Lebanese Judge Orders Seizure Of Assets Of Former Head Of Money Changers Syndicate

Lebanese Judge Orders Seizure Of Assets Of Former Head Of Money Changers Syndicate
Bloomberg/Patrick Mouzawak

A Lebanese judge has ordered the seizure of the properties of Mahmoud Halawi, the former head of the Syndicate of Money Changers in .

Investigating Judge Nicholas Mansour issued a decision to seize Halawi’s properties based on violations of the currency exchange law and operations that led to the manipulation of the rate of the national currency, as per the National News Agency.

It’s worth mentioning that back in February, Halawi Exchange, represented by Mahmoud Halawi and his business partner, filed a legal complaint in southern against unidentified individuals.

The complaint cited defamation and damage to interests.

This was after unidentified individuals in the southern city of Tyre began to illegally offer money exchange services on the streets, claiming that they worked for Halawi Exchange, which the company has denied.

Black-market money changers have been illegally working on streets for months as the Lebanese pound lost its value against the U.S. dollar.

On Monday, the Lebanese pound rose slightly against the dollar, and black-market money changers were selling the dollar for 12,700 LBP and buying it for 12,600.

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