Lebanon’s state prosecutor suspends order to freeze assets of 20 banks – The National

Lebanon’s state prosecutor suspends order to freeze assets of 20 banks – The National

Ghassan Oueidat said the move issued by the financial prosecutor on Thursday would send the country and its financial sector into chaos. Lebanon's state prosecutor suspended an order on Thursday to freeze the assets of 20 local banks, warning it would plunge the country and its financial sector into chaos.. The banks, which for years funnelled deposits to the state, hold the bulk of the sovereign debt and have been in discord with political powers over the March repayment.. Mr Ibrahim issued an order on Thursday to freeze the assets of 20 Lebanese banks, their top bosses and boards as part of a probe, according to state media and judicial sources.. "Such a move would send the country, as well as its monetary, financial and economic sectors into chaos," said a memo by State Prosecutor Ghassan Oueidat, who suspended the assets freeze.. The memo said international financial authorities had intended to halt dealings with Lebanese banks, without elaborating.. A judicial source said the freeze was directed at some of Lebanon's biggest banks, including Blom Bank, Bank Audi, Byblos Bank, Bank of Beirut and SGBL (Societe Generale De Banque Au Liban).. The Association of Banks in Lebanon, which represents the nation's