Published by Asharq News Channel Dr. Abu-Ghazaleh Participates in Investigative Documentary on the Disappearance of Lebanon Central Bank’s Deposits

AMMAN - HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), participated in the investigative documentary report entitled ‘The Great Deception’; which is part of the Amam Al Kawalees (In Front of the Scenes) program published by Asharq News Channel. 

The report revealed the secret disappearance of billions of dollars of depositors money from Lebanon’s Central Bank. The report is based on exclusive documents that were uncovered for the first time revealing where the funds evaporated, and those involved in the violations that lead to an economic and a financial  Lebanese crisis that the country had never experienced before. 

In the report, Dr. Abu-Ghazaleh stated that Lebanon suffers from a triple collusion, between the banks and Lebanon’s Central Bank, through the judicial system, affirming that : “It is difficult to accuse the judiciary, however, such exceptional cases that the Lebanon judiciary deals with in a strange way take place in collusion with the banks”.

Dr. Abu-Ghazaleh, as one of those affected by the disappearance of funds, wondered, “How could any central bank in the world put its hands on funds, cheques in my name, and deposit them without my knowledge?” He further went on to add: “Lebanon Central Bank has cheques in the value  of $23 million  in the name of Talal Abu-Ghazaleh - which is not a small amount –where are these funds?” 

Although Dr. Abu-Ghazaleh received a fair ruling from a Lebanese judge who ordered a precautionary seizure on some property assets of the bank, its CEO, and board members, however, as a result of an appeal  against this ruling by the bank, it was decided that the judge has no authority to order the bank to pay, as the bank decides to do so by itself.

In the documentary, which included a number of officials and bankers from Lebanon and the world, Dr. Abu-Ghazaleh affirmed he would continue to pursue his right to recover his money in full with the full accrued interests even if the case lasted for 20 years.

It is worth mentioning that the report talked in detail about the evaporation of depositors' funds in the Lebanese banks and the years-long financial crisis which led to a collapse of the economy in a country that was known for so long for its credible banking system. The report also highlighted the role banks played in this “deception”, not to forget the role of the political elite and the Governor of Lebanon's Central Bank in this crisis. 


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