BEIRUT: The Association of Banks in Lebanon said on Saturday it “completely rejects” the government’s latest draft of a financial recovery plan meant to pull the country out of an economic meltdown.
In a statement shared with Reuters, the ABL called the plan “disastrous” and said it would leave banks and depositors shouldering the “major portion” of losses.
The government estimates that the financial sector’s losses amount to $72 billion.
“ABL has assigned its legal advisers to examine and present a range of judicial measures that will allow the preservation and recovery of the rights of the banks and the depositors,” the association said.
Lebanon’s banks have been a major lender to the government for decades, helping to finance a wasteful and corrupt state that went into a financial meltdown in 2019.
The collapse has resulted in depositors being shut out of their savings and the local currency losing more than 90 percent of its value. The banking association rejected an earlier draft of the plan in February, saying it would cause a loss of confidence in the financial sector.
The ABL’s approval is not required for the government to begin implementing a plan, but experts say support from the banking sector could contribute to solving the crisis.
The current draft lays out a series of financial reforms, including an overhaul of the banking sector and caps on how much depositors would be able to recover from their accounts.
Lebanon banking group rejects latest draft of financial recovery plan
https://arab.news/5p2rq
Lebanon banking group rejects latest draft of financial recovery plan
Soleimani warned Al-Assad about ‘spy’ Luna Al-Shibl: Al-Majalla
LONDON: The late Iranian General Qassem Soleimani confronted Syria’s National Security Bureau chief Ali Mamlouk in late 2019 after seeing Luna Al-Shibl leaving his office. Al-Majalla magazine claims its reporters reviewed a document containing the full Arabic transcript of their exchange.
Soleimani reportedly asked, “Who is this?” and Mamlouk replied, “She is Louna Al-Shibl, the president’s adviser.”
The Quds Force commander pressed further: “I know, I know… but who is she really? Where did she work?”
According to Al-Majalla, a sister publication of Arab News, he said her former salary was “ten thousand dollars,” compared with her current salary of “five hundred thousand Syrian pounds,” before asking: “Does it make sense for someone to leave ten thousand dollars for five hundred thousand pounds? She is a spy.”
Both Soleimani and Maher Al-Assad, commander of the Syrian army’s powerful Fourth Division, had warned the ousted president’s inner circle about Al-Shibl, Al-Majalla reported.
‘Suspicious’ car crash
On July 2, 2024, Al-Shibl was involved in what officials described as a traffic accident on the Damascus-Dimas highway. She was hospitalized and died four days later.
But Al-Majalla reported that photos of her armored BMW showed only minor damage, raising immediate questions among those close to the case.
Eyewitnesses told the magazine that the crash was intentional. One said, “a car approached and rammed her vehicle,” and before her bodyguard could exit, “a man attacked her and struck her on the back of the head,” causing paralysis that led to her death.
She was first taken to Al-Saboura clinic, then transferred to Al-Shami Hospital. Several senior regime-linked figures, including businessman Mohammed Hamsho and an aide to Maher Al-Assad, were present when her condition deteriorated. One witness told Al-Majalla that when her bodyguard tried to explain what had happened, “he was arrested immediately in front of the others.”
The presidency later issued a brief statement announcing her death. Her funeral was attended only by a handful of officials. Then president Al-Assad did not attend.
