The Central Bank of Lebanon has charged the owners of bank Al-Madina of stealing millions of dollars from its Saudi clients. According to local press reports, the bank’s owners transferred the money into their personal accounts without informing personnel.
One of the bank's owners, Adnan Abu Ayash, apparently stole hundreds of millions of dollars and falsified accounts to cover up for the illegal transfer from the Riyadh-based Al-Rashid Company account, reported AFP.
The private bank, now facing a money-laundering investigation, recently received a provisional manager to protect its depositors. The Central Bank has not yet decided to freeze the accounts of a number of shareholders who are suspected of money laundering. The new manager is has been commissioned with filing a report to the Central Bank on his findings.
Headquartered in Hamra, Bank Al-Madina began operations in late 1982. The bank’s paid-in capital amounts to 45.45 billion Lebanese pounds and its major shareholders are Abu Ayyash, with 58.91 percent of the shares and Sheikh Ibrahim Abu-Ayyash with 41.08 percent. The bank currently operates 18 branches throughout Lebanon. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
