NNA - Following the judicial order issued on Wednesday 16.03.2022 against Fransabank SAL to freeze the Bank’s shares, properties and assets in relation with a lawsuit initiated by a former client, claiming non-receipt of his deposit, Fransabank SAL would like to clarify the following:

1-     Mr. Ayad IBRAHIM had an account at Fransabank SAL with a deposit of USD 34,139 (thirty four thousand and one hundred thirty nine US dollars).

2-     Mr. Ibrahim requested all his deposit to be withdrawn in full in cash US $ currency. However, due to current prevailing restriction, and as per The Association of Banks in Lebanon’s decision, Fransabank SAL returned the deposit, in full, to the client by bankers check drawn on BDL and consigned with a Public Notary on December 8, 2021. Two days later, the claimant duly received and signed on the check receipt along with account closing documents. At this stage, the bank considered this matter legally closed.

3-     At a later stage, Mr. Ibrahim raised a court case against Fransabank SAL, asking for the reopening of his account with the bank and the receipt of his deposit in full cash US $ currency. This could not be done since the account at Fransabank SAL was already closed.

4-     The judicial order issued on Wednesday 16 March 2022 by Judge Mariana Anani concerning this claim includes the closing of Fransabank’s vaults in all its branches and to be sealed with red wax, which was done by noon of the same day, making the bank unable to operate normally in relation to all cash transactions including ATMs.

5-     Fransabank, while considering this judgement abusive as per above-mentioned case, abides by the judicial order and an appeal of such order is under way.

6-     In the afternoon of that same day, Judge Anani verbally instructed the designated judicial officers to remove some - but not all - of the red wax sealing of Fransabank SAL vaults in one of its branches.  However, central vaults remained sealed, limiting the bank’s ability to resume its normal cash operations.  

7-     As such, and while awaiting the appeal of such order, Fransabank branches will remain open but unable to execute any cash transactions including those done through its ATMs.

Fransabank SAL confirms that it fully abides by all laws and regulations, by judicial orders and by the Central Bank of Lebanon’s directives. -- Fransabank press release  

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