Lebanon prosecutor freezes assets of 20 banks - The National

Lebanon prosecutor freezes assets of 20 banks - The National:

Lebanon's financial prosecutor took the decision to freeze the assets of 20 of the country's banks, the state-run news agency reported on Thursday.

Judge Ali Ibrahim also imposed a freeze on the assets of the heads and members of boards of directors of these banks, the National News Agency reported. It didn't name the lenders or provide any additional information. Separately, Lebanon's cabinet approved a draft law to lift banking secrecy, Reuters reported, citing Justice Minister Marie Claude Najm.

Lebanon is experiencing its worst economic crisis since the end of a 15-year civil war in 1990, which gave rise to an unprecedented wave of public protests in October. The crisis led to the Lebanese pound losing more than a third of its value against the US dollar on the black market and lenders implementing capital controls.