BEIRUT: Lebanon’s Fransabank on Wednesday closed all of its branches in the country following a judicial order freezing its assets based on a lawsuit filed by a depositor, a Fransabank source told Reuters.
Lebanese banks have frozen most savers out of their hard currency deposits since a financial meltdown in 2019, but the controls were never formalized in law and have been challenged in courts.
The judicial order required Fransabank to reopen the account of Egyptian depositor Ayad Ibrahim and pay out his deposit in cash, or else the bank’s assets would be seized, his lawyer Rami Ollaik said.
The judge who issued the order and Ibrahim could not be reached for comment.
The Fransabank source said that following the order the bank would not be able to make any payments, including of salaries, because its assets have been frozen. The bank has roughly 50 branches, the source said.
“We closed because the order is on all the belongings of the bank, including the safes, at the tellers, where you can get the cash. I can’t get (cash), and I can’t receive,” the Fransabank source said.
Fransabank had issued Ibrahim a cheque for the value of his deposit and he was therefore no longer a client, the Fransabank source said, adding that he had signed for the cheque at a notary.
A spokesperson for United For Lebanon, an anti-corruption group that is representing Ibrahim in the case, said he had “signed for the cheque but with reservation.”
Lebanon’s Fransabank closes all branches after judicial order, source says
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Lebanon’s Fransabank closes all branches after judicial order, source says
- Lebanese banks have frozen most savers out of their hard currency deposits since a financial meltdown in 2019
- The judicial order required Fransabank to reopen the account of Egyptian depositor Ayad Ibrahim and pay out his deposit in cash
Syria strongly condemns the terrorist attack near Palmyra
- Palmyra in the Homs countryside witnessed an armed attack targeting a joint patrol of Syrian security forces and US forces
DAMASCUS: Syria strongly condemned the terrorist attack that targeted a joint patrol of Syrian security forces and US forces near the city of Palmyra on Saturday, extending its condolences to the families of the victims as well as to the US government and people, the Syrian News Agency reported.
Earlier, Palmyra in the Homs countryside witnessed an armed attack targeting a joint patrol of Syrian security forces and US forces during a field tour in the area.
A gunman opened fire on the patrol, resulting in the deaths of two US soldiers and a civilian interpreter, in addition to injuring three US soldiers and two Syrian security personnel.
“Syria strongly condemns the terrorist attack that targeted a joint Syrian-US counterterrorism patrol near Palmyra. We extend our condolences to the families of the victims and to the US government and people, and we wish the injured a speedy recovery,” Foreign Minister Asaad Hassan Al-Shaibani said in a post on platform X.
