Depositors Outcry Association and United for Lebanon: The Time for Procrastination and Unlawful Trading with Deposits Is Over!

Depositors Outcry Association and United for Lebanon:

The Time for Procrastination and Unlawful Trading with Deposits Is Over!

It is not new or strange today to hear that Lebanese banks have seized accepting checks; nor new it is to have them carry on with their extortion towards depositors, exploiting the latters needs by offering them less than one-fifth of the value of their deposits, coupled with exoneration notes. Effectively as such, banks have rather turned into currency exchange agents through seizing depositors life savings, while managing to ship abroad in foreign currency what they accrue of these savings and at a 100 percent cash value, in turn. Bank owners have become obscenely richer – international wealth records have shown it – whereas lawful depositors suffer the inability to dispose of their lifetime earnings. It is a blatant rip-off. 

This is if we do not touch upon the “malicious” plans under masking proxies such as “Capital Control,” the “Recovery Plan” based on “writing off” depositors’ funds under the pretense of the “requirements” of the International Monetary Fund, and so. Leaks also bear the tales of conspiracy and complicity over what was looted and what’s remained of the deposits. Paralleling this is a country led by a prime minister whose fortune is rising on the pages of global wealth, while the people of his city are starving and throwing themselves and their families in despair into the labyrinth of the sea; a president of a republic helplessly surrounded by the thieves of a temple, in which they did not keep in place one stone upon another; a Speaker of the House with his militia fellows adamant on draining the Treasury of each and every penny, in a deeply rooted act of oppression. Not to mention, in contrast, how the wealthy and corrupt are climbing the ladder of eminence, with happiness stolen from the faces of the poor, taking possession of what they have and what they do not have yet, even if the whole nation perished.

In the face of all these atrocities committed against an entire population, actually be subjected to extermination, the dancing to the symphony of elections devoid of the bare minimum elements of democracy continues. It can be allegorically viewed to resemble nothing but “the vigil before death.”

In light of all this, the United for Lebanon Alliance and Depositors Outcry Association find it much pressing to announce a draft plan of action, underway discussion and coordination, consisting of the following:

First, putting “Depositors’ Uprising”, the revolution of people in pain, into activation and implementation, within the framework of taking the law into own hands, in fulfillment of the legitimate right of defense in accordance with Article 184 of the Lebanese Penal Code.

Second, turning to the Judiciary with a last hope: Wake up from your slumber and hold every judge complicit in the violation of justice and the squandering of rights, openly or implicitly, accountable. It does not serve justice to ask a judge immersed in privileged bank loans to rule against banks; add to that the audacity of decent judges remains insufficient unless freed from domination by those of higher ranks. Factually, this is where every depositor is now: Not only shall the open confrontation be with the banks, but also with the Judiciary if its rulings on banking issues remains crippled; it must act immediately.

Third, communication and coordination with all stakeholders is underway, from depositors’ groups to syndicates of liberal professions represented by the Beirut Bar Association, to others. Activity is in full swing, drawing on the solidarity manifested on the day the “Capital Control” was dropped before the House of Representatives on Tuesday, April 26, 2022. 

Fourth, employing efforts to move with any existing or possible cooperation with the syndicates of liberal professions and other economic groups to higher levels, in support of the firm position of President of the Beirut Bar Association, Attorney Nader Gaspard: Refusal of any attempts to conspire against the rights of depositors, with carrying out any necessary steps that serve such a cause.

Fifth, emphasizing the need to preserve and revive the Lebanese banking system, while taking into account the requirements of proper banking practices and preserving the rights of depositors at the same time. This can be only done if depositors become partners in any negotiations on economic recovery plans and as well, gain legitimate representation in any prospective legal claim against the State or Banque du Liban; otherwise, what’s recently announced in this regard pools down to nothing but another dubious evasion of banks’ responsibility.

Sixth, in line with resorting to the legitimate right of defense mentioned above, and if the allegations of the banks, their association, the union of their employees and the politicians behind them prove to be nothing more than ‘dust in the eyes,’ then reinforcing the fraudulent bankruptcy claims (we have) embarked on earlier becomes the only option: Seizing and foreclosing assets and properties of each bank owner, partner or manager in Lebanon and abroad; in addition to considering them as legitimate in-person targets for depositors.

Seventh, there remains a single way out of the current crisis: Assessing the debts and stolen funds, with the latter constituting the largest percentage; then assigning the responsibilities and holding those responsible accountable; then scheduling the repayment of the debts and the returning of the stolen funds. Fittingly, there’s no point in what is currently taking place with the International Monetary Fund, especially according to the financial values being offered and which do not amount to a tenth of what was looted and smuggled over the past two years. Not to mention the inadequacy of the terms of granting them to the Lebanese government and that Lebanon and the Lebanese have no interest in: No Deal.

It is time for us and above all to relay on ourselves as Lebanese.