In its absolute commitment to protecting the funds and assets of the Bank of Lebanon, and continuing its steadfast approach in combating corruption, it announces the establishment of two new criminal lawsuits against a former official at the Bank of Lebanon, and a number of former banking officials who held senior executive positions in commercial banks, in addition to a person who presented himself as an investor in the banking sector, before the relevant Lebanese judicial authorities.
These lawsuits come as part of a continuous strategy adopted by the Bank of Lebanon to trace and recover all of its funds that have been embezzled, using all available legal means, inside and outside Lebanon, with the aim of returning these funds to their rightful owners, primarily the depositors.
According to the facts, evidence, and documents mentioned in the lawsuits, it appears that the defendants exploited their positions, either within the Bank of Lebanon or in decision-making positions in reputable banking institutions, to implement a coordinated scheme that was premeditated, aimed at transferring funds belonging to the Bank of Lebanon and using them in operations unrelated to the legal and regulatory tasks of the central bank or the purposes for which those funds were allocated, but rather led to the waste of the Bank of Lebanon’s funds for the benefit of private financial and functional gains, causing severe damage to the Bank of Lebanon, its reputation, and the public interest.
Thus, the actions of these individuals, if proven before the competent judiciary, constitute crimes of fraud, breach of duty, illegal enrichment, embezzlement, bribery, and forming an organized criminal group, in conjunction with other individuals and legal advisors within Lebanon and abroad, who knowingly and willfully contributed to planning and preparing these actions or facilitating them or concealing their effects or providing legal and institutional cover for them.
The Bank of Lebanon emphasizes that the primary objective of these measures is not to impose penalties on the perpetrators by the judiciary and imprison them, but rather to achieve financial justice, recover all rights and embezzled funds, and obtain the maximum possible compensation for the damages sustained by the bank.
In this regard, the Bank of Lebanon confirms that these lawsuits are exclusively directed against the natural persons committing these acts, and do not in any way target the commercial banks where they worked or held responsibilities.
The Bank of Lebanon renews its confidence in the current administrations and the CEOs of the commercial banks where some of these defendants worked, considering them a key partner in implementing the banking sector reform program, enhancing compliance, and rebuilding trust in the Lebanese banking system.
The Bank of Lebanon confirms that it will continue, without hesitation or exception, to take all necessary legal actions to pursue anyone proven to be involved in any attack on the bank’s funds, misuse of authority, or abuse of position for unlawful gains.