A coffee shop owner from a town in rural east Lebanon became a local hero to some this week, after withdrawing $50,000 in cash from his bank account – a move that has become impossible two years into the country’s worst-ever financial meltdown.
But to others Abdallah Assaii, 37, is not a hero but a criminal. He was only able to retrieve his money after holding seven bank employees hostage and is alleged to have sprayed them with petrol and threatened to set them – and himself – alight.
However Mr Assaii is viewed, the incident at a branch of Lebanese bank BBAC in the town of Jeb Jannine, in the Bekaa Valley, on Tuesday, highlights the desperation felt by many Lebanese enduring their country's financial chaos.
Lebanese banks stopped giving dollars to depositors in late 2019 and instead allow withdrawals only in Lebanese pounds – currently at a rate about 65 per cent lower than the market rate.
No one was seriously injured in the incident but lawyers for Mr Assaii's family and the bank disagree on the level of violence he used during negotiations with bank staff and police.
In the absence of formal capital control laws, the bank’s best chance at prosecuting Mr Assaii is to argue that he physically assaulted staff and was ready to carry out threats to kill them, observers say.
His family and friends deny this was the case, describing instead a man with no criminal record, driven to desperation by debt and unfair banking practices, who apologised to his hostages at the end of their four-hour ordeal.
Both sides agree that Mr Assaii surrendered to the police. In the confusion, he handed over the cash to his Venezuelan wife, who he called as he left the bank, his lawyer said.
Mr Assaii started a hunger strike on Thursday, according to his family. His wife is on the run.
Mr Assaii’s controversial actions have been praised by members of his local community.
“Abdallah managed to do what nobody could do in all of Lebanon,” said Abed Nabha, an NGO worker from Mr Assaii’s home town of Kefraya, close to Jeb Jannine.
“He didn’t steal the money. It was his,” he added.
Many recognise themselves in Mr Assai, whose coffee shop was robbed of up to $15,000 just weeks before the incident, and who also owed 200 million Lebanese pounds (about $8,700 at the current market rate) for purchases for a fruit and vegetable stall he operated, according to his family.
The bank had refused his repeated requests for cheques in the week preceding Tuesday's incident, his lawyer claimed.
The Association of Banks of Lebanon denies that banks have started refusing to issue cheques.
Early in 2019, Mr Assai returned to Lebanon from living for a few years in Venezuela, sold land worth $400,000 and used most of it to invest in his businesses, his family said. His children, aged 7 and 4, are currently staying with family members.
No legal framework
In November 2019, Lebanese banks imposed capital controls as dollars dried up. This was never approved by Parliament, and persistent rumours in Lebanese media claim that well-connected clients sent millions of dollars abroad, while Lebanese with more modest deposits saw the value of their savings plummet.
In the absence of parliamentary oversight, the Banque du Liban central bank has issued circulars restricting withdrawals and transfers out of the country from banks, both in Lebanese pounds and US dollars.
A legal source close to BBAC said that Mr Assaii forced bank staff to hand over the cash “in spite of the withdrawal procedures and limits set by the [Banque du Liban] in this time of crisis”.
But some experts argue that no law gives Lebanese banks the right to refuse to pay back an amount of cash equivalent to the client’s currency of deposit.
“Everything that has happened so far are actions from the central bank that have no legal foundation,” said Nasser Saidi, a former Lebanese economy minister and first vice governor of the central bank.
“Courts refuse to sue banks that have been delinquent in payment. The judicial system is no longer independent. It’s part of the political process,” he added.
Economist Sami Nader said he doubted that the bank would be able to press charges against Mr Assaii for withdrawing $50,000 but might focus on his behaviour in the bank.
“The bank is infringing a basic right of the constitution which is private property,” Mr Nader said.
'We are all Abdallah Assaii'
With little legal recourse for their financial woes, feelings of frustration, humiliation and hopelessness are mounting among many Lebanese. Supporters of Mr Assaii gathered after Friday prayers in Jeb Jannine.
“We are asking from the state to release Abdallah Assaii because he is in the right,” local imam Alaa Baalbaki said. “We are all Abdallah Assaii.”
Although Lebanon’s banking sector – once considered a pillar of the local economy – is now highly unpopular, Mr Assaii’s alleged threats of violence against BBAC’s staff sit uncomfortably, even with his supporters.
“It’s not acceptable for everyone to take their rights like he did,” said Sheikh Muhammad Assayah from Kefraya. “But we need to understand the circumstances that pushed Abdallah to do what he did.”
Mr Assaii’s father, Ali, 56, said his son had no choice. “The economic situation is suffocating everyone,” he said.
Citing media reports of suicide over debt, he asked: “Do you want Abdallah to kill himself? Who would he leave his kids with? Me?”
The exact details of what happened in the BBAC bank in Jeb Jannine on Tuesday remain controversial.
A BBAC lawyer claimed Mr Assaii held a gun to the head of one of the bank staff, had explosives in his bag and sprayed petrol on the employees and on the floor, threatening to light a cigarette.
“I’m not against people taking their money, no one is saying that what’s happening is right, but it’s not the branch employees’ fault,” an unnamed BBAC employee who was one of Mr Assaii’s hostages told local news website SBI on Friday.
“If [people] want their rights they should go to the [banks’] main offices and to politicians. They are behind what’s happening in the country,” she said.
The BBAC lawyer, who asked to remain anonymous due to fears for his safety, said the bank and five employees have pressed charges against Mr Assaii for destruction of property, robbery with threats, attempted murder, physical assault and deprivation of freedom.
Mr Assaii’s lawyer, Sharif Sleiman, rejected claims that his client assaulted staff or sprayed petrol, and said that while he had a gun, he kept it in his bag.
“There was no violence at all,” Mr Sleiman said, claiming that only three employees have pressed charges.
Observers said that violence should be expected as Lebanon’s economic crisis worsens. “The inflation tax has been horrendous. I’ve seen nothing like this in history,” said Mr Saidi.
“What’s happening to people is a crime regardless of the contrived legalities that banks or politicians use to try and justify the situation,” said Mike Azar, a debt finance adviser and a former lecturer at John Hopkins School of Advanced International Studies in Washington.
“That banks and government buildings and BDL haven’t been burnt down by mobs yet is kind of a miracle and testament to the incredible patience of Lebanese people.”
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
More from Rashmee Roshan Lall
Global state-owned investor ranking by size
1.
|
United States
|
2.
|
China
|
3.
|
UAE
|
4.
|
Japan
|
5
|
Norway
|
6.
|
Canada
|
7.
|
Singapore
|
8.
|
Australia
|
9.
|
Saudi Arabia
|
10.
|
South Korea
|
Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
MATCH INFO
Burnley 1 (Brady 89')
Manchester City 4 (Jesus 24', 50', Rodri 68', Mahrez 87')
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Warlight,
Michael Ondaatje, Knopf
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The%20Roundup
%3Cp%3EDirector%3A%20Lee%20Sang-yong%3Cbr%3EStars%3A%20Ma%20Dong-seok%2C%20Sukku%20Son%2C%20Choi%20Gwi-hwa%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.4-litre%2C%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Eeight-speed%20auto%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E617hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E750Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh630%2C000%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
Manchester United's summer dealings
In
Victor Lindelof (Benfica) £30.7 million
Romelu Lukaku (Everton) £75 million
Nemanja Matic (Chelsea) £40 million
Out
Zlatan Ibrahimovic Released
Wayne Rooney (Everton) Free transfer
Adnan Januzaj (Real Sociedad) £9.8 million
The Vines - In Miracle Land
Two stars
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.