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Judge forces Lebanese bank to release depositor’s funds consequent to a lawsuit

The Urgent Matters Judge issued a decision, obligating Byblos Bank SAL to transfer the sum of  $ 1,138,085 one million, (one hundred and thirty eight thousand and eighty five hundred dollars) to the plaintiff’s account in HSBC Bank in Dubai under a coercive fine of ten million LL for each day of delay.

The plaintiff filed through his lawyer a request in which he stated his client owned a frozen deposit at Byblos Bank, and that the defendant bank Refused  to transfer the value of the deposit abroad.

The aforementioned bank had justified its failure to accept the transfer of the required amount due to the exceptional circumstances that the country is going through, and because of the strict measures taken by the Bank of Lebanon in accordance with its circular issued on 4/12/2019 and because of the circular of the association of banks in Lebanon.

As a result, the bank was ordered to execute the transfer of the sum under a coercive fine of ten million LL for each day of delay.

The Lebanese banks have imposed lately an unofficial and undeclared capital control  to prevent the exit of capitals from Lebanon from which led to several lawsuits against them.