Beirut charges Lebanese businessman with fraud

15 September 2009

Six other people also accused of writing bad cheques and breaking financial laws

Salah Ezzedine, a wealthy Lebanese businessman, has been charged with embezzlement and fraud, according to reports by Lebanon’s state news service the National News Agency.

Ezzedine and his business partner, Yussef Faour, were charged, along with five other people.

Other charges against the men include writing bad cheques and breaking the financial laws of the country.

According to local media reports, investors could lose hundreds of millions of dollars they invested with Ezzedine and his associates.

Ezzedine surrendered himself to local authorities in early September.

Riad Salameh, governor of the Central Bank of Lebanon, said in an interview with Bloomberg on 6 September that Lebanon’s banks had no exposure to Ezzedine and mainly had private investors outside the banking industry.

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