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Gunman holds Beirut bank staff hostage to demand his life savings

An armed man who held up a bank in Lebanon to demand his own frozen deposits back was hailed as a hero by cheering bystanders, despite threatening to kill hostages and set himself ablaze.

Bassam al Sheikh Hussein, 42, entered the Federal Bank of Lebanon in Beirut’s Hamra neighbourhood shortly before noon, taking at least five employees and a customer hostage, according to branch manager Hassan Halawi, who was among those being held.

Video showed him wielding a firearm and screaming to be given his money.

Lebanon’s National News Agency reported that he threatened to kill the hostages and set himself ablaze unless he was given access to his trapped savings, partly so he could pay his father’s medical bills.

``He demanded access to around US$200,000 (NZ$310,000) he had in his bank account,’’ a security source told Reuters.

``When the employee refused the request, he began screaming that his relatives were in the hospital. Then he pulled out the gun.’’

Since Lebanon’s economy collapsed in 2019, financial institutions have introduced informal capital controls to prevent bank runs, severely limiting the ability of depositors to access their money.

With 80 per cent of the population now forced to live without access to at least one essential service, many people have become desperate to retrieve their money.

But with banks defaulting, they say they are unable to pay out depositors even though they have no legal basis to withhold money.

This has further fuelled widespread anger at the country’s banking system, which is widely blamed for Lebanon’s economic collapse.

The World Bank wrote in a scathing report this month: ``Lebanon’s Ponzi finance scheme has caused unprecedented social and economic pain to the Lebanese people.’’

That has led to individuals such as yesterday’s assailant to be hailed as unlikely folk heroes.

As Hussein demanded his money and bystanders reported hearing at least two shots being fired, a crowd gathered outside the bank, many of them chanting: ``Down with the rule of the banks!’’

One man in a striped shirt and baseball cap yelled: ``We are depositors and we want our money! We are with him, we’re even ready to help him!’’

Hassan Moghnieh, the head of Lebanon’s Depositors Association, told Reuters that he had been in touch with Hussein and had relayed his demands to the bank’s leadership and top Lebanese officials.

``He wants to live, he wants to pay his electricity bill, feed his kids and treat his father in the hospital,’’ said Moghnieh, who was standing with the crowd outside the bank.

Banks said they make exceptions for humanitarian cases including hospital care, but depositors and their representatives have told Reuters that those exemptions are rarely implemented.

Moghnieh added: ``After three years of neglect, if you want people to take their rights into their own hands, you have to bear the consequences of your actions. He will not hand over his weapon until he gets his deposits.’’

The stand-off ended about six hours later when Hussein left the bank accompanied by security forces, his arms raised in a salute.

According to local media reports, he accepted an offer from the bank to receive part of his savings. He then released his hostages, who

appeared not to be harmed, and police whisked him away as he walked out of the bank.

World

en-nz

2022-08-13T07:00:00.0000000Z

2022-08-13T07:00:00.0000000Z

https://fairfaxmedia.pressreader.com/article/282050510844581

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