UANI Calls on Byblos Bank Chairman François Bassil to Clarify his Remarks about UANI's Lebanese Banking System Campaign

FOR IMMEDIATE RELEASE
July 17, 2012
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296

UANI Calls on Byblos Bank Chairman François Bassil to Clarify his Remarks about UANI's Lebanese Banking System Campaign

New York, NY - United Against Nuclear Iran (UANI) CEO, Ambassador Mark D. Wallace, issued the following statement Tuesday in response to Lebanon's Byblos Bank chairman François Bassil, who publicly called UANI's campaign unfounded and detrimental to the Lebanese economy:

Chairman Bassil's statements are baseless and overlook the large-scale impact of Hizballah, Iran and Syria in the Lebanese banking system, all under the oversight of Riad Salame, Lebanon's Central Bank Governor. Investors are fleeing Lebanese debt securities because of the clear and unambiguous influence of Hizballah, Iran, and Syria in perpetuating a sovereign-backed money laundering scheme that artificially supports Lebanon's economy.

We remain confident that the U.S. Treasury will take further action on Lebanon's banks.

We call on Chairman Bassil to clarify his remarks and to answer the same questions we recently posed to Governor Riad Salame:

1.  Do you disagree that Hizballah is the dominant political party in Lebanon?

2.  Do you disagree with Hassan Nasrallah when he said:

a. "By the same means that we got weapons and other stuff, money came as well ... All of this has been achieved through Iranian money!" (Neil MacFarquhar, "Iran Is Seeking Lebanon Stake As Syria Totters," The New York Times, 5/24/12)

b.  That Iran is the dominant financial supporter of Hizballah? (Hurriyet Daily News, "Iran Funds Hezbollah, Leader Nasrallah admits," 2/ 9/12)

3.  Do you disagree with the statement that "While Iran continues to provide a significant portion of Hizballah's funding, Hizballah has also broadened its sources of financial support in recent years. Hizballah is now heavily involved in a wide range of criminal activity, including the drug trade and smuggling." (United States of America v. Lebanese Canadian Bank SAL, et al., 11 Civ., at p. 19, 12/15/11)

4.  Do you agree that the international community "cannot hope to apply effective financial pressure against a group like Hizballah so long as it maintains massive inflows of cash from a state sponsor of terrorism, in this case the Iranian Government." ? (Adam J. Szubin, Director, Office of Foreign Assets Control, U.S. Department of the Treasury, Testimony before the Senate Committee on Banking, Housing and Urban Affairs, 9/12/06)

5.  Can you definitively say that BDL has not:

a.  Transacted or held accounts with or for any Iranian institutions or persons?

b.  Transacted with the Iranian Central Bank, Bank Markazi?

c.  Facilitated through the Lebanese banking system the illicit Iranian support of Hizballah and Iranian weapons sales and support of Hizballah and Syria's illegitimate Assad regime?

Byblos Bank is Lebanon's third largest bank in terms of assets. Byblos Bank continues to operate in Syria amidst the uprising against the Syrian regime that reportedly has left more than 17,000 people dead.

UANI recently announced the results of a three month-long investigation into the influence of Iran and Hizballah in the Lebanese banking system (LBS) and Lebanon's sovereign bond market, and announced a campaign to compel legitimate financial institutions into divesting from Lebanon's bond market.

Investment firms such as Erste-Sparinvest and Eaton Vance have already divested from Lebanese bonds.

Click here to read the Daily Star article, "Lenders expect Lebanese banks profits to fall."
Click here to view UANI's research, "HIZBALLAH, LEBANON & IRAN: PARTNERS IN A SOVEREIGN MONEY LAUNDERING SCHEME."
Click here to read UANI's May 28 letter to Riad Salame.
Click here to call on the U.S. Government to Sanction the Lebanese Banking System and for Bond Holders and Credit Agencies to end Lebanon Business.

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