Lawsuit by Banque du Liban against a former official and a number of bankers

The following statement was issued by Banque du Liban:

In the context of its absolute commitment to protecting the funds and assets of Banque du Liban, and continuing its steadfast approach in combating corruption, it announces the filing of two new criminal lawsuits against a former official in Banque du Liban, 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 competent Lebanese judicial authorities.

These two lawsuits come within an ongoing strategy adopted by Banque du Liban to track and recover all its funds that have been embezzled, by all available legal means, inside and outside Lebanon, with the aim of returning these funds to their rightful owners, foremost among them the depositors.

According to the facts, evidence, and documents contained in the two lawsuits, it appears that these defendants exploited their positions, whether inside Banque du Liban or in decision-making positions in prestigious banking institutions, to implement a coordinated scheme, premeditated and designed, aimed at transferring funds belonging to Banque du Liban and using them in operations that have no connection whatsoever to the legal and regulatory tasks of the central bank or to the purposes for which those funds were allocated. On the contrary, they led to the waste of Banque du Liban's funds for the benefit of private material and functional gains, causing serious damage to Banque du Liban, its reputation, and the public interest.

Consequently, the actions of these individuals, if proven before the competent judiciary, constitute crimes of fraud, breach of job duties, illicit enrichment, embezzlement of funds, bribery, and forming an organized criminal group, in participation with other individuals and legal advisors inside and outside Lebanon, who knowingly, willingly, and with certainty contributed to planning, preparing, facilitating, concealing the traces of these acts, or providing legal and institutional cover for them.

Banque du Liban emphasizes that the primary purpose of these measures is not to impose penalties on the perpetrators by the judiciary and throw them in prisons, but rather to achieve financial justice, recover all rights and stolen funds, and obtain the maximum possible compensation for the damages suffered by the bank.

In this context, Banque du Liban confirms that these two lawsuits are directed exclusively against the natural persons who committed these acts, and do not target in any way the commercial banks in which they worked or held responsibilities.

Banque du Liban renews its confidence in the current managements and chief executive officers of the commercial banks where some of these defendants worked, and considers them a key partner in implementing the banking sector reform program, enhancing compliance, and rebuilding trust in the Lebanese banking system.

Banque du Liban affirms that it will continue, without hesitation or exception, to take all necessary legal measures to prosecute anyone proven to be involved in any assault on the bank's funds, abuse of power, or exploitation of position to achieve illicit gains.