| 17 July 2024, Wednesday |

Association of Banks in Lebanon regrets ‘ruthless campaign’ against banks

The Association of Banks in Lebanon (ABL) regretted on Tuesday the recent judicial decisions that targeted a number of Lebanese banks, and cautioned that such campaigns could harm the banking sector’s reputation and cause further damage to the economy.

The association was hinting to a decision rendered by a judge to freeze the assets and properties of some bankers under the pretext of squandering the deposits of customers.

“It is important for the Banking Association to reassure its permanent respect for the judiciary and its absolute commitment to the law and its provisions, especially since deviating from this ‘established’ facts places banks in the circle of legal targeting, both international and domestic, and endangers the existence of banking institutions and the safety of their work,” the ABL statement read.

ABL said some of the recent judicial decisions would inflict severe damage and risks to this sector, whether on the social and economic levels.

“It goes without saying that the people’s demands are a right, and the rights of the depositors are sacred,” ABL said, but voiced its resentment over the organized campaigns of defamation against the banking sector that has been “unfairly accused of money smuggling and money laundering.”

“What benefit would be gained from launching a ruthless campaign against the entire Lebanese banking system, especially since any plan to advance Lebanon from its current ordeal must pass judgment through this system?” the statement said.

The association said there was no point in targeting the banking sector at this critical phase, adding that the attention should be paid to the absence of the political authority.