A French court ruled in favor of a depositor in a Lebanese bank

A French court ruled in favor of a depositor in a Lebanese bank

| Friday 25 November 2022

L'Orient Today

A French court ruled in favor of a depositor in a Lebanese bank, ordering the reimbursement of at least “three million” euros. The Court of Appeal in Paris issued a ruling forcing the Lebanese Saradar Bank to pay a Syrian depositor residing in France the entirety of their savings. The court’s decision reaffirmed a Nov. 2021 ruling that the bank attempted to appeal. Saradar Bank intended to contest the decision, a bank representative told L’Orient Today. “This ruling means that Lebanese depositors clearly have recourse in international courts,” the claimant’s lawyers told Reuters after the first ruling. Earlier this year, the British High Court of Justice ruled in favor of a Lebanese-British businessman suing Bank Audi and SGBL, claiming the recovery of his deposit and incurred damages. An earlier ruling by the same court favored Blom Bank, considered to have discharged its debt to the plaintiff by issuing a cheque in Lebanon. Lebanese banks held a two-day strike in March to oppose legal pressure against the banking sector after several banks’ assets were frozen or seized under judicial orders — including Fransabank, then entangled in a depositor-instigated lawsuit demanding to recover their funds. Amid informal banking restrictions limiting access to Lebanese bank accounts in foreign currency, depositors have resorted to holding up banks to retrieve their locked funds.

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