Russian trader files $1bn lawsuit in New York against a Lebanese bank

The IMMS has filed a suit in the Supreme Court of the State of New York against a Beirut bank for failing to return its $1bn deposit. The IMMS, traders in European, Middle East and Asian oil, is a branch of the Russian oil giant Rosneft. BankMed belongs to the family of Prime Minister Saad Hariri.  After the deposit was demanded on Nov. 8, the bank replied on the 12th that it was terminating the IMMS’ credit facilities “due to the materially adverse change in the economic condition of Lebanon and the Lebanese financial market.”  Market sources say that more suits are piling up against Lebanese banks. since they imposed restrictions on transfers and withdrawals to stem a hard currency shortage and capital flight as the country began sinking into political unrest and economic crisis.

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5 thoughts on “Russian trader files $1bn lawsuit in New York against a Lebanese bank

  • Nov 28, 2019 @ 16:28 at 16:28
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    Shias comprise 27 percent of Lebanon’s population, predominating in three areas of Lebanon: the South, Beirut and its environs and the northern Beqaa valley and Hermel region.

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  • Nov 28, 2019 @ 18:24 at 18:24
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    The issue is not the Shias. I believe they are victim of this regime as well. The main issue is Iran’s Mullahs that the Shias themselves (or most of them) are against. There is no easy fix for Lebanon financial and political stability in the current system.

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    • Nov 29, 2019 @ 15:33 at 15:33
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      When the Machiavellian Machinations and the Orwellian Surveillance marry and have a Child the Baby is Unsightly, Ugly and its Name is Espionage! US Treasury has a Treasure Drove of How Iran Terrorists are Financing Proxies!

      Reply
  • Nov 29, 2019 @ 13:03 at 13:03
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    Oh dear! More of the same for the followers of the pedophile prophet.

    Reply

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