After nearly two weeks of banking sector strikes, Prime Minister Najib Mikati met yesterday with Interior Minister Bassam al-Mawlawi, urging him to instruct security agencies to restrain excesses and not to take any action carried out by the Mount Lebanon prosecutor, Judge Ghada Aoun, in her pursuit of several banks. Is this measure sufficient to lift the strike?
Banking sources responded through "Akhbar Al-Yawm" agency, stating that for now, things remain stagnant until new developments unfold, and thus the strike continues. They clarified that there is a significant difference between statements and positions and actual implementation on the ground, likening the situation to "announcing a ceasefire without execution." The source noted that the issue does not solely rest on non-implementation of procedures, adding that they are waiting for signals from the judiciary. What prevents Judge Aoun from continuing to issue money laundering charges reflects negatively on the reputation of Lebanese banks with correspondent banks, which could isolate Lebanon from the outside world, especially since these correspondent banks may sever ties with Lebanon without scrutinizing the validity of Judge Aoun's claims, as the Lebanese market is considered very small, "so there is no need for headaches because of it."
In this context, the sources reminded of the Financial Markets Regulation Law passed in 2011, which stipulates the establishment of a specialized financial court; unfortunately, its members have not been appointed due to a lack of interest and serious engagement from officials. In response to a question, the sources emphasized the need for a special court capable of assessing the repercussions of any decision to prevent indiscriminate accusations, noting that banks have consistently called for verifying the credentials of the claiming party before accepting and pursuing lawsuits, especially since the associations filing these lawsuits were mainly created to attack banks, stating: what is more important is that their members do not have bank accounts.
Additionally, the sources pointed out that Judge Aoun, who is supposed to handle cases related to her jurisdiction, has expanded her scope to Beirut, surpassing her designated area and jurisdiction, while at the same time refusing to accept banks' objections raised to her. In this context, the sources expressed surprise as to how a judge in Bekaa, for instance, could make decisions against banks whose main centers are in Beirut.
The sources concluded: banks are awaiting practical executive steps. It is worth noting that the Association of Banks had described Judge Aoun's practices as "arbitrary," and expressed regret at accepting lawsuits from individuals who are not depositors at the banks and presenting them to judges who are neither competent in terms of subject matter nor geographically, except because these judges have hostile stances towards the banks.
