Lebanon freezes assets of 20 banks

Lebanon’s financial prosecutor, Ali Ibrahim, has issued a decision to freeze assets of 20 Lebanese banks and the personal assets of their chairmen and board, official National News Agency (NNA) reported yesterday.

The move came on the background of an investigation into the illegal transfer of billions of dollars out of Lebanon and the recent sale of Eurobonds to foreign funds.

Ibrahim has given notice to the central bank and the country’s banking association about his decision.

Among the banks targeted are Lebanon’s biggest lenders, including Bank Audi, Fransabank, Blom Bank and the Lebanese unit of Société General. The prosecutor also questioned the head of the Association of Banks in Lebanon, Salim Sfeir, who is also chairman of Bank of Beirut.

READ: In effort to collect dollars, Middle East Airlines stops over-the-counter ticket sales in Lebanon