LBCI

What do citizens think of the brokerage profession?

09-01-2012 | 15:47

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What do citizens think of the brokerage profession?

The law determined the role of transaction arrangers, known as brokers, as those who pursue and complete administrative procedures between buyers and sellers, receiving a commission when the deal is executed. However, bribery has hollowed out this profession and simply become part of the job.
The law authorizes the withdrawal of a broker’s license in a number of cases including embezzlement or misappropriation of funds from the Treasury Department or charging fees for more than the amounts stipulated by law.

As for bribery, the law stipulates that both the briber and the one who takes the bribe money are punished provided the transaction is proven to have taken place.

Until the implementation of this law, bribery among the brokers in Lebanon will remain unpunished.

What do you think? Leave your comments on our Facebook page, here.

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