A meeting between representatives of the government and the Banking Association in 2020. (Credit: National News Agency/Archive photo)
In a letter dated Jan. 20, 2020, obtained by L’Orient-Le Jour, the Banking Control Commission of Lebanon (BCCL) informed then-senior most public prosecutor Ghassan Oueidat that at least $2.27 billion had been transferred to Switzerland between Oct. 17, 2019, and Jan. 14, 2020.The letter, verified by former BCCL chairman Samir Hammoud, was sent in response to a request from Oueidat, now retired, and its publication by L’Orient-Le Jour on X prompted widespread calls for transparency.MP Michel Doueihy, aligned with the protest movement, announced plans to seek a parliamentary inquiry into the matter. Meanwhile, former banker and columnist Dan Azzi suggested the amount transferred might be higher, noting the letter excludes transfers from Lebanese banks to their Swiss branches and subsidiaries.Variable estimatesWhile it is known that some...
In a letter dated Jan. 20, 2020, obtained by L’Orient-Le Jour, the Banking Control Commission of Lebanon (BCCL) informed then-senior most public prosecutor Ghassan Oueidat that at least $2.27 billion had been transferred to Switzerland between Oct. 17, 2019, and Jan. 14, 2020.The letter, verified by former BCCL chairman Samir Hammoud, was sent in response to a request from Oueidat, now retired, and its publication by L’Orient-Le Jour on X prompted widespread calls for transparency.MP Michel Doueihy, aligned with the protest movement, announced plans to seek a parliamentary inquiry into the matter. Meanwhile, former banker and columnist Dan Azzi suggested the amount transferred might be higher, noting the letter excludes transfers from Lebanese banks to their Swiss branches and subsidiaries.Variable estimatesWhile it is known that...