The head of Lebanon’s Association of Banks said on Thursday that the country’s financial sector had returned to Iraqi authorities nearly all money hidden in Beirut banks by officials under former dictator Saddam Hussein.
The announcement came the day after the head of Lebanon’s General Security branch, Maj Gen Abbas Ibrahim, said that a joint operation with Iraqi authorities had prevented a $1 billion fraud scam targeting Iraqi branches of major Lebanese lenders. He announced that some suspects had been arrested.
Joseph Torbey, the head of the banking body that represents the major Lebanese lenders, said during a media conference on Thursday that the network had exploited the history of Iraq with its recent change of regime and targeted the Lebanese banking sector "within a framework of organized crime."
Lebanese investigators claim that the Iraqi network brought Iraqi individuals who share the same names as members of the former Saddam regime to the Lebanese banks and requested access to millions of dollars in deposits from before 2003. Some of the members supplied forged documents to support their claims.
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The intelligence service said the network attempted to defraud Lebanon’s Bank Audi – one of the four largest lenders in Lebanon – but did not disclose whether any funds were obtained.
The members of the network are still at large and investigations are ongoing.
There have been numerous reports that members of the former regime smuggled funds abroad, including to Lebanon, through the United Nations Oil-for-Food Program, after economic sanctions were imposed on Iraq during the 1990s.
Mr Torbey said that a number of banks were working with Iraqi authorities to “restore the money of the former Iraqi regime of Saddam Hussein to the Iraqi Central Bank." He added that almost all of this money had now been returned.
The value of the funds is estimated to be in the hundreds of millions.
"The banking sector in Lebanon has become the victim of a vicious scheme to harm its reputation and the misleading rumours that spread across the media has caused confusion among the Lebanese society," Mr Torbey told journalists in Beirut.
Bank Audi issued a statement about the scam on July 17, thanking the Iraqi authorities and Lebanon’s General Directorate of General Security for their “intensive effort and timely action” over the network’s attempts to access the funds.
Bank Audi is one of several Lebanese banks that operates in 11 countries, including Iraq and across the region. Lebanon’s banking sector has remained stable amid the countries near continuous political upheavals, an influx of 1.5 million refugees who have strained the country’s resources and slow economic growth. Lebanon’s financial sector is crucial to the country’s struggling economy with lenders holding over $220 billion in assets (Dh 808 billion)
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
UAE currency: the story behind the money in your pockets
MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
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