Conflicting Reports on Removal of Red Wax Seals from Fransabank Branches

Conflicting reports emerged Tuesday on whether a court of appeals has ordered the removal of red wax seals from the assets of Fransabank.

"The reports saying the seals have been removed from Fransabank's assets are baseless and the Court of Appeals' ruling prevents the removal of the seals, contrary to what is being rumored," the United for Lebanon activist group said.

TV networks had reported earlier in the day that the Civilian Court of Appeals of Beirut had ordered the removal of red wax seals from Fransabank’s branches, days after the bank’s assets were frozen in connection with a lawsuit filed by a depositor.

The lawyers of United for Lebanon meanwhile announced that the depositor, Ayyad Ibrahim, can still move to re-freeze the bank’s assets in order to press the bank to pay him his deposit in cash money.

The bank’s assets had been frozen on Wednesday based on an order issued by Judge Mariana Anani, the head of the Enforcement Department in Beirut.

The order had prompted the bank to announce that it would not be able to fulfill its clients’ needs, “especially the payment of the salaries of public sector employees and other employees."

The bank also noted at the time that the depositor who filed the lawsuit "had closed his account and fully recovered his deposit."

The United for Lebanon group later responded to Fransabank's statement and said the judge's decision did not target funds related to salaries and pensions.