Sunday, June 7Sunday, June 7French prosecutors have placed HSBC’s Swiss unit under formal investigation over its alleged role in a sprawling scandal involving Lebanon’s former central bank governor Riad Salameh, escalating legal pressure on the bank as part of a broader probe into suspected financial misconduct.
The preliminary charges, confirmed on Thursday, mark a significant escalation in the French investigation, which has already implicated Salameh—who led Lebanon’s central bank from 1993 to 2023—on allegations of embezzlement, money laundering, and illicit enrichment. Prosecutors in Paris are examining whether HSBC’s Geneva branch facilitated suspicious transactions linked to Salameh’s alleged diversion of hundreds of millions of dollars in public funds, according to filings reviewed by the *Financial Times* .
The case is part of a wider crackdown across Europe targeting financial institutions accused of enabling Salameh’s alleged scheme, which prosecutors say siphoned off state resources during Lebanon’s economic collapse. Swiss authorities have already charged Salameh with fraud and money laundering, while Lebanese courts have issued multiple arrest warrants for him, though he remains at large. HSBC has not publicly commented on the French investigation, but the bank has previously stated it cooperates with authorities in ongoing probes.
The investigation underscores the global reach of the scandal, which has ensnared politicians, bankers, and legal professionals across jurisdictions. In Spain, Judge Manuel García-Castellón—known for high-profile corruption cases—has expanded his inquiry into alleged financial irregularities within the Socialist Party (PSOE) and its Catalan counterpart (PSC), requesting tax and financial records for 2024 and 2025. The judge is also seeking data on several individuals, including former Andalusian official Gaspar Zarrías and lawyers Ismael Oliver and Jacobo Teijelo .
Meanwhile, in the UK, the Director of Public Prosecutions has warned that the investigation into former Labour minister Peter Mandelson could drag on for more than a year, citing procedural complexities similar to those faced in the case of Prince Andrew . The announcement follows a separate controversy in Turkey, where Fenerbahçe football club president Sadettin Saran was sentenced to two and a half years in prison for inciting illegal betting, a ruling that comes just days before the club’s leadership election .
The HSBC investigation adds to a pattern of cross-border financial scrutiny, with prosecutors increasingly targeting intermediaries—banks, law firms, and advisors—suspected of facilitating large-scale corruption. As the Salameh case unfolds, legal experts anticipate further charges against financial institutions and individuals, with potential extradition battles and asset seizures likely to follow.
HSBC placed under formal investigation over Lebanese central bank scandal French prosecutors bring preliminary charges against banks Swiss unit over allegations linked to former governor Riad Salameh
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