Lebanon Judge Freezes Assets of Five Banks and Members of Their Boards

A general view shows the headquarters of the Lebanese Blom Bank in Beirut, Lebanon July 9, 2018. (Reuters)
A general view shows the headquarters of the Lebanese Blom Bank in Beirut, Lebanon July 9, 2018. (Reuters)
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Lebanon Judge Freezes Assets of Five Banks and Members of Their Boards

A general view shows the headquarters of the Lebanese Blom Bank in Beirut, Lebanon July 9, 2018. (Reuters)
A general view shows the headquarters of the Lebanese Blom Bank in Beirut, Lebanon July 9, 2018. (Reuters)

A Lebanese judge froze the assets of five top banks and members of their boards while she investigates transactions they undertook with the country's central bank, a judicial document showed on Monday.

The asset freeze against Bank of Beirut, Bank Audi, SGBL, Blom Bank and Bankmed applies to properties, vehicles and shares in companies owned by the banks or the members of their boards.

She has not charged any of the parties mentioned with any crime.

Lebanon's banks association in statement said the decision by Judge Ghada Aoun was "illegal" and would further destabilize the country's banking system, already crippled by a financial meltdown that has seen most depositors locked out of their hard currency accounts.

Raya Hassan, chairman of the board of Bankmed, declined to comment, as did Blom Bank chairman Saad Azhari and a spokesperson for Bank Audi.

Bank of Beirut and SGBL did not immediately respond to requests for comment.

Aoun on Thursday issued travel bans against the heads of the boards of the five Lebanese banks as a precautionary measure while she carried out her probe, she told Reuters.



China's Xi Visits Morocco, Meets with Crown Prince

Chinese President Xi Jinping. Reuters
Chinese President Xi Jinping. Reuters
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China's Xi Visits Morocco, Meets with Crown Prince

Chinese President Xi Jinping. Reuters
Chinese President Xi Jinping. Reuters

Chinese President Xi Jinping made a short visit to Morocco on Thursday, according to state media from both countries.
Xi was welcomed in Casablanca by Crown Prince Moulay El Hassan and the visit reflected the strong bonds of friendship, cooperation, and solidarity between the Moroccan and Chinese peoples, Morocco's MAP said.
The Crown Prince and Moroccan Prime Minister Aziz Akhannouch met Xi at the airport, where Xi and Hassan had a "cordial conversation", China's state broadcaster CCTV said.
Xi made the visit after being in Brazil for the G20 Summit.
China has stepped up investments in Morocco's infrastructure and rail sector in recent years.
Morocco's geographic location close to Europe, its free trade agreements with key EU and US markets and its existing automotive industry, make it attractive to Chinese electric vehicle battery makers.
In June, Chinese EV battery manufacturer Gotion High Tech picked Morocco to set up Africa's first gigafactory for a total cost of $1.3 billion.