Abu-Ghazaleh Receives Depositors' Outcry Association Delegation in Lebanon

  • Date: 27 Feb 2023

Affirming the need to repeal banking secrecy:

BEIRUT - HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), has received in his office in Beirut a delegation from Lebanon's Depositors' Outcry Association to discuss the possibility of filing a class action lawsuit against Lebanese banks to bring justice to affected depositors and to grant them access to their frozen savings. 

Dr. Abu-Ghazaleh assured the delegation of the importance of full repeal, of the Lebanon banking secrecy law, as a first step, pointing out that depositors' funds did not vanish or evaporate, but  were transferred from one account to another. He went on to stress that the key case is to recover the money, not pressing charges against the actual culprits. 

He continued by saying that no reforms could be achieved in Lebanon in light of the Bank Secrecy Law, as everyone should call for lifting banking secrecy, describing the bank accounts audit issue as a "big lie".

“Our current case will be a Class Action to indicate that what has been committed against all Lebanese depositors is a crime against humanity, therefore, we will file this case with the relevant international authorities,” Dr. Abu-Ghazaleh said.  

Lebanon introduced two strange concepts; Capital Control and Hair Cut and both are worthless, Dr. Abu-Ghazaleh said, “There is no distinction between a large and a small depositor, they are equal before the law, and the relationship between depositors and banks is governed by a contract.”

At the end of the meeting, the two parties agreed to cooperate and intensify efforts to recover people’s money from the banks. That is in addition to proceeding with the Class Action before the international courts; in view of the fact that international law  considers the Lebanon bank holdups since October 2019, a crime against humanity.