11 Hrs
Source:
لبنان ٢٤
Deposit recovery through lawsuits?
Moaded succeeded at Frensbank Lebanon in recovering his entire deposit along with its interest, after more than four years of legal battles. This marks a precedent highlighting the judiciary's ability to execute deposit recovery orders outside the banking restrictions imposed since the start of the economic crisis in 2019. The process involved lengthy legal procedures, including freezing the bank’s assets, multiple appeals, and requests to halt enforcement, transforming the depositor's right from a theoretical judgment into tangible funds that can be collected, through checks in US dollars and Lebanese pounds. This success demonstrates that the judiciary can enforce actual implementation leading to the recovery of some depositors’ rights. However, it also underscores the limited scope of collective solutions amidst the ongoing crisis, where the availability of liquidity and assets determines each depositor's ability to individually retrieve their funds. This widens the gap between those able to pursue legal action and those who cannot. The case emphasizes the importance of approaching deposits as a recoverable right. Nonetheless, the ultimate solution remains hindered by the absence of a clear law regulating transfers and withdrawals, which is necessary for a fair and comprehensive distribution of losses.
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