People standing in line in front of a Bank Audi branch. (Credit: Illustrative photo by AFP.)
The High Court of Justice in London formally accepted a lawsuit filed by Saudi businessman Sheikh Mohammad Omar Kassem Alesayi against Lebanon’s Bank Audi, after ruling that it has jurisdiction to hear the case.As reported by Emirati outlet The National on May 6, the lawsuit concerns $24 million held across eight accounts at Bank Audi. The bank refused to transfer the funds in 2022 to an account Alesayi holds at a private bank, Union Bancaire Privée (UBP), in Geneva. The refusal came amid the absence of a formal capital controls law in Lebanon and the illegal banking restrictions introduced by Lebanese banks in late 2019, following the country’s ongoing financial and banking crisis. Read more Banking lobby firmly opposed to certain provisions of the sector resolution draft According to a copy of the lawsuit seen by L’Orient-Le Jour,...
The High Court of Justice in London formally accepted a lawsuit filed by Saudi businessman Sheikh Mohammad Omar Kassem Alesayi against Lebanon’s Bank Audi, after ruling that it has jurisdiction to hear the case.As reported by Emirati outlet The National on May 6, the lawsuit concerns $24 million held across eight accounts at Bank Audi. The bank refused to transfer the funds in 2022 to an account Alesayi holds at a private bank, Union Bancaire Privée (UBP), in Geneva. The refusal came amid the absence of a formal capital controls law in Lebanon and the illegal banking restrictions introduced by Lebanese banks in late 2019, following the country’s ongoing financial and banking crisis. Read more Banking lobby firmly opposed to certain provisions of the sector resolution draft According to a copy of the lawsuit seen by...