The Firm advised the Central Bank of Lebanon on a highly complex lawsuit challenging the legality of Circular 151 related to the withdrawal of deposits | Abou Jaoude & Associates

January 2021

• The Firm advised the Central Bank of Lebanon on a highly complex lawsuit challenging the legality of Circular 151 related to the withdrawal of USD deposits in LBP, a first-of-its kind critical capital control regulation issued by the Central Bank amidst Lebanon’s unprecedented financial and banking crisis and its impact on the fluctuation of currency exchange rates.

• The Firm advised prominent bank Fransabank on multi-million cross-border bank guarantees to Consolidated Contractors Group (CCC), the biggest construction group in the Middle East, involving a complex analysis of the bank’s obligations to make overseas payments in “fresh” US Dollars amidst Lebanon’s unprecedented financial crisis and its impact on the fluctuation of currency exchange rates.

• The Firm advised the Central Bank of Lebanon on first-ever highly complex capital controls legislation with critical impact on the national economy amidst Lebanon’s unprecedented financial crisis.

• The Firm advised Bankmed on Lebanon’s largest ever US$1 Billion cross-border banking lawsuit against oil trader IMMS.