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On Thursday, Chief Justice Ali Ibrahim ordered the arrest of the director of operations at the Banque du Liban, Mazen Hamdan, in the dollar exchange rate manipulation file. Initial information indicates that “Hamadan’s arrest occurred at noon on Thursday, knowing that he was summoned to the investigation a few days ago after suspicions of his participation in the archive.”
The follow-up of the sources to the investigations revealed that “Hamdan’s role in communication with a large number of money changers was verified and they were sold the dollar for the price of 3,200 LBP, which is the price established by the Bank of Lebanon, which which means they were forced to sell it at a higher price. “
He explained that “the Attorney General for Finance ordered Hamdan’s arrest after receiving verified information about his sale of the dollar to a person of Syrian nationality who resides in the Al-Awza’i area and does not work in the banking field.” .
The information says that “Hamdan sold dollars to two Class A exchanges, that is, the licensees, and they have the right to send the dollar from abroad, and to other Class B currency exchangers who are not entitled to the dollar, and this last category got the dollar without receipts. “
The data also indicates that “the value of the money given to Class B ATMs reached millions of dollars.”
During the investigation, Hamdan and several ATMs were interviewed and said they had purchased dollars through him. However, sources indicated that “the operation between the Banque du Liban and the ATMs was coordinated.”
On the other hand, a second account of the investigations indicated that “many indications of Hamdan’s role in communicating with a large number of money changers have been demonstrated, demanding that they withdraw the dollar from the market and sell it to the central bank.” In light of this, the data indicates that Hamdan was in the process of buying and selling dollars at the same time.
A meeting for a special agency is scheduled to take place tomorrow at 11 am led by Bank of Liban Governor Riyadh Salama and the presence of Attorney General Ali Ibrahim to discuss the archiving of the arrest of the director of cash operations at the Mazen Hamdan bench. The meeting will discuss the responsibility of both the central bank’s operations manager and others to move the market or what has been called speculation, and will also discuss the role of the electronic platform that the bank intends to start next week.
