Beirut - The ex-governor of Lebanon's central bank, Riad Salameh, has been targeted with sanctions by the United States, the United Kingdom, and Canada, as they level allegations of engaging in corrupt practices to amass personal wealth and benefit his associates.

Salameh, responding to the accusations put forth by these three nations, conveyed his rejection of the claims in communications with Reuters, asserting his intention to contest them through legal means. He also revealed that some of his assets had already been frozen during previous investigative processes.

In an official statement, the US Department of Treasury emphasized that Salameh's actions, tainted by corruption and unlawfulness, have contributed to the erosion of the rule of law within Lebanon. Consequently, the department has extended sanctions to encompass four other individuals in close proximity to Salameh, including family members, trusted associates, and his chief assistant.

The US Treasury stated, "Salameh abused his position of power, likely in violation of Lebanese law, to enrich himself and his associates by funnelling hundreds of millions of dollars through layered shell companies to invest in European real estate."

Both Britain and Canada have also enacted sanctions against Salameh, who held his position at the central bank from 1993 until July 31, 2023. However, Salameh's legal representatives and his assistant, Marianne Howayek, have not immediately responded to requests for commentary.

Once hailed as a financial prodigy, Salameh left his post last month under a cloud of disrepute amid Lebanon's banking sector collapse and the onslaught of corruption allegations domestically and internationally.

Earlier in May, French and German authorities issued arrest warrants for him. Both countries subsequently issued Interpol Red Notices, marking him as a wanted individual with charges encompassing money laundering.

Lebanon's catastrophic meltdown is a consequence of years of corruption and lavish state spending by the political factions in control of the government. Salameh, along with these factions, bears the blame according to many Lebanese citizens, given that the crisis has led to a staggering 98% depreciation in the value of the national currency.

Refuting the allegations of financial wrongdoing, Salameh has consistently maintained his innocence, suggesting that he has been made a scapegoat for the economic turmoil. Together with his brother Raja and Howayek, he faced charges in Lebanon in February for money laundering, embezzlement, and illicit enrichment.