Lebanese Al-Madina key shareholder arrested in connection with embezzlement scam
Key shareholder in Lebanon’s Bank Al-Madina Ibrahim Abu Ayash has been arrested on account of involvement in a large-scale embezzlement scam, reported An Nahar .
The scandal was disclosed this past July when the Bank of Lebanon charged the owners of Al-Madina of stealing millions of dollars from its Saudi clients. According to local press reports, the bank’s owners transferred the money into their personal accounts without informing personnel.
Ibrahim Abu Ayash is the brother and partner of the majority owner of Al-Madina, Adnan Abu Ayash. Adnan allegedly stole hundreds of millions of dollars and falsified accounts to cover up for the illegal transfer from the Riyadh-based Al-Rashid Company account. He is believed to be in Saudi Arabia and has yet to respond to summons by the Lebanese courts.
Headquartered in Hamra, Bank Al-Madina began operations in late 1982. The bank’s paid-in capital amounts to 45.45 billion Lebanese pounds ($2.9 million). Andan Abu Ayyash holds a 58.91 percent stake in the bank and Ibrahim Abu-Ayyash holds 41.08 percent. The bank currently operates 18 branches throughout Lebanon. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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