May 18 2019 - 09:59
Back

The latest developments in the fraudulent bankruptcy claim brought by LBCI against Rotana and PAC

The Indictment Committee in Baabda issued a new decision in favor of LBCI Lebanon, news ,lbci ,أخبار Rotana, PAC, LBCI,Lebanon,The Indictment Committee in Baabda issued a new decision in favor of LBCI
episodes
The latest developments in the fraudulent bankruptcy claim brought by LBCI against Rotana and PAC
Lebanon News
Whatsapp
Subscribe to the free Whatsapp service via LBCI

The Indictment Committee in Baabda issued a new decision in favor of LBCI in the lawsuit filed by LBCI in 2014 against PAC and the Rotana companies for fraudulent bankruptcy.

 

The Indictment Committee, Chamber of President Pierre Francis, issued a decision dismissing the appeal filed by Rotana and referring the file to the Investigating Judge in Baabda, which will allow the initiation of the interrogation of the prosecuted entities.

 

Back in 2014, LBCI had filed criminal proceedings in its own name against PAC, LMH, Rotana and all companies belonging to Rotana Group, as well as those in charge of them, such as  the representatives of LMH, the head of other companies within Rotana Group and the former advisor to the General Secretariat of the Saudi Council of Ministers Mr. Fahad Al-Sukait, and the directors in LMH Dr. Walid Arab Al Hashem and Mr. Michael Cairns, as well as the Group’s Chief Financial Officer (CFO) Mr. John Ireland.

 

On that basis, the  Financial Public Prosecutor decided then to prosecute  all the companies belonging to the Rotana Group for fraudulent bankruptcy and to refer the file to Mount Lebanon's First Investigative Judge Jean Ferneini, who in turn referred it to the Investigative Judge in Baabda Peter Germanos in 2015.

 

In 2016, Rotana filed a plea of form in the context of the investigation, which was then dismissed by Judge Germanos, prompting Rotana to file an appeal against such dismissal before the Indictment Committee of Mount Lebanon

 

Yesterday, the Indictment Committee of Mount Lebanon, Chamber of President Pierre Francis, issued its decision dismissing  Rotana's appeal. Such decision will be notified to the parties to take a stand within the statutory  deadlines.

 

Following the Indictment Committee’s decision, the interrogation of the parties is underway. The particularity in this instance is that the prosecuted face criminal charges which will pave the way for holding them accountable and subjecting them to the corresponding sanctions, depending on the extent of their involvement and liability.

 

When the interrogation starts, clarity will prevail and the corresponding liabilities will ensue, in line with the determinations of liability already made by several courts in various  jurisdictions against Alwaleed Bin Talal’s companies, including the International Court of Arbitration in France,  The High Court of Justice, Intellectual Property Community Trademarks Court in the UK, as well as the Grand Court– Financial Services Division in the Cayman Islands.

advertisement
Read also