ABL Denounces Ruling to Freeze Assets of Banks and their Chairmen

The Association of Banks in Lebanon denounced on Wednesday a judicial decision to freeze the real estate assets of all Lebanese banks and the real estate assets, shares and stocks of their chairmen.

ABL said that some of the recent judicial decisions “bore defects in their contents and may cause negative repercussions on the Lebanese economy,” in reference to Bekaa’s acting First Examining Magistrate Amani Salameh’s decision.

Last week, Salameh issued a decision freezing the real estate assets of all Lebanese banks and the real estate assets, shares and stocks of their chairmen.

Her ruling follows a complaint filed by The People Want to Reform The Regime civil society group.

ABL affirmed in a statement after its board of directors meeting its “respect for the judiciary and its absolute commitment to the law and its provisions,” but considered some of the recent rulings as inaccurate.

These decisions “inflict grave damages and risks to what this sector represents socially and economically, with the negative repercussions on the entire Lebanese economy,” said the ABL statement.

The complaint, on behalf of Lebanese depositors, accuses all Lebanese banks of “breach of trust, negligent and fraudulent bankruptcy, scam through the smuggling of funds, undermining the state’s financial reputation, money laundering, illicit enrichment and the violation of the constitution.”