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January 23, 2012

The U.S. reopens the Lebanese Canadian Bank/Societe General file!

January 23, 2012

January 23, 2012

(Image: Sehnaoui under pressure; Ed Ou for The New York Times)

Following the Lebanese Canadian Bank S.A.L. Hezbollah saga, which ended with a takeover under pressure from Lebanon’s Central Bank, the Arab Digest has learnt that Societe General is under American pressure to give up “suspicious” fat bank accounts. According to sources close to Antoun Sehnaoui, the major shareholder of Lebanon Societe’ General’s Bank, he recently met U.S. treasury officials in Cyprus, where they notified him of Washington’s disapproval of the LCB takeover. The American disapproval comes in light of new information on the bank accounts under investigation; some still exist and are functional/ongoing. The sources said that Sehnaoui, 39 years, attempted to reconsider the whole takeover deal, as it has turned into a burden on the Bank’s reputation. But he discovered that such reconsideration is impossible since the commission paid to seal the deal reached 150 million dollars, the sources confirmed.


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