Amid the financial crisis in Lebanon, large demonstrations broke out in Beirut targeting financial institutions. Witnessing their savings disappearing, angry Lebanese depositors resorted to smashing bank windows, setting fires and engaging in riots. At the same time, Lebanon’s central bank leaders face serious allegations of fraud, embezzlement and political corruption.
Lebanese citizens were left penniless as financial institutions collapsed
In February 2023, Lebanese depositors, enraged at the alleged theft of their life savings by the Central Bank of Lebanon, set the very banks holding their wealth on fire. Bitcoin.com News highlighted this sad situation, revealing that regional banks had frozen accounts, leaving residents unable to access their hard-earned cash. As if this were not enough, Lebanon has been plagued by a massive rise in inflation rates, exacerbating the plight of its citizens.
The wave of discontent continued into March 2023 when protests reverberated across Beirut and elsewhere. Outlookindia.com clearly reported sightings Shattered windows, burning tires and demonstrators eager to vent their anger against Riad Salameh, the governor of the Central Bank of Lebanon.
mid May 2023, firm demonstrations It continues as the Lebanese population grapples with growing anxiety over the fate of their hard-earned savings. Reports revealed that the bank, in an attempt to restore order, engaged security personnel and called riot police to suppress unrest It unfolds outside the Beirut central branch of Bank Audi.
Frustration mounts among the Lebanese who find themselves completely denied access to their deposits, with fingers pointing directly at Salameh and his brother. Disturbing allegations have emerged from six European countries, such as Hinge by The National, suggesting that Salama and his brother orchestrated W Complex embezzlement scheme Of colossal proportions.
“In Lebanon, not a single company or bank collapsed, but rather the entire financial system collapsed without warning from the auditing firms,” explains The National correspondent Nada Mokurant Atallah. “The crisis revealed losses estimated at $70 billion, wiping out depositors’ savings and setting off an uncontrollable inflationary spiral that has plunged more than 80 percent of the population into poverty.”
Banque du Liban leaders under fire: Serious allegations of fraud and corruption
According to French court documents accept By Reuters, French prosecutors have revealed their intention to bring preliminary charges of fraud and money laundering against Salameh. The charges revolve around allegations that he hid his wealth using fake bank statements. A hearing scheduled in France on May 16 has been arranged by the French judicial authorities.
Meanwhile, the conditions faced by ordinary citizens and depositors of Lebanese banks without money remain. The consequences of this predicament have sparked relentless indignation, as people grapple with the pressing need to provide for their families and meet basic needs like food and shelter. Lebanon’s financial institutions have now been reduced to mere fronts, with hollow bank tellers, vacant ATMs and fortified buildings standing as grim reminders of Lebanon’s crumbling economy.
What do you think of the ongoing financial turmoil in Lebanon and the allegations surrounding the central bank governor? Share your thoughts and opinions in the comments section below.
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