BEIRUT: A London court has ordered two Lebanese banks to pay a depositor $4 million of his money locked in Lebanon’s crippled banking system by informal capital controls in place since a financial meltdown in 2019, the first such ruling in Britain.
The High Court of Justice, Queen’s Bench Division, ordered Bank Audi and SGBL to make the payments, amounting to about $1.1 million and $2.9 million respectively, to claimant Vatche Manoukian by March 4, a copy of the ruling seen by Reuters said.
“Bank Audi will abide by the ruling of the British court,” a Bank Audi official told Reuters.
SGBL did not immediately respond to a request for comment.
Lebanon’s financial system collapsed in 2019 after years of unsustainable financial policies, corruption and waste. Banks imposed tight controls on accounts, including a de facto ban on withdrawals of dollar-denominated deposits and limits on withdrawals in local currency.
These controls were never formalized with legislation and have been challenged in local and international courts, with mixed results.
A UK court in December ruled in favor of a Lebanese bank in a case brought by a depositor, considering the bank had discharged its debt to the plaintiff by issuing checks for the value of his deposits.
Many Lebanese banks have resorted to discharging dollar-denominated funds via banker’s cheques which cannot be cashed out in dollars and are instead sold on the market at about a quarter of their value.
Just a week prior, a French court had ruled in favor of a saver residing in France in a case she brought against a bank which had also issued checks for her account balance, saying the unilateral move by the bank, opposed by the claimant, meant the bank had not fulfilled its obligations.
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UK court orders Lebanese banks to pay $4m to saver
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UK court orders Lebanese banks to pay $4m to saver
- The High Court of Justice ordered Bank Audi and SGBL to make the payments, amounting to about $1.1 million and $2.9 million respectively, to claimant Vatche Manoukian by March 4
- Bank Audi will abide by the ruling of the British court," a Bank Audi official told Reuters
Israeli-backed group kills a senior Hamas police officer in Gaza, threatens more attacks
- Hussam Al-Astal, leader of an anti-Hamas group based in an area under Israeli control east of Khan Younis, claimed responsibility for the killing
CAIRO: An Israeli-backed Palestinian militia said on Monday it had killed a senior Hamas police officer in the southern Gaza Strip, an incident which Hamas blamed on “Israeli collaborators.”
A statement from the Hamas-run interior ministry said gunmen opened fire from a passing car, killing Mahmoud Al-Astal, head of the criminal police unit in Khan Younis, in the south of the enclave. It described the attackers as “collaborators with the occupation.”
Hussam Al-Astal, leader of an anti-Hamas group based in an area under Israeli control east of Khan Younis, claimed responsibility for the killing in a video he posted on his Facebook page. The surname he shares with the dead man, Al-Astal, is common in that part of Gaza.
“To those who work with Hamas, your destiny is to be killed. Death is coming to you,” he said, dressed in a black military-style uniform and clutching an assault rifle.
Reuters could not independently verify the circumstances of the attack. An Israeli military official said the army was not aware of any operations in the area.
The emergence of armed anti-Hamas groups, though still small and localized, has added pressure on the Islamists and could complicate efforts to stabilize and unify a divided Gaza, shattered by two years of war.
These groups remain unpopular among the local population as they operate in areas under Israeli control, although they publicly deny they take Israeli orders. Hamas has held public executions of people it accuses of collaboration.
Under a ceasefire in place since October, Israel has withdrawn from nearly half of the Gaza Strip, but its troops remain in control of the other half, largely a wasteland where virtually all buildings have been levelled.
Nearly all of the territory’s two million people now live in Hamas-held areas, mostly in makeshift tents or damaged buildings, where the group has been reasserting its grip. Four Hamas sources said it continues to command thousands of fighters despite suffering heavy losses during the war.
Israel has been allowing rivals of Hamas to operate in areas it controls. In later phases, US President Donald Trump’s plan for Gaza calls for Israel to withdraw further and for Hamas to yield power to an internationally backed administration, but there has so far been no progress toward those steps.
Prime Minister Benjamin Netanyahu acknowledged Israeli backing for anti-Hamas groups in June, saying Israel had “activated” clans, but has given few details since then.
The ceasefire has ended major combat in Gaza over the past three months, but both sides have accused the other of regular violations. More than 440 Palestinians and three Israeli soldiers have been killed since the truce took effect.
Gaza health authorities said on Monday Israeli drone fire killed at least three people near the center of Khan Younis.
The Israeli military did not have an immediate comment on the drone incident.
The war erupted on October 7, 2023 when Gazan militants invaded Israel, killing about 1,200 people and taking some 250 hostages, according to Israeli tallies.
Israel’s subsequent military assault on Gaza has killed more than 71,000 Palestinians, according to the enclave’s health ministry, and led to accusations of genocide and war crimes, which Israel denies.
A statement from the Hamas-run interior ministry said gunmen opened fire from a passing car, killing Mahmoud Al-Astal, head of the criminal police unit in Khan Younis, in the south of the enclave. It described the attackers as “collaborators with the occupation.”
Hussam Al-Astal, leader of an anti-Hamas group based in an area under Israeli control east of Khan Younis, claimed responsibility for the killing in a video he posted on his Facebook page. The surname he shares with the dead man, Al-Astal, is common in that part of Gaza.
“To those who work with Hamas, your destiny is to be killed. Death is coming to you,” he said, dressed in a black military-style uniform and clutching an assault rifle.
Reuters could not independently verify the circumstances of the attack. An Israeli military official said the army was not aware of any operations in the area.
The emergence of armed anti-Hamas groups, though still small and localized, has added pressure on the Islamists and could complicate efforts to stabilize and unify a divided Gaza, shattered by two years of war.
These groups remain unpopular among the local population as they operate in areas under Israeli control, although they publicly deny they take Israeli orders. Hamas has held public executions of people it accuses of collaboration.
Under a ceasefire in place since October, Israel has withdrawn from nearly half of the Gaza Strip, but its troops remain in control of the other half, largely a wasteland where virtually all buildings have been levelled.
Nearly all of the territory’s two million people now live in Hamas-held areas, mostly in makeshift tents or damaged buildings, where the group has been reasserting its grip. Four Hamas sources said it continues to command thousands of fighters despite suffering heavy losses during the war.
Israel has been allowing rivals of Hamas to operate in areas it controls. In later phases, US President Donald Trump’s plan for Gaza calls for Israel to withdraw further and for Hamas to yield power to an internationally backed administration, but there has so far been no progress toward those steps.
Prime Minister Benjamin Netanyahu acknowledged Israeli backing for anti-Hamas groups in June, saying Israel had “activated” clans, but has given few details since then.
The ceasefire has ended major combat in Gaza over the past three months, but both sides have accused the other of regular violations. More than 440 Palestinians and three Israeli soldiers have been killed since the truce took effect.
Gaza health authorities said on Monday Israeli drone fire killed at least three people near the center of Khan Younis.
The Israeli military did not have an immediate comment on the drone incident.
The war erupted on October 7, 2023 when Gazan militants invaded Israel, killing about 1,200 people and taking some 250 hostages, according to Israeli tallies.
Israel’s subsequent military assault on Gaza has killed more than 71,000 Palestinians, according to the enclave’s health ministry, and led to accusations of genocide and war crimes, which Israel denies.
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