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depositors' funds destination
The article addresses the crisis of embezzlement and theft of depositors' funds in Lebanon. It points out that the government, banks, and Banque du Liban (the Central Bank) colluded to plunder citizens' money through frauds involving phantom dollars (the "llolar") and converting them into real dollars through illegal means. It explains that the banks distributed fictitious profits and extracted genuine funds from the country, leading to a significant erosion of depositors' savings. The article also criticizes Banque du Liban's continued issuance of directives and facilitation measures that benefit major traders and influential figures at the expense of depositors' rights. This occurs amid ambiguity regarding the lack of accountability and practices that legitimize these financial crimes. According to the article, these operations constitute criminal offenses punishable under Lebanese law and raise questions about the level of planning and intelligence involved in executing them without repercussions.
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