Lebanese Judge Orders Freeze of Some SGBL Assets In Row With Depositor

A Lebanese judge has ordered a protective freeze on some property assets of SGBL bank, its CEO and two board members in a case filed by a Jordanian businessman seeking repatriation of millions of dollars in deposits, a judicial document showed, Reuters reported. It was the first such move in cases brought against Lebanese lenders by customers seeking access to dollar deposits frozen under informal capital controls. The curbs, imposed by the banks in late 2019, also largely blocked customers from making transfers abroad. The case involving SGBL could spur others to pursue similar action against assets of board members of Lebanese banks, although a legal expert said that what is really needed is legislation to formalise and standardise capital controls. Read more

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