Desperate Lebanese depositors are taking their banks to court

  • 📰 TheEconomist
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 92%

United Kingdom Headlines News

United Kingdom Latest News,United Kingdom Headlines

Even if Lebanon’s banks escape a legal reckoning, their industry seems wrecked for a generation. Lebanon has become a cash economy

Save time by listening to our audio articles as you multitaskLike hundreds of Lebanese, she sued her bank for breach of contract. The case has languished for two years. One of her banks subsequently shut her account, cashing out her savings in a cheque no other bank will accept. “There’s no legal basis for any of this,” she says. “But there’s no judge who will say that.”

The vacuum has left banks to impose their own rules. Most depositors can access only small sums in pounds. Withdrawals from dollar accounts use unfavourable rates. To show its commitment to fairness, Bank Audi has shut dozens of accounts held by British citizens or residents. So has at least one other lender. Depositors say they were offered a chance to reopen their accounts if they signed a contract that waived their right to sue and stipulated they could not make transfers abroad. Otherwise, their balances would be paid out in a cheque, all but useless in a country with a defunct banking system.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

surely the İlluminati is behind the case

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in UK

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Leicester v Everton: match previewEverton will be desperate to beat Leicester as they attempt to climb out of the relegation zone with five games remaining Leicester Russia Ukraine️
Source: The Guardian - 🏆 84. / 53 Read more »

Crazy Rich Asians to get spin-off with Marvel star returningSome of the supporting characters are taking centre stage.
Source: digitalspy - 🏆 56. / 63 Read more »

Teresa Palmer reacts to The Twin's dark twist endingA Discovery of Witches star Teresa Palmer reacts to The Twin's dark twist ending
Source: digitalspy - 🏆 56. / 63 Read more »

Ukraine destroys one of Russia’s ‘most advanced tanks’, UK saysThe Ministry of Defence said the conflict is taking a ‘heavy toll’ on Russia’s army
Source: Evening Standard - 🏆 92. / 53 Read more »

F1 qualifying LIVE: Miami Grand Prix results and grid positionsFollow reaction as Charles Leclerc takes pole for the first-ever Miami Grand Prix
Source: The Independent - 🏆 57. / 63 Read more »

James Gunn reveals emotional ‘final shot’ he filmed for Guardians of the Galaxy Vol 3‘It took everything in me not to break down sobbing on the spot,’ director said
Source: The Independent - 🏆 80. / 59 Read more »