Logo-English_diff-transpLogo-English_diff-transpLogo-English_diff-transpLogo-English_diff-transp
  • Home
  • About Us
  • The Basics
  • Cases
  • Blog
  • Photos
  • Contact
✕
Hariri and Berri ties in the airport highway corruption case
Airport Highway Corruption Files
21 February 2022
Riad Salame - Lebanon Central Bank governor
Endgame for Riad Salameh ?
3 September 2022
Societe Generale de Banque au Liban

Societe Generale de Banque au Liban

BEIRUT, March 1 (Reuters) – 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

“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 formalised with legislation and have been challenged in local and international courts, with mixed results.

A UK court in December ruled in favour 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 favour 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.

Share
0

Related posts

Riad Salame Corruption

Riad Salame

1 March 2023

Riad Salameh’s new embezzlement charges in Lebanon: what you need to know


Read more
Riad Salame corruption
1 March 2023

Luxembourg agents start corruption probe in Beirut


Read more

Kahwagi meets with an official from Finance Bank in 2016. (Credit: Lebanese Army)

15 October 2022

What’s behind the case against Jean Kahwagi, and how a judicial maze and banking secrecy may derail the probe


Read more
Related Posts
Riad Salame Corruption

Riad Salameh’s new embezzlement charges in Lebanon: what you need to know

Lebanese judge Raja Hamoush charged Central B...

Read More
Riad Salame corruption

Luxembourg agents start corruption probe in Beirut

Head of central bank, accused of money launde...

Read More

What’s behind the case against Jean Kahwagi, and how a judicial maze and banking secrecy may derail the probe

Read More

La corruption au sein du Ministère des Déplacés de la guerre

Un ministère historiquement détenu par le P...

Read More

Colloque : Les députés et sénateurs européens ont débattu avec les acteurs principaux de la lutte contre la corruption au Liban

Read More
All Categories
  • Lebanon Corruption Files
  • News Articles
  • The Basics

© OEIL 2022

  • Privacy Policy
    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT