Syrian depositors target Lebanese banks in $10 billion lawsuits over frozen funds
Frustrated by inaction and alleged negligence, Syrians turn to courts in Syria and abroad to reclaim deposits frozen since Lebanon’s 2019 financial crisis, signaling a potential international banking showdown.
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The debate over the law for recovering financial deposits is not limited to Lebanese citizens; it also extends to Syria, where depositors are preparing to file lawsuits against bank owners, board members, and the state itself, determined not to relinquish them.
A group of prominent Syrian depositors, active in Syria, Europe, and the United States, has reportedly prepared lawsuits through a network of local and international lawyers. They plan to soon file these cases against those they accuse of obstructing the recovery of their deposits from Lebanese banks, which they estimate total around $10 billion USD.
This group discussed this issue in detail with the Syrian Minister of Justice Mazhar Al-Weis, and they asked President Ahmad Al-Sharaa to intervene with the Lebanese judicial authorities and deliver a message emphasizing not to relinquish these deposits.
Several officials in Damascus have reportedly urged the relevant Lebanese authorities to address the issue of Syrian deposits. Some of these funds belong to high-profile figures within Bashar al-Assad’s regime, including security officials and prominent businesspeople.
In a call with Dr. Omran Adham, representing the group of Syrian depositors, he stated, “This group of Syrians are victims of the apparent bankruptcy of Lebanese banks and the Central Bank, compounded by negligence and cover-up by successive governments.”
These depositors have filed urgent lawsuits before specialized courts and the public prosecutor, seeking rulings that would allow the seizure of properties belonging to Lebanese banks, their shareholders, and affiliated companies. They hold the Central Bank primarily responsible for the loss of deposits, citing the negligence of the banking oversight committee and its failure to act under successive governors and governments.
When asked about the financial gap law, Dr. Adham responded, “We view this law as a framework aimed at liquidating both Syrian and Lebanese depositors’ funds. Our lawsuits seek not only the return of deposits but also the legal interest accrued from the time of non-payment until a ruling is issued. As is well-known under Syrian-Lebanese agreements, Lebanon is obligated to enforce rulings issued in Syria, meaning they can be executed.”
Syrian depositors turned to Syrian courts after waiting in vain for promises that never materialized and following the failure of responsible authorities to launch a criminal investigation, which never took place.
Disclaimer: The opinions expressed by the writers are their own and do not necessarily represent the views of Annahar.
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