Lebanon bank scandal continues

The head of Lebanon’s Al Madina Bank, which collapsed two years ago last week has sued a former Syrian intelligence chief for alleged embezzlement.

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By  Richard Agnew Published  May 26, 2005

The head of Lebanon’s Al Madina Bank, which collapsed two years ago last week has sued a former Syrian intelligence chief for alleged embezzlement. Al Madina president Adnan Abu Ayash accused general Rustom Ghazaleh and three brothers of misappropriating US$72 million from the bank between 2000 and 2003. The Central Bank of Lebanon appointed an administrator to run the privately owned Al Madina in July 2004 after finding a US$1.2 billion hole in its accounts, the worst financial scandal in the country in three decades.

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