As French authorities ramped up a money laundering investigation, prominent Lebanese financier Marwan Kheireddine swiftly shifted control of a substantial portfolio of prime London real estate to his sibling, newly uncovered corporate documents reveal.
Kheireddine, a former confidant of disgraced central bank chief Riad Salame, had long held the properties through a web of Panamanian shell companies. However, records show that by July 1, 2023—just four months after prosecutors formally charged him—he was quietly removed as the beneficiary of at least 15 offshore entities.
These holdings, valued at more than £200 million, include some of London’s most prestigious addresses: Aldford House, a luxury block in Mayfair purchased for £158 million in 2012, and Danesfield House, a historic estate in Buckinghamshire acquired for £22 million two decades ago. The properties had been shielded from public view through structures registered in Panama.
The timing of the transfer raised eyebrows among investigators. In April 2023, French prosecutors had questioned Kheireddine in connection with a corruption probe into Salame, confiscating his passport and electronic devices. During that interrogation, Kheireddine claimed his brother Wassim had handled their London business since 2018—but corporate records contradicted this, listing Marwan as a beneficial owner until the July change.
Salame, who managed Lebanon’s central bank for three decades, now faces accusations of embezzling hundreds of millions from public coffers. European prosecutors have traced at least $150 million linked to his accounts at Bank al-Mawarid, a financial institution owned by the Kheireddine family. The former governor has dismissed the charges as a political vendetta.
The advocacy group Sherpa, which filed a criminal complaint against Salame and his associates, described Kheireddine as having played a “central role” in the alleged scheme. Chanez Mensous, a manager at the organization, stressed that “tracking illicit wealth to restore it to the Lebanese people remains a key goal of this investigation.”
When pressed about the asset transfer, Kheireddine insisted it was part of a long-standing family estate plan that began in 2012 and concluded in 2023, unrelated to the legal proceedings. He provided no documentation to back this claim. He also maintained that the French case targets Salame and his inner circle, not himself personally, and noted that none of his assets have been frozen anywhere globally.
Asked about the use of Panamanian companies, Kheireddine argued that Panama offers advantageous rates for legal holding structures, which his family uses for real estate. He added that each firm is registered with the U.K.’s Companies House, declaring the ultimate owner. However, the requirement for such registration only took effect in 2022 under a new law aimed at cleaning up dirty money in British property markets.