Lebanese authorities on Tuesday released without charge a gunman who held up a bank in Beirut last week and demanded access to his trapped savings so he could pay for his father's medical treatment.
Bassam Al Sheikh Hussein was detained after the incident on Thursday, when he took several hostages at the Federal Bank in Hamra. All were released unharmed.
While the Federal Bank has dropped its complaint against Mr Al Sheikh Hussein, he technically could be charged by prosecutors in the future, a legal source with knowledge of the situation told The National.
Mr Al Sheikh Hussein had to register his address and is subject to being summoned for further questioning.
An image that circulated on social media after his release showed Mr Al Sheikh Hussein meeting with his unwell father.
A major road in Beirut was briefly blocked off earlier on Tuesday as dozens of people protested against the continued detention of Mr Al Sheikh Hussein.
Supporters demonstrated outside the Justice Palace, where a judge was deciding what to do next.
The protesters said they would return on Wednesday morning if he remained detained.
Moving from outside the Justice Palace to the Sami Al Solh Road — only metres away — one of Mr Al Sheikh Hussein’s lawyers told The National: “We are blocking the streets, we want him out now.”
The group left the road shortly after.
Before his release, lawyer Rami Ollaik said Mr Al Sheikh Hussein had remained on hunger strike in protest against his detention.
Last week's seven-hour standoff ended after Mr Al Sheikh Hussein agreed to a settlement that would allow him about $35,000 of his $210,000 trapped savings.
As part of the deal, it was also hoped that he would be released shortly after, which had not been the case until Tuesday.
"We demand that he comes out free, that he gets released immediately with no criminal measures taken against him," said Mr Ollaik.
Threats to kill hostages
Mr Al Sheikh Hussein doused the interior of the bank with petrol and threatened to kill his hostages and set himself on fire if he could not take out his $210,000 savings to pay for medical treatment for his father.
His actions garnered some support from the wider public because of the financial situation in Lebanon. Protesters had gathered last Thursday as the hostage situation unfolded, shouting: "down with the rule of the banks!"
An economic collapse that first became apparent in 2019 has plunged much of the nation into poverty and caused the local currency to tumble in value by more than 90 per cent.
Inflation is rampant and there are widespread shortages of water, bread, electricity, medicine and other basic supplies.
In 2019, banks imposed informal capital controls, severely restricting access to hard currency, which compounded difficulties for people in Lebanon.
Banks stopped giving dollars to depositors, allowing withdrawals only in vastly devalued Lebanese pounds.
In January, coffee shop owner Abdallah Assaii held up a branch of Lebanese bank BBAC in the Bekaa Valley.
He held seven employees hostage until he received $50,000 of his own money. He then surrendered to police.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The%20specs
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
Killing of Qassem Suleimani
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Fourth-round clashes for British players
- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)
- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models