Lebanese Judge Orders Asset Freezes for Individuals Tied to Major Banks

FILE PHOTO: A view of Lebanon's Central Bank building in Beirut, Lebanon April 23, 2020. REUTERS/Mohamed Azakir/File Photo
FILE PHOTO: A view of Lebanon's Central Bank building in Beirut, Lebanon April 23, 2020. REUTERS/Mohamed Azakir/File Photo
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Lebanese Judge Orders Asset Freezes for Individuals Tied to Major Banks

FILE PHOTO: A view of Lebanon's Central Bank building in Beirut, Lebanon April 23, 2020. REUTERS/Mohamed Azakir/File Photo
FILE PHOTO: A view of Lebanon's Central Bank building in Beirut, Lebanon April 23, 2020. REUTERS/Mohamed Azakir/File Photo

A Lebanese judge has ordered a protective freeze of some properties and company stakes of 14 individuals with links to some of Lebanon’s biggest banks, a move the lenders said could further isolate them from international financial networks.

The asset freezes, listed in a judicial document seen by Reuters, are part of a legal complaint lodged by lawyers belonging to a civil society group on behalf of Lebanese depositors.

Lebanon’s banks were once among the world’s more profitable lenders, funneling funds from a scattered diaspora into state coffers in return for high interest rates. But as Lebanon’s economic meltdown gathered pace and dollar remittaces dried up, the financial system was starved of funding.

The complaint accuses local banks, which have frozen customers out of their deposits and blocked them from transferring cash abroad since the crisis erupted in late 2019, of crimes including negligence and fraud.

Lenders have denied any wrongdoing and have repeatedly said that customers’ deposits are safe.

“The Lebanese banks, the majority of them, have taken over the deposits of their customers and then against the law lent these deposits to the government and to the central bank, which spent it on their international commitments and on salaries,” Hasan Bazy, one of the lawyers who brought the case forward, told Reuters, adding that more complaints would be forthcoming.

“These banks and their managers have assets in companies and have real estate and we wanted these to be blocked so that they can be used as a guarantee for the money of depositors in case it can’t be retrieved.”

A judicial source confirmed the judge’s decision, which can still be appealed by the individuals in question after they have been legally informed of the decision.

In response to the judge’s order, the Association of Lebanese Banks said it respected judicial authority but that such decisions could push more foreign correspondent banks to curtail their business relations with Lebanon’s financial system.

“The constant attack on banks and bankers is not the ideal way to get deposits back, which we assure are safe,” the association said in a statement.

Lebanon’s central bank governor Riad Salameh warned last month about the loss of correspondant banking relations in a letter to the public prosecutor.

But Bazy said more legal complaints would soon follow: “This is the first in a series of cases we plan to file, ultimately targeting around 70 banks.”



Saudi Arabia Emerges as Global Hub for Billion-Dollar Startups

A glimpse of Fintech 24 conference in Riyadh (SPA) 
A glimpse of Fintech 24 conference in Riyadh (SPA) 
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Saudi Arabia Emerges as Global Hub for Billion-Dollar Startups

A glimpse of Fintech 24 conference in Riyadh (SPA) 
A glimpse of Fintech 24 conference in Riyadh (SPA) 

Saudi Arabia is rapidly establishing itself as a global center for billion-dollar startups, known as “unicorns,” by cultivating an innovation-driven environment. These high-growth companies - private ventures valued at over $1 billion - have become a symbol of success in the world of entrepreneurship.

The rise of unicorns in the Kingdom reflects a combination of supportive regulations, government backing, and strong investor appetite. Sectors such as artificial intelligence, fintech, e-commerce, and logistics are at the forefront of this transformation.

Among the most notable Saudi success stories are STC Pay, Tabby, Tamara, and the fast-growing delivery firm Ninja. STC Pay became the first fintech company licensed by the Saudi Central Bank and now leads the digital wallet market in the Middle East and North Africa. Tabby, also licensed by the central bank, offers buy-now-pay-later services and has earned both Sharia compliance and global security certifications.

Tamara, founded in Riyadh in 2020, joined the unicorn club in late 2023. The company provides deferred payment solutions and has expanded across the Gulf region. Most recently, Ninja secured $250 million in funding led by Riyad Capital, valuing the three-year-old startup at $1.5 billion. An initial public offering is targeted by 2027, according to Bloomberg.

Investment in Saudi startups has surged, with nearly $400 million raised in the first quarter of this year alone, data firm Magnitt reported.

Silvina Moschini, co-founder of Unicoin and CEO of Unicorn Hunters, described Vision 2030 as a decisive turning point.

“It opened markets, diversified the economy beyond oil, and placed entrepreneurship at the heart of Saudi growth,” she told Asharq Al-Awsat.

She emphasized that government investments in digital infrastructure and the Public Investment Fund have created fertile ground for ambitious ideas to scale.

“Investors are drawn to fast-growing markets with strong state support, and Saudi Arabia offers exactly that,” she said.

While fintech and e-commerce have led the way, Moschini noted that the next wave of growth will likely come from artificial intelligence, cybersecurity, clean energy, digital health, and creative industries such as gaming and media - sectors closely aligned with Vision 2030 priorities.

She stressed that reaching unicorn status is only the beginning. “The real challenge is sustaining growth and competing globally,” she noted, underscoring the importance of international partnerships and regional expansion.