Lebanese bank chief sues Syria official

The head of Lebanon's al-Madina Bank, which collapsed two years ago in one of the country's biggest banking scandals, has sued the former Syrian intelligence chief in Lebanon for alleged embezzlement.

    Rustom Ghazaleh is accused of embezzling $72 million

    Al-Madina president Adnan Abu Ayyash accuses General Rustom Ghazaleh and three brothers of spiriting away $72 million from the bank between 2000 and 2003, Abu Ayyash's lawyer Jean Azzi said on Thursday.

    Ghazaleh headed the much-feared Syrian intelligence that left Lebanon last month as part of a troop withdrawal that ended Damascus's 29-year military and political grip on its smaller neighbour.

    The Central Bank of Lebanon appointed an administrator to run the privately owned al-Madina in July 2004 after finding a $1.2 billion hole in its accounts, the worst financial scandal in the country in three decades.

    Money-laundering

    The bank is also facing a money-laundering investigation. Unconfirmed press reports said the bank was used to launder several trillion dollars by the Russian mafia, Iraqi state funds and Saudi Islamic associations.

    Abu Ayyash has also accused a former official with the bank, Rana Qoleilat, of involvement in the alleged embezzlement.

    Qoleilat, who played a major role in running the bank, is under investigation for falsifying documents and embezzling tens of millions of dollars through bad cheques.

    She was arrested last year but released on bail in April on the eve of the Syrian pullout from Lebanon.

    Abu Ayyash's brother, Ibrahim, a co-owner of the bank, was arrested along with Qoleilat, accused of embezzlement and abuse of trust and is being detained in jail.

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.