Banque du Liban: We Have Opened a 'Deposit Recovery Account'

The following statement was issued by the Banque du Liban:

"The Banque du Liban announces that, within the framework of its legal responsibilities to protect its funds and assets and recover its rights, it has initiated and continues to take the necessary judicial measures before competent authorities in Lebanon and abroad, seeking to recover funds that have been embezzled, transferred, or used unlawfully, or from which undue benefits were derived.
To solidify this commitment, the Banque du Liban has opened a special and independent account at the bank under the name 'Deposit Recovery Account', to which all amounts and funds recovered for the benefit of the bank are exclusively transferred, whether pursuant to judicial rulings, legal settlements, or any other procedures in Lebanon or abroad. For this purpose, a special account has also been opened with correspondent banks.
In this context, the Banque du Liban has notified the competent judicial authorities of the opening of the aforementioned account and its exclusive allocation for deposit repayment. This account will be financially and accounting-wise separate from the rest of the Banque du Liban's assets and resources, with its use for any other purpose prohibited.
The Banque du Liban emphasizes that the recovery of these funds is not limited to pursuing those responsible for encroaching on its assets, but falls within an institutional commitment to restore rights to their owners, entrench the principle of accountability, and enhance confidence in the Lebanese financial system.".