State Prosecutor suspends
ruling to freeze bank assets

Judge Oueidat says move

could lead to financial chaos

State Prosecutor Ghassan Oueidat has suspended the decision taken by Financial Prosecutor Ali Ibrahim to freeze the assets of 21 banks.

Judge Oueidat said that the decision will remain suspended until its impact on the national currency, banking transactions, deposits, and economic security is duly considered.

Oueidat said that he was informed by reliable sources that international financial authorities intend to stop dealing with local banks and local financial authorities following Ibrahim’s decision.

According to Oueidat, the decision could lead to chaos in the country and its monetary, financial, and economic sectors.

Judge Ibrahim had also frozen the personal properties of the chairpersons of the banks. He said that the concerned parties will not be allowed to dispose of shares, roperties, real estate, buildings, and cars.

A notice of the decision was sent to the Directorate General of Land Registry and Cadastre, the Secretariat of Commercial Registry, the Traffic and Vehicles Management Authority, the Governor of the Central Bank, the Association of Banks, and the Capital Markets Authority.

The banks whose assets were frozen are: Bank Audi, BLOM Bank, Fransabank, Byblos Bank, SGBL, Bank of Beirut, BankMed, Banque Libano-Française, Credit Libanais, AM Bank, IBL Bank, First National Bank (FNB), Lebanon and Gulf Bank, BBAC, MEAB, Federal Bank of Lebanon, BSL Bank, Lebanese Swiss Bank, BML Bank, Saradar Bank, and Cedrus Bank.