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#AceNewsRoom With ‘Kindness & Wisdom’ Sept, 18, 2022 @acebreakingnews

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#AceBreakingNews – Five Lebanese banks held up by disgruntled customers in ‘depositors’ uprising’

Seven banks have been held up since Wednesday in the country, where commercial banks have locked most customers out of their savings since an economic crisis took hold three years ago.

On Friday morning, a man with a gun identified as Abed Soubra entered a BLOM Bank in Beirut demanding his money.

He later handed his gun to security forces but remained locked in the bank past sunset, negotiating with bank officials to withdraw about $US300,000 ($455,000) of his savings in cash, he told Reuters.

He eventually left the bank with no money as part of a settlement negotiated by an influential sheikh, local media reported. He was not taken into custody.

While inside, he was cheered on by a large crowd, including Bassam al-Sheikh Hussein, who held up his bank to get his savings in August. His bank dropped charges against him.

“We’re going to keep seeing this happen as long as people have money inside. What do you want them to do? They don’t have another solution,” Mr Hussein said. 

The Depositors’ Union, an advocacy group which help clients access their money, said Friday’s hold-up spree was “the depositors’ uprising” and a “natural and justified reaction” to banks’ restrictions.

Lebanon’s banks association announced banks would close for three days next week because of the hold-ups and urged the government to pass laws to deal with the crisis.

Authorities have been slow to pass reforms that would grant access to $US3 billion from the International Monetary Fund, and on Friday failed to pass a 2022 budget.A Beirut bank employee leaves through a window broken by attackers.(AP: Hussein Malla)none

Without a capital controls law, banks have imposed unilateral limits on what most depositors can retrieve each week in US dollars or the Lebanese lira, which has lost more than 95 per cent of its value since 2019.

The four other hold-ups on Friday ended in partial pay-outs with a total of $60,000 cash given out.

Mohammad al-Moussawi got $20,000 in cash from his account at the Banque Libano-Francaise bank after threatening employees with a fake gun.

“This banking system is tricking us and it’s worth my shoe,” Mr al-Moussawi said.

He told Reuters he would be going into hiding.

BLF confirmed the hold up.

Jawad Slim entered a branch of LGB Bank in Beirut’s Ramlet al-Bayda area on Friday morning.

By nightfall, he agreed with the bank to leave with $15,000 in US dollars and a cheque for $35,000, his brother told local media.

Security forces took him into custody but it was not immediately clear what charges would be pressed.

A former member of the military got $25,000 in cash from his account at a BankMed branch outside of Beirut after he fired shots inside the branch and threatened to commit suicide if he did not get the full amount, an industry source told Reuters.

The source said the man handed the money to his mother and was arrested by security forces.

Reuters

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