Lebanese Judge Just Issued Travel Ban & Froze Assets Of Creditbank Chairman

@greg remarque / @insitesprojects

Lebanese banks have been the target of the judiciary this week with severe orders being issued against them.

Earlier this week, Mount Lebanon Judge Ghada Aoun issued a travel ban list and froze the assets of five banks and their directors.

On Wednesday, Judge Mariana Anani ordered the freezing of the assets of Fransabank, compelling the bank to shut down all its branches and cease operations.

The latest move by the judiciary ensued on Thursday, with Judge Ghada Aoun ordering a travel ban against Tarek Khalife, the chairman of Creditbank, and the freezing of his assets.

The judicial moves by Judge Aoun are the result of the ongoing investigation of Lebanese banks regarding illegitimate transfers abroad of billions of dollars reportedly pertaining to politicians and bank officials.

These suspected transfers are perceived as contributing to the crippling of the Lebanese economy and evasion of funds while banks have been enforcing their own capital control on the people and depriving them of their savings.

The Lebanese Banking Association has reacted with a statement, warning that these moves against the banks will topple the banking sector.

The new situation with Creditbank is set to evolve during the coming next hours.