Man recovers $15,000 of savings in Lebanon bank holdup

Lebanese continue to struggle with severely limited withdrawal limits

A man armed with a Molotov cocktail recovered $15,000 of what he claimed was his life savings on Monday after holding up a bank in Antelias, Mount Lebanon. Instagram

A man armed with a Molotov cocktail recovered $15,000 on Monday after holding up a bank in Antelias, Mount Lebanon.

Edgar Awad, who held up the bank with his 13-year-old son, managed to recover his life savings.

A video posted on social media showed Mr Awad waving a Molotov cocktail and a box of matches around the bank before jumping over the cashier's counter and putting his money in a bag.

"Give me my money you thieves," he could be heard shouting.

Such bank heists have become common in Lebanon due to a vicious and prolonged economic crisis that began in 2019 and has seen around 80 per cent of the country's population plunged into poverty.

Lebanon's commercial banks imposed informal capital controls at the start of the economic crisis, severely limiting withdrawals and locking much of the population out from their savings.

The debilitating limits on withdrawals have sparked rage, leading to a string of bank holdups by armed and unarmed Lebanese over the past year who are demanding access to their savings.

The Cry of the Depositors Association, an organisation of disenfranchised depositors that has advocated for and sometimes assisted in the recovery of people's savings, confirmed Mr Awad's receipt of $15,000.

In a statement posted online, the association warned that it would mobilise its supporters if the Al Mawarid bank raised a lawsuit against Mr Awad for his action.

"We ask depositors to prepare to move to Al Mawarid Bank in the event that a claim is made by the bank," the statement said.

The association often warns that more hold ups will ensue unless the financially struggling Lebanese state passes a law to protect people's deposits.