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Financial prosecutor orders bankers and others to return funds transferred abroad during crisis within two months

Financial prosecutor orders bankers and others to return funds transferred abroad during crisis within two months

LBCI2 days ago
Financial Prosecutor Judge Maher Cheaito issued a decision, 'based on ongoing investigations,' requiring individuals and entities, including bankers, to deposit in Lebanese banks amounts equal to the sums they transferred abroad during the banking and financial crisis the country went through, and in the same currency, with the aim of reintroducing them into Lebanon's banking system.
This must be done within two months, under the supervision of the Financial Public Prosecution, and in accordance with conditions it sets, according to the National News Agency.
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Lebanon and Syria launch push to revive trade and transport — can the lifeline be restored?
Lebanon and Syria launch push to revive trade and transport — can the lifeline be restored?

LBCI

time20 hours ago

  • LBCI

Lebanon and Syria launch push to revive trade and transport — can the lifeline be restored?

Report by Ghida Fayad, English adaptation by Karine Keuchkerian Between Beirut and Damascus, transportation has never been just about crossing the border. It has long served as a vital lifeline, connecting Lebanon to Arab markets, carrying goods and passengers in both directions. In recent years, however, that lifeline has dwindled under the weight of high fees, complicated procedures, and political and security pressures. Now, new agreements aim to restart it by facilitating the movement of goods and passengers between the two countries. Under the agreements, Lebanese and Syrian trucks, as well as public transport vehicles from both countries, will be exempt from any fees when entering or leaving the other's territory. The two sides also agreed to implement the International Road Transport, or transit, agreement in line with the 1977 Arab Convention, and to reduce transit fees for Lebanese trucks passing through the Al-Qaim crossing from 10% to 2%. Regarding the entry of empty trucks and vehicles and loading for a third country, Syria promised to consider allowing Lebanese trucks to transport goods to countries inaccessible to Syrian trucks. Damascus also asked Lebanon to study the possibility of allowing empty Syrian buses to enter Lebanon to transport passengers, with Beirut pledging to coordinate with the relevant authorities on the condition that these buses do not operate within Lebanese territory. The understandings also call for both sides to work with their respective authorities to reduce customs clearance fees, grant an exemption for trucks carrying steel rolls weighing up to three tons, and explore reactivating the 'Orange Card' related to the unified compulsory insurance system. A direct communication unit will also be established to allow immediate coordination in resolving any problems faced by transport vehicles or trucks, whether at the border or inside either country. These agreements are not new, but rather a revival of an accord dating back to 1993 — one that has seen periods of activity and stagnation and is now returning to the forefront in an effort to breathe new life into transportation and trade between Lebanon and Syria.

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