Angry depositors have again attacked banks in central Beirut, with fireworks launched at one branch in front of a large security contingent in the Lebanese capital.
Lebanon is entrenched in one of the worst economic crises in modern history. Demonstrations are common but highlight the plight faced by depositors who have had their life savings trapped by informal capital control laws.
“We’re living in a close-to-hell setting,” said Rami Ollaik, a lawyer and founder of the anti-corruption organisation United for Lebanon.
“This is not good for the depositor's case. For the past month or so, we have been trying to reorganise and remobolise the depositors — individuals or groups — and keep them focused on the case.”
A few dozen protesters had begun demonstrating outside parliament before marching on Bank Audi, one of Lebanon’s largest such institutions.
There, some set fire to tyres and attacked the exterior of a Bank Audi property. Others accused the bank's security personnel of assaulting them.
Accompanied by soldiers in riot gear, they then marched through some of Beirut’s most lavish, pastel-walled streets — as waiters from expensive restaurants looked on — towards a residence of Lebanon’s billionaire Prime Minister Najib Mikati.
A particularly high security presence was in force as some protesters tried in vain to cut through the barbed wire, as residents of luxurious high-rise towers near the seafront watched from their balconies.
The group then turned and headed towards a building near parliament, believed to house a couple of private banks. Some protesters launched fireworks, sound bombs and other objects at the building, and again burnt tyres and daubed slogans on nearby walls.
High-profile figures targeted
Throughout the march, protesters frequently criticised high-profile figures including Mr Mikati, embattled Central Bank governor Riad Salameh and the wider banking sector.
The economic crisis, which first became apparent in 2019, has been blamed on decades of mismanagement and corruption from Lebanon’s ruling elite.
Depositors have seen their savings evaporate almost overnight after the informal capital controls were introduced amid the liquidity crisis.
Depositors have sought to recoup their losses through a variety of means. A small handful have been successful through the courts, while others have taken matters into their own hands by entering banks — sometimes armed — and demanding their savings.
United For Lebanon has argued that the penal code allows use of force and the committing of an offence in defence of one's money.
In February, angry depositors and their supporters attacked bank entrances in Beirut, before setting fire to the gates of one bank owner's home outside the Lebanese capital.
Last week, the Lebanese judiciary's disciplinary council voted to remove the divisive judge Ghada Aoun from office. Ms Aoun had brought charges against Mr Salameh and other senior bankers over alleged mismanagement and corruption.
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
More on animal trafficking
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
More from Rashmee Roshan Lall
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Killing of Qassem Suleimani
