing charges of "money laundering as part of an organized gang and forming a gang of criminals," alongside European and Lebanese investigations.

In May 2023, a French judge issued an international arrest warrant for the governor of the Central Bank of Lebanon, Riad Salameh, suspected of accumulating a large real estate and banking fortune in Europe and the United States through a complex financial scheme, and large-scale embezzlement of public Lebanese funds.

Salameh, who served as the governor of the Central Bank of Lebanon from 1993 to 2023, faces corruption charges in separate investigations both inside and outside Lebanon, which he vehemently denies.

He was charged in Lebanon last year with embezzling 44 million dollars from the Central Bank of Lebanon, and the Lebanese judiciary approved his release on bail of over 20 million dollars.