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CAPITAL CONTROL LAW

Beirut Bar Association head: Protests against capital control law will continue

Beirut Bar Association head: Protests against capital control law will continue

Lawyer Nader Gaspard celebrating his election as head of the Beirut Bar Association, Nov. 21, 2021. (Credit: Claude Assaf/ L'Orient Today)

BEIRUT — Beirut Bar Association head Nader Gaspar said on Wednesday evening that “there will be more protests refusing the capital control law in its current form,” adding that “lawsuits against some banks are ready and the judicial path will be followed until every citizen’s rights are guaranteed,” during an iftar in Downtown Beirut, the state-run National News Agency reported.

Here’s what we know:

    • “The [capital control] draft law poses a threat to depositors and to constitutional rights,” Gaspar said, adding that it “constitutes an affront to the judiciary.” The BBA was one of the civil society organizations present at Tuesday’s protest, which impeded a joint committee session convened to discuss the law. The law has been criticized for the amnesty it grants banks and its imposition on depositors’ funds.

    • Legal measures against banks have included asset freezes against at least seven institutions (Bank of Beirut, Bank Audi, SGBL, Blom Bank, Bankmed, Creditbank and Fransabank) which prompted a retaliatory two-day strike by the Association of Banks in Lebanon in March.


BEIRUT — Beirut Bar Association head Nader Gaspar said on Wednesday evening that “there will be more protests refusing the capital control law in its current form,” adding that “lawsuits against some banks are ready and the judicial path will be followed until every citizen’s rights are guaranteed,” during an iftar in Downtown Beirut, the state-run National News Agency...