BDL and Clifford Chance: The Facts Behind the Legal Mandate

Souaid reaffirmed his support for reappointing Wassim Mansouri as First Deputy Governor

English version based on the Arabic-language article published by Akhbar al-Yawm

The race for appointing deputy governors at the Central Bank of Lebanon appears to have begun, accompanied by tactics that fall short of the standards of merit-based competition and professional integrity.

Within this context, reports have circulated on social media alleging that Acting Governor Wassim Mansouri spent $800,000 during his tenure to retain an international law firm allegedly linked to him, to pursue legal action against former Governor Riad Salameh in several jurisdictions.

However, sources familiar with the matter clarified to the "Akhbar al-Yawm" agency that the firm in question is Clifford Chance, a highly respected British law firm with offices in major global capitals, specializing in financial crimes. The firm was retained by the Central Bank to represent it in legal proceedings against Salameh in France, Belgium, Germany, Liechtenstein, Luxembourg, and Switzerland.

The same sources disclosed that the total amount paid by the Central Bank for these legal services did not exceed €25,000, refuting claims of exorbitant spending.

They expressed concern over the propagation of such unfounded allegations, stressing that the appointment process for deputy governors should not be undermined by baseless rumors and political maneuvering. They emphasized the importance of maintaining institutional integrity, particularly as Governor Karim Souaid continues efforts to strengthen the role of the Central Bank in addressing Lebanon’s financial crisis.

In this regard, Souaid reaffirmed during a recent meeting with Speaker of Parliament Nabih Berri his commitment to the reappointment of Wassim Mansouri as First Deputy Governor.