Lebanon’s top court is expected to deliver its verdict on a case between the Intercontinental Bank of Lebanon (IBL) and Iraq Telecom, a joint venture between Kuwaiti company Agility and French company Orange, the magazine Business Matters has reported. The case centers around a $150 million loan provided by IBL to Korek Telecom, a company majority owned by Sirwan Barzani. According to the report, this loan was then used “to defraud Iraq Telecom out of hundreds of millions of dollars…Barzani and IBL Bank misrepresented [the loan]…declaring it as unsecured despite the fact that it was fully collateralised by Barzani.”
Business Matters – A Turning Point for Lebanon’s Fight Against Cross-Border Corruption?
