The Kuwaiti Audit Bureau revealed that a Lebanese bank refused to return two deposits with a total amount of 347 million dollars.
The Diwan clarified, according to Kuwaiti media, that Fransabank in Beirut refused to return two deposits from the Insurance Corporation, amounting to $226.97 million and $120.1 million.
He added that the two deposits were renewed more than once at lower interest rates, despite the failure of the Lebanese economy and its low credit rating, and that these funds were exposed to serious risks that resulted in the institution not being able to retrieve the two deposits despite the maturity of their terms.
He added that the Lebanese bank refused to liquidate the two deposits due to the decisions of the Board of Directors of the Banque du Liban not to transfer the deposited amounts in foreign currency outside the country, which also contributed to the loss of investment opportunities for the institution as a result of suspending the two deposits for a period of time and reducing the interest rate upon renewal.
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