BEIRUT — The National Confederation of Trade Unions on Sunday made clear that it stands in support of the judiciary in its efforts to execute lawsuits brought against several of Lebanon’s commercial banks.
Here’s what we know:
• Following a meeting of the National Confederation of Trade Unions executive office and crisis cell, union president Castro Abdallah said, “the expectations were that the government would stand by the judges and depositors in implementation of the principle of separation of powers … and call on it [the judiciary] to complete the battle against banks.”
• Abdallah’s comments come a day after Prime Minister Najib Mikati during an exceptional cabinet session tasked his justice minister with following up on the “shortcomings” of the judiciary in its issuance this week of rulings in relation to lawsuits filed by depositors or groups representing depositors interests that froze the assets of seven commercial banks in the country.
• In reaction to the rulings, the banking sector on Friday announced a two-day “warning strike” which is due to take place on Monday and Tuesday.
• Informal capital controls imposed by commercial banks on the vast majority of account holders since the onset of the country’s financial crisis in late 2019 have locked depositors out of their savings. A long-promised capital control law has yet to make it through Parliament.
• In his remarks on Sunday, Abdallah said that depositors' money must be recovered and “depositors must escalate their movements and support the judiciary,” adding that “the union movement and the popular and youth forces will take steps and accompany and support the judiciary.”
