Lebanon Businessnews News
 

Billion dollar lawsuit
settled by BankMed
Money deposited by IMMS

will remain frozen until maturity

Share on Facebook     Share on LinkedIn        
WatsApp
BankMed has reached an out-of-court settlement to a lawsuit that IMMS, one of its clients, had levied against it in a New York court.

In a joint statement, BankMed and IMMS Limited said that the settlement did not include any transfer of any foreign currencies out of Lebanon, and that no deposit with BankMed has been unfrozen, withdrawn, or released. The deposit in contention will remain frozen until the due date and in accordance with the basic terms of the contract.

IMMS denied press reports that it is acting as a front to third parties: “IMMS is an independent private company, wholly owned by Mortada Lakhani. No other person or legal entity has ownership in the capital of the company or a stake in its deposits at BankMed.”

IMMS had claimed in its lawsuit filed on Nov 22 2019 that BankMed was refusing to let it withdraw $1 billion it had in deposit. IMMS, said in its lawsuit that it had instructed BankMed to return a $1 billion deposit on Nov. 8, 2019. The bank responded on Nov. 12 saying it was terminating all of IMMS’s credit facilities “due to the material adverse change in the economic condition of Lebanon and the Lebanese financial market”, according to the court filing.

IMMS is incorporated in Belize and has offices in London and Singapore. The company trades European, Middle Eastern and Asian oil and oil products.
Share on Facebook     Share on LinkedIn        
WatsApp
Date Posted: Apr 16, 2020