Commenting on the decision of Mount Lebanon Prosecutor of Appeal, Judge Ghad Aoun, dated March 17, 2022, to ban the travel of the chairman of the board of directors of Credit Bank SAL A so that he cannot manage his money, the bank is interested in clarifying the following:
1- The chairman of the bank board has not yet been notified about any decision made by the Appellate Prosecutor’s Office of Mount Lebanon, instead, he found out about the decision made through the media.
2- The Chairman of the Board of Directors of the Bank has previously provided the Attorney of Appeal with all reliable information and detailed explanations related to the subject matter of the investigation, in particular regarding the disclosure that occurred in the bank account in Banque du Except, that is used in accordance with local transfers to depositors and then covered by United States dollars from funds deposited by the bank with the Banque du Liban. As for overseas transfers, they are limited only to the payment of contributions in favor of foreign financial and banking institutions, and their amount is relatively small and limited.
3- The deposit of funds in the Banque du Liban is justified by legal and regulatory obligations, as well as local and international banking practice, and we do not think that the bank is responsible for it by any standard or logic. The Bank also does not question monetary and economic policies, as well as the absence of exceptional legislation required by current circumstances.
4- The Bank and its Chairman of the Board confirm that the banking law, applicable regulations and circulars of the Bank of Lebanon and the Association of Banks will not be violated.
5- The Bank and its Chairman of the Board confirm compliance with procedural laws that do not give the appeal prosecutor the power to take any of the prescribed precautions that are not legally appropriate and unreasonably reasonable.
6- The ongoing investigation is based on a complaint filed by the parties who have no legal capacity to claim, and this claim is detrimental to the banking sector and the interests of depositors.
7- Finally, despite all the difficulties, the bank continues to serve its customers to protect their rights.