Lebanon launches probe into two decades of corruption, sources say

Lebanon is set to open files on corruption that have accumulated over the past two decades, in a move aimed at uncovering the scale of financial violations, with initial investigations revealing tens of billions of dollars in losses, according to Lebanese sources cited by Al Hadath TV.

The sources said Lebanon is moving to reveal the extent of corruption during the past 20 years, noting that preliminary investigations into corruption cases have uncovered waste amounting to tens of billions of dollars. They added that the "weapons-for-corruption equation has ended."

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This comes as the Central Bank of Lebanon continues its legal actions as part of efforts to recover funds it says were embezzled. The bank announced it has filed two criminal lawsuits with the relevant judicial authorities against a former central bank official and several former banking executives, as well as an individual who presented himself as an investor in the banking sector.

In a statement, the Central Bank said the lawsuits are part of an ongoing strategy to track and recover embezzled funds both inside and outside Lebanon, with the aim of returning them to their rightful owners, especially depositors, without disclosing the names of the accused.

The bank added that the facts and documents in the lawsuits indicate that the accused exploited their positions to carry out a scheme that diverted central bank funds for unauthorized purposes, causing, according to the statement, significant financial harm to the bank and the public interest.

The Central Bank noted that, if proven in court, the actions attributed to the accused could constitute crimes of fraud, embezzlement, illicit enrichment, breach of duty, bribery, and forming an organized criminal group.

It stressed that the purpose of the legal actions is not only to prosecute those involved, but also to recover stolen funds and obtain compensation for damages suffered by the bank, emphasizing that the lawsuits target only individuals and do not include the commercial banks where they worked.