Naya raises $195 million to expand Lebanese food chain across the US
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L'Orient-Le Jour
9 hours ago
- L'Orient-Le Jour
Kuwait imposes new sanctions against Hezbollah and al-Qard al-Hassan
BEIRUT — The Kuwaiti Foreign Affairs Ministry announced Monday sanctions imposed against the al-Qard al-Hassan Association (AQAH), considered the financial wing of Hezbollah in Lebanon, according to the Saudi media outlet al-Sharq al-Awsat. The Committee for 'the implementation of U.N. Security Council resolutions' under the Kuwaiti ministry decided Monday to add Hezbollah, the AQAH association, as well as three individuals, including a Lebanese man, Adel Mansour, the designated leader of AQAH whose assets have been frozen, to its list of sanctioned entities. The two other sanctioned individuals are of Somali and Tunisian nationality. The Kuwaiti government has therefore called on all companies and financial institutions resident in the Gulf country to implement these measures and to cease all cooperation with any institution or person linked to Hezbollah. Sanctions initiated in 2021 At least seven individuals of Lebanese nationality are now under sanctions for their alleged involvement in a network of financial channels between Lebanon and Kuwait serving Hezbollah. The first of these were named by the U.S. Treasury (OFAC) for such activities in September 2021. Under U.S. Treasury sanctions since 2007, the AQAH association was targeted on July 14 by a circular from the Central Bank of Lebanon, formalizing the prohibition for all Lebanese banks and financial institutions from interacting with several entities linked to the pro-Iranian group. In November 2024, Kuwait arrested 18 people on its territory on suspicion of economic links Hezbollah. Earlier that year, in September, the United States announced the implementation of other sanctions against a network accused of "oil counterfeiting" between Kuwait and Lebanon for the benefit of Haret Hreik. This decision by Kuwaiti diplomacy is part of a long series of initiatives over the past months against Hezbollah's economic systems in Lebanon and internationally, in an effort to undermine any reconstruction of its financial resources.
Ya Libnan
11 hours ago
- Ya Libnan
Kuwait sanctions Hezbollah, Al-Qard Al-Hasan and 3 individuals
Kuwait has officially imposed sanctions on the Iranian-backed Hezbollah militant group , its financial arm Al-Qard Al-Hasan Association, and three individuals of Lebanese, Tunisian and Somali nationalities. The decision was announced Monday by the Kuwaiti Ministry of Foreign Affairs' Committee based on UN Security Council Resolutions under Chapter VII of the United Nations Charter. The designation places Hezbollah and its affiliate on the list of sanctioned entities, alongside the freezing of funds and economic resources tied to the listed individuals and organizations . The names of the individuals were identified by their initials as : A.M.M., a Lebanese national, born May 18, 1966; A.F.M.Q., a Tunisian national, born October 5, 1991; and A.M., a Somali national, born between 1950 and 1953. Al-Qard Al-Hasan Association, described by international observers as Hezbollah's financial institution, is also included in the sanctions list. Based in Lebanon, the association has been widely accused of operating as a shadow bank to fund the group's activities. El Nashra
Nahar Net
13 hours ago
- Nahar Net
Finance and budget committee approves banking reform law
by Naharnet Newsdesk 28 July 2025, 16:01 The finance and budget committee approved Monday the banking reform law, MP Ibrahim Kanaan, head of the committee, said after a 6-hour meeting. Kanaan assured Lebanese depositors that their money will not be touched. "Everyone knows how the money was squandered and how it was distributed between the government, the Central Bank, and the banks," he said, adding that depositors will be protected. International donors have been pressuring Lebanon to implement several financial reforms to address its severe economic crisis, as a pre-requisite for unlocking billions of dollars to help Lebanon recover from a crippling financial crisis that began in 2019, fueled by state mismanagement and entrenched corruption. In 2019, Lebanon's financial system collapsed and the Lebanese pound lost over 90% of its value against the U.S. dollar. Banks imposed strict limits on withdrawals, leaving depositors unable to access their savings.
