State prosecutor blocks decision to freeze banks’ assets

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Earlier in the day, Lebanon’s financial prosecutor had frozen the assets of 20 banks, their CEOs and board members.

by Annahar Staff-Source: Annahar

A firefighter looks before entering a bank that was set on fire by anti-government protesters, in downtown Beirut, Lebanon (AP Photo)

BEIRUT: Lebanon’s state prosecutor suspended on Thursday an order to freeze the assets of 20 local banks hours after it was issued.

Earlier in the day, Lebanon’s financial prosecutor had frozen the assets of 20 banks, their CEOs and board members.

This sent a shockwave across Lebanon, with State Prosecutor Ghassan Oueidat warning that it would further destabilize Lebanon’s fragile economic state and lead to chaos.

He said international financial authorities had also intended to halt dealings with Lebanese banks, without elaborating further.

The banks targetted were Blom Bank, Bank Audi, Fransabank, Byblos Bank, SGBL, Bank of Beirut, Bankmed, Banque Libano-Francais, Credit Libanais, Intercontinental Bank, First National Bank, Lebanon & Gulf Bank, BBAC, Cedrus Bank, MEAB, Federal Bank of Lebanon, BSL, Mawarid Bank, Lebanese Swiss Bank, Banque Saradar and Banque Misr.

 

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