Banks in Lebanon have said they will close for three days next week, after depositors stormed several branches on Friday, holding employees hostage and forcibly demanding to withdraw their savings.
It started with a man armed with a toy gun holding up a bank in south Lebanon and refusing to release hostages until he was given access to his trapped savings.
A few hours later another man ― aided by a group of associates ― stormed a bank in a working class Beirut neighbourhood. Then news of a third bank hold-up broke out. And a fourth.
At least five such raids were carried out by depositors across Lebanon, the latest in a series of hold-ups conducted by people who have taken the law into their own hands in a desperate bid to recoup their trapped savings from the country's commercial banks.
Financial institutions across the country have imposed withdrawal limits, amid a financial crisis.
Friday's raids came only a day after a lobby group called on depositors to take matters into their own hands to retrieve their frozen savings.
The 'Depositor's Outcry' ― a hardline depositors advocacy group ― assisted in at least one raid earlier this week. Members of the group held up a Blom Bank branch in Beirut alongside a woman, Sally Hafez, as she demanded access to savings to pay for her sister’s cancer treatment. She successfully withdrew $13,000 by force.
The Association of Banks in Lebanon (ABL) announced a three-day strike set to begin next week in protest against the depositors' actions.
The industry body, which represents the vast majority of the country's banks, denounced the incidents and called on the government to pass laws to address the economic crisis as quickly as possible.
A representative of the ABL told The National that, together with the banks, it was holding talks with the Interior Ministry, aimed at persuading the government to take steps towards protecting bank employees from potential violence.
"Other than that each bank is taking its own decision regarding how it will protect itself," said ABL representative Jessy Trad.
As the bank heists continued to gain traction throughout the day, caretaker Interior Minister Bassam Mawlawi called for an emergency meeting with security forces to discuss measures that could be taken, the state's National News Agency reported.
On Friday morning, the man with the toy gun was arrested after storming a branch of Byblos Bank in the southern city of Ghazieh to demand his savings, making out with $20,000.
In a video circulated on social media, Muhammad Reda Korkmaz proudly leaned out of a car window as he was driven into police custody.
"I got it!" he proclaimed to onlookers.
In the Tariq Al Jdideh neighbourhood of Beirut, Abed Soubra and his associates entered a Blom Bank branch and demanded at least $120,000 of his savings.
A third man armed with a pellet gun also stormed a branch of LGB Bank in Beirut's posh Ramlet Al Baida area of Beirut requesting to withdraw his $50,000 in savings.
A fourth reportedly tried to forcibly withdraw his savings from Fransabank in Baaqrif.
Outside the Blom Bank in Tariq Al Jdideh, people gathered in support of Abed Soubra as he demanded his savings of $125,000.
Supporters of Mr Soubra clambered on top of an ATM, passing him coffee and snacks through the bank's second-storey window.
From his perch on the ATM a proudly self-professed accomplice, Fadi Zajour, turned to the crowd gathered outside.
“He says they offered to give him $40,000 at the rate of 12,000," he shouted down.
The crowd laughed in derision.
The Lebanese currency’s value has plummeted in value by more than 95 per cent since 2019. The bank's offer would have been less than half of what Mr Soubra's savings are worth.
"Abed don't you dare leave the bank until you get all your money," an onlooker called out.
In 2019, commercial banks informally imposed their own capital controls following the collapse of the nation’s financial system and the onset of a severe economic crisis that has left two-thirds of Lebanon's population destitute. People overnight found themselves locked out of their bank accounts and unable to access the majority of their own savings.
The national currency’s plunge was accompanied by soaring inflation, making life expensive and difficult for many. Capital is scarce for the cash-strapped state, but as political leaders continue to quibble over enacting the necessary reforms required for an international bailout, the central bank’s remaining dollar reserves continue to dwindle.
Legal attempts by depositors to withdraw their savings from their accounts have so far been thwarted. Banks have closed branches in protest against judicial orders to release money into the hands of customers, while the judiciary itself is often incapacitated and barely operational.
Fouad Debs, a lawyer and the co-head of the Lebanese Depositors Union, told The National the hold-ups were a natural reaction to "the political and financial elite that have abducted the judiciary and security forces to work for their own protection, rather than the people's."
The Depositors Union is another group that advocates for the release of deposits and frequently provides legal aid for depositors who resort to desperate measures.
"People are desperate after three years, and we're seeing the manifestation of that," Mr Debs said.
Sabri Sallem, who had gathered to watch the events in Tariq Jdideh unfold, told The National Mr Soubra was a well-known merchant in the district who had fallen on hard times after Lebanon's financial crash three years ago.
"He's in debt. He is not a terrorist," he said. "People want their money back."
An elderly man next to him, Issam Mahdi, said he was worried about his niece ― a bank manager and one of the staff taken hostage.
“She's just an employee. She can't do anything," he told The National. "But at the same time I understand and I empathise with them. My own money is trapped in the bank."
"I wish I could do something like this but because of my reputation — I'm a retired officer — I can't.”
The Depositor's Outcry group have vowed to orchestrate more bank hold-ups with anyone seeking to unlock their frozen savings from the the nation’s commercial banks.
"Sally Hafez was just the start of the revolution," said Ibrahim Abdullah, a member of the group, at a press conference on Thursday.
"It won't end until we get all our money."
ILT20%20UAE%20stars
%3Cp%3E%3Cstrong%3ELEADING%20RUN%20SCORERS%3C%2Fstrong%3E%3Cbr%3E1%20Nicholas%20Pooran%2C%20261%3Cbr%3E%3Cstrong%3E2%20Muhammad%20Waseem%20(UAE)%2C%20248%3C%2Fstrong%3E%3Cbr%3E3%20Chris%20Lynn%2C%20244%3Cbr%3E4%20Johnson%20Charles%2C%20232%3Cbr%3E5%20Kusal%20Perera%2C%20230%3Cbr%3E%3Cbr%3E%3Cstrong%3EBEST%20BOWLING%20AVERAGE%3C%2Fstrong%3E%3Cbr%3E(minimum%2010%20overs%20bowled)%3Cbr%3E%3Cstrong%3E1%20Zuhaib%20Zubair%20(UAE)%2C%209%20wickets%20at%2012.44%3Cbr%3E2%20Mohammed%20Rohid%20(UAE)%2C%207%20at%2013.00%3C%2Fstrong%3E%3Cbr%3E3%20Fazalhaq%20Farooqi%2C%2017%20at%2013.05%3Cbr%3E4%20Waqar%20Salamkheil%2C%2010%20at%2014.08%3Cbr%3E%3Cstrong%3E5%20Aayan%20Khan%20(UAE)%2C%204%20at%2015.50%3C%2Fstrong%3E%3Cbr%3E6%20Wanindu%20Hasaranga%2C%2012%20at%2016.25%3Cbr%3E%3Cstrong%3E7%20Mohammed%20Jawadullah%20(UAE)%2C%2010%20at%2017.00%3C%2Fstrong%3E%3C%2Fp%3E%0A
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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
Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
RESULTS
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA) Dh 200,000 (Turf) 1,600m
Winner: Hameem, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA) Dh 200,000 (T) 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB) Dh 380,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA) Dh 500,000 (T) 1,600m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA) Dh 5,000,000 (T) 2,200m
Winner: Messi, Pat Dobbs, Timo Keersmaekers
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA) Dh 150,000 (T) 1,400m
Winner: Harrab, Ryan Curatolo, Jean de Roualle
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T) 1,400m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
MANDOOB
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