Bangladesh, Jan. 9 -- Lebanons long-troubled financial sector has entered a new and consequential phase as the countrys central bank moves to reclaim funds allegedly siphoned off during the tenure of former governor Riad Salame. In a rare and forceful public intervention, Central Bank Governor Karim Souaid announced that Banque du Liban (BDL) has filed a legal complaint against a former senior bank official and a former banker, accusing them of illicit enrichment and embezzlement through offshore shell companies. The legal action, Governor Souaid said, is aimed at recovering misappropriated funds that could be used to partially compensate depositors who have been locked out of their savings since Lebanons financial collapse.

Although Sou...