World Lebanese Cultural Union
The WLCU Advocacy group organised on May 18th a webinar around the Bank sector crisis in Lebanon.
The keyspeakers were Mr. Nicolas Chikhani, International Banking Executive & Governance Advisor, and Joseph Amine El-Khoury, Veteran Journalist & Publisher.
Lebanese Parliament Passes Reforms: Banking Secrecy Amended & Bank Restructuring Law Approved.
Recommendations for Advocating Change and Restoring Trust in the Banking System:
- Urge Lebanese Members of Parliament, as well as the executive and legislative branches, to share the findings of the Alvarez forensic audit of Banque du Liban.
- Relaunch the Alvarez Audit, which was previously halted due to the banking secrecy law. This law has since been amended and is no longer an obstacle.
- Support the Banks Restructuring Law Bill and the Deposits Restitution Bill proposed by MP Farid Boustany, which Nicholas Chikhani and Joseph Amine El-Khoury developed.
- Audit the 14 biggest banks as requested by the IMF
These actions will help uncover the truth about the circumstances that led to the financial collapse, identify those responsible, and pursue justice for those implicated in this Ponzi scheme.Without addressing the issue of deposit restitutions, trust in the banking system cannot be restored, and Lebanon will struggle to achieve prosperity.
