Kanaan: Finance Committee Approves Raising Minimum Capital for Companies

The Finance and Budget Committee held a session chaired by MP Ibrahim Kanaan, with the attendance of Minister of Justice Adel Najjar, MPs Fouad Makhzoumi, Ali Hassan Khalil, Jihad al-Samad, Adnan Trabulsi, Ayoub Hamid, Alain Aoun, Hassan Fadel Allah, Ragheb al-Saad, Suleiman Aoun, Ghazi Zeiter, Cesar Abi Khoul, Jamil al-Sayyed, Razi al-Hajj, Ibrahim Munaymeh, Muhammad Khwaja, and Firas Hamdan.

Also present were the General Director of the Ministry of Finance Georges Maalouf, member of the Higher Judicial Council Judge Nasiib Ilyia, Judge Nadim Rizq from the Council of State, and Judge Eli Moealuf.

Following the session, Kanaan announced the approval of the bill aiming to increase the mandatory minimum capital for joint-stock companies to 2 billion LBP, and for limited liability companies to 300 million LBP.

Kanaan noted regarding the Council of State system and its amendments that "the committee listened to the Minister of Justice and reviewed the amendments proposed by the Administration and Justice Committee. It discussed the principle concerning the necessity of implementing decisions made by the judicial council, given the importance of enforcing the law and correcting flaws and violations that authorities at all levels may commit."

He added: "Therefore, the attending MPs agreed on the importance of the proposal and discussed several amendments submitted by some of them. The Minister of Justice briefed committee members on the progress of a comprehensive draft amendment related to this law, pledging to submit it to the committee within seven days for discussion alongside the proposal presented by MP Ibrahim Munaymeh."

Kanaan pointed out the committee's approval of the Minister of Justice’s proposal, subject to resuming the study of the project upon receipt of the amendments.

Regarding the bill on the honorary position for martyred judges, Kanaan highlighted "a consensus on the need to ensure justice for them," noting a proposal to amend the adopted mechanism, particularly concerning the restriction of inheritance and lineage criteria.

He added that "the Minister of Justice committed to submitting a revised draft within one week, taking into account the required ratio for inheritance calculation and certain related details."