Bassam Cheikh Hussein at a press conference in Beirut, Aug. 18, 2022. (Credit: Photo from the Legal Agenda Twitter account)
Lebanese depositor Bassam Hassan Cheikh, who stormed a Federal Bank branch in Hamra on Aug. 11, 2022, to forcibly withdraw $35,000 from his own account, recently won a ruling from the Beirut first-instance court, presided over by Mona Saleh. The court ordered the bank to release the remaining balance of his account, which stands at $178,000.However, the ruling is subject to appeal and will not be enforced immediately, especially since Federal Bank has a 30-day legal window to challenge the decision, starting from the date it is officially notified, which has yet to happen. Read more Bank to shut after angry depositors storm Hamra branch demanding transfers Appeals courts have often overturned such rulings in favor of depositors, who have faced severe withdrawal restrictions since the 2019 financial crisis.At the time, as Lebanon’s...
Lebanese depositor Bassam Hassan Cheikh, who stormed a Federal Bank branch in Hamra on Aug. 11, 2022, to forcibly withdraw $35,000 from his own account, recently won a ruling from the Beirut first-instance court, presided over by Mona Saleh. The court ordered the bank to release the remaining balance of his account, which stands at $178,000.However, the ruling is subject to appeal and will not be enforced immediately, especially since Federal Bank has a 30-day legal window to challenge the decision, starting from the date it is officially notified, which has yet to happen. Read more Bank to shut after angry depositors storm Hamra branch demanding transfers Appeals courts have often overturned such rulings in favor of depositors, who have faced severe withdrawal restrictions since the 2019 financial crisis.At the time, as...