Economist: Lebanon’s banks are bankrupt, and Iraq’s sums in them are estimated at $35 billion

Economist: Lebanon’s banks are bankrupt, and Iraq’s sums in them are estimated at $35 billion

11-28-2022

Economist - Lebanons banks are bankrupt and Iraqs sums in them are estimated at 35 billionInformation/Baghdad…
The economist, Dr. Mustafa Akram Hantoush, revealed the details of Iraqi funds in Lebanese banks, which are estimated at about $35 billion, pointing out that these banks, after becoming bankrupt, sought to sell their debts to the Rafidain Bank, in order for him to in turn hand over to depositors their sums that exceed $20 billion.
Hantoush told Al-Maalouma that “Lebanese banks operating under the cover of their French counterparts have been considered, since 2005 until 2018, a safe haven for laundering and smuggling money that comes from politicians and merchants, in addition to thefts, as it was smuggled through currency auctions and financial transfers that take place without any Sergeant”.
He added that “transfers and opening letters of credit need more than one million dollars, while there is no link between the central bank and customs, so that the bank does not receive a notice of the arrival of the goods or not, despite the transfer of funds for the purpose of importing the goods.”
And he indicated that “the estimated wealth of the Iraqis and some smuggling operations in Lebanese banks is estimated at about 35 billion dollars, and in 2018 and 2019 about 5-6 billion dollars were withdrawn from private relations and transferred to London, while there are about 20 billion dollars belonging to influential figures in power and trying to translate accounts fake in these banks.
He pointed out that “Lebanese banks have an amount of 35-40 billion dollars, which is the same as a currency balance and obtained from depositors, and the same amount was granted in the form of loans to other people, and therefore the problem occurred and those banks were unable to deliver the amounts.”
He explained that “influential personalities are working to translate bankruptcy in Lebanese banks through the Rafidain Bank there, so that Lebanon’s banks sell their debts to Al-Rafidain, which in turn delivers the full amounts to those personalities and awaits the repayment of the loans.”

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