Al-Madina Bank ( Arabic: بنك المدينة) was a Lebanese bank that was seized by the Banque du Liban and closed completely in 2003 [1] [2] because of its mysterious case of suspicion in money laundering, corruption and fraud. [3] [2] The main figure in the scandal was Rana Koleilat, [4] but also Adnan Abu Ayyash, the bank owner, and his brother Ibrahim. [5] [6] [7] As many as 135 people may have been involved in the corruption case, [8] included political, military, financial and legal figures. [9]
The total amount of money lost from the bank was 1.65 billion US dollars. [9]
Bank Al-Madina began operating in 1982, with its headquarters in Hamra. [10]
Adnan Abu Ayyash bought the bank in 1986, [3] and was its main shareholder, along with his brother Ibrahim. [11]
The bank expanded to 18 branches in Lebanon throughout the 90's. [10]
A report was filed accusing the bank of embezzling millions of dollars and writing bad checks, and 411 people were suspected of receiving suspicious funds from the bank. [12]
In 2003, a committee was formed to investigate the bank's millions of dollars of fraud to investigate money laundering. [13]
Rana Koleilat was accused of playing a key role in the fraud. [14]
Reports have said that the amount missing money from Al-Madina and its subsidiary United Credit Bank (UCB) could total as much as euro 1.0 billion. [14]
The bank collapsed in 2003. [15] [16]
Missing funds from the bank were linked to the assassination of the Rafik Hariri [1] [16] in 2005.
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Al-Madina Bank ( Arabic: بنك المدينة) was a Lebanese bank that was seized by the Banque du Liban and closed completely in 2003 [1] [2] because of its mysterious case of suspicion in money laundering, corruption and fraud. [3] [2] The main figure in the scandal was Rana Koleilat, [4] but also Adnan Abu Ayyash, the bank owner, and his brother Ibrahim. [5] [6] [7] As many as 135 people may have been involved in the corruption case, [8] included political, military, financial and legal figures. [9]
The total amount of money lost from the bank was 1.65 billion US dollars. [9]
Bank Al-Madina began operating in 1982, with its headquarters in Hamra. [10]
Adnan Abu Ayyash bought the bank in 1986, [3] and was its main shareholder, along with his brother Ibrahim. [11]
The bank expanded to 18 branches in Lebanon throughout the 90's. [10]
A report was filed accusing the bank of embezzling millions of dollars and writing bad checks, and 411 people were suspected of receiving suspicious funds from the bank. [12]
In 2003, a committee was formed to investigate the bank's millions of dollars of fraud to investigate money laundering. [13]
Rana Koleilat was accused of playing a key role in the fraud. [14]
Reports have said that the amount missing money from Al-Madina and its subsidiary United Credit Bank (UCB) could total as much as euro 1.0 billion. [14]
The bank collapsed in 2003. [15] [16]
Missing funds from the bank were linked to the assassination of the Rafik Hariri [1] [16] in 2005.
{{
cite web}}
: CS1 maint: numeric names: authors list (
link)