Lebanon’s former ambassador to the UAE was among a group of angry depositors who entered at least four banks across Lebanon on Tuesday, demanding access to their frozen savings.
These are the latest in a series of incidents that have occurred since the country’s economic crisis led banks to restrict cash withdrawals.
A depositor named as Georges Siam, the honorary consul general of Ireland in Lebanon, reportedly staged a peaceful sit-in and demanded access to his money at the IBL Bank in the Beirut suburb of Hazmieh.
According to a CV posted online, Mr Siam served as Lebanon's ambassador to the UAE from 1994-1999. He has also previously served as Lebanon's envoy to Qatar, Turkey and Brazil.
A Twitter account that appears to belong to Mr Siam shows him expressing support for a depositor who entered a bank last month with a toy gun and demanded access to her savings.
In Chtaura in the Bekaa Valley, retired Internal Security Forces member Ali Sahili went into the local branch of BLC Bank demanding access to his $24,000 in savings — but he was detained before he was able to get his money.
“He's got a desperate case. He offered his kidney for sale before, his son is living in the streets in Ukraine,” Rami Ollaik, whose organisation Mouttahidoun assists depositors including Mr Sahili, told The National.
Mr Sahili’s son is believed to be a student in Ukraine and needs financial support to pay his rent and tuition fees.
“He did all this out of desperation with no criminal intent,” Mr Ollaik claimed.
Banks imposed informal capital controls in 2019, severely restricting access to hard currency and compounding the economic difficulties faced by people in Lebanon.
The situation has led some depositors to take matters into their own hands — and many Lebanese have praised their actions.
In another incident, employees of a state electricity company entered a bank to demand the release of their salaries in Lebanon's second city Tripoli.
And in another incident, an armed depositor briefly took hostages at Byblos Bank in the southern city of Sour — also known as Tyre — said the Depositors' Association, an advocacy group.
The man demanded access to his $44,000 in savings but was arrested after agreeing to a settlement of 350 million Lebanese pounds — or about $9,000 in Tuesday's black market rate.
Banks in Lebanon closed their doors last month after at least seven branches were raided by depositors in a week, including five in one day.
Some branches had reopened last week with heightened security.
But on Monday, an unarmed man entered a bank in Beirut and came away with about $11,000 of his savings.
Mr Ollaik said on Tuesday afternoon that the man would face no charges.
Lebanon has been engulfed by an economic crisis since 2019, which has been described by the World Bank as one of the worst in modern history. Much of the country has been plunged into poverty and the local currency has plummeted in value by more than 95 per cent.
There are severe shortages of basic essentials including bread, electricity, medicine and water.
