Akram Azouri to LBCI: We will file new complaint against the authority on behalf of Central Bank of Lebanon

Lawyer Akram Azouri, representing the Association of Banks, revealed that the association would file, on behalf of 11 banks, an indirect lawsuit against the state, demanding the return of deposits to the central bank.

On LBCI's "Nharkom Said" TV show, Azouri considered the State Council's decision to annul the Cabinet's decision approving the strategy for the financial sector's recovery, particularly regarding the cancellation of a significant portion of Lebanon's central bank's foreign currency obligations towards the banks, has a delayed effect.

He also mentioned that the state has spent the funds, which are no longer available. The decision lays the groundwork for the future.

Azouri believed the government did not want to acknowledge the funds it had spent and could not be exempted from returning what it had taken from deposits. 

He emphasized that before this acknowledgment, the association would not consider any project for restructuring the banks.

In addition, Azouri stressed that returning the funds to depositors is the authority's responsibility, and it will only be possible through restructuring the economy by reforming the public sector, rationalizing spending, and other reforms.

He affirmed that banks are subject to the law, and if they have committed violations after the crisis, they will be held accountable according to the law.

Moreover, he pointed out that there are free accounts owned by depositors deposited in the central bank and that banks have become intermediaries between the central bank and depositors.

He also noted that the employment carried out by the banks is their responsibility, and the blame cannot be placed on the bank if deposits are placed with the central bank because the Banking Law prohibits it from lending to the state.