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08 March 2020
REGULATION

Lebanon prosecutor freezes assets of 20 banks

Lebanon prosecutor freezes assets of 20 banks

Lebanon has $1.2 billion in notes due 9 March 2019/Bloomberg

by Kudakwashe Muzoriwa

Lebanon’s financial prosecutor issued a decision to freeze the assets of 20 local banks and the personal assets of their heads and members of boards of directors amid an investigation into the illegal transfer of billions of dollars, according to local newswire, National News Agency

Prosecutor Ali Ibrahim, the Lebanese Financial Prosecutor questioned 14 bankers, including the Head of the Association of Banks in Lebanon, Salim Sfeir, on the transfer of $2.3 billion overseas during October and November 2019.

“Not only will this step protect depositors, but it will also shake banks,” said Ibrahim.

Nationwide protests began in October 2019, forcing the closure of lenders for nearly two weeks. Some officials accused bankers of transferring funds abroad while informal capital controls were in place.

The prosecutor also questioned the bankers on the recent sale of Eurobonds to foreign funds that the judiciary says disrupted the government’s efforts to restructure its debt.

Lebanon has $1.2 billion in notes due 9 March 2019.


RELATED STORIES: Financial Prosecutor Lebanon Eurobonds

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