Hajj Salah Ezzidine declares bankrupcy. Thousands unemployed.

31Aug09

Lebanese billionaire Hajj Salah Ezzidine has declared himself bankrupt, leaving thousands of citizens unemployed in Beyrouth and throughout Lebanon.

The daily As-Safir on Monday said the job loss of these people was estimated at millions of dollars.

It said Ezzidine, from Maaroub near the southern port city of Tyre, is director of Dar al-Hadi for publication and owner of al-Hadi television station for children.

Update (Sept 4, 09): Salah Ezzedine has been dubbed the “Bernard Madoff” of Lebanon, he was arrested earlier this week when he filed for bankruptcy.

Reports surfaced that he had squandered more than 1.5 billion dollars (1.05 billion euros) of his clients’ money.

Mohammed al-Duheini, mayor of the southern town of Toura, said on Friday that “around 250 residents from my town placed their money in the hands of Salah Ezzedine, and he would give them interest rates that topped 25 percent”.
He managed to win the trust of the Shiites of south Lebanon and handled a lot of their money,” he told AFP.

Local papers have reported that Ezzedine offered interest rates as high as 60 percent and that part of his clientele was from the oil-rich Gulf.

But prosecutor Said Mirza said there were no official figures as yet on Ezzedine’s finances, and that the bankruptcy claim had yet to be verified. “We are still gathering information,” he told AFP.

While Ezzedine’s own political beliefs are unclear, most of his clients were supporters of militant group Hezbollah, Duheini says.

Hezbollah MP Hussein Hajj Hassan was among the first to file a complaint against Ezzedine over a bounced cheque, according to the local media.

“What people heard about him was that he is protected by Hezbollah and is an honest man who runs charities,” Duheini said.

“They looked to him as the saviour of the south and its people, as the protector of the Shiites’ finances.”

Under Lebanon’s banking secrecy law, banks cannot reveal their clients’ names, assets or holdings except in cases of bankruptcy or if granted written authorisation by the client.


4 Responses to “Hajj Salah Ezzidine declares bankrupcy. Thousands unemployed.”

  1. Greetings! This is my first visit to your blog! We are a team of volunteers and starting a new initiative in a community in the same niche.
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  3. 3 Hussein Saleh

    How could one make such a coward statement that the people of Yaroun deserved what was coming for them. Maybe they should make that comment to the many orphans the villiagers of yaroun sponsor, or the mosques that they have contributed to, or the charities they have donated hundreds of thousands to.the list goes on.

    It is a well known fact that those that know us love us, those that dont know us envy us, and allah hates those that envy.

    It wouldnt surprise me that there are many envious people out there.

    There have been major banks and the worlds largest economies have collapsed as a result of the world economic crisis. let alone a investment scheme that has given the people of south lebanon hope and inspiration.

    I agree with brother Emad “The people of Yaroun have excelled in fields that they have pursued” to add further those people that envy the people of yaroun must be reminded that we know that you envy us ,wehave never cared nor will we ever lower ourselves to the standards of jealous envious people, just a message to all “the god that we have always relied on and that has delivered us the wealth in the past and the god that has never let us down , is still around and he will deliever to us more wealth.

  4. 4 emad saleh

    Yaroun’s Hoodwink
    The reason that there are no industrial and commercial sector developments in areas in South Lebanon, like Yaroun, is the fact that Lebanon’s neighbor to the south has yet to allow any form of long term peace and stability. Moreover, it is important to remember that that country has been readily willing obliterate any form of industrialization in this part of the world. For they are the ones who destroyed any and all factories, as menial as Yogurt producing plants and plastic chair production centers during the last war.
    So its important (no…crucial) not to point the finger at the innocent party.

    The lack of stability, as history has shown, proves an impediment to any form of socioeconomic advancement.

    Given the opportunity the people of Yaroun would turn their region into a flourishing commercial center of the South Lebanon.
    Let it be known that 100’s of millions (if not billions) accumulated by these so called “simple” people did not grow on trees. Ingenuity, motivation, and dedication on behalf of Yarounites in the diaspora is what rewarded them with wealth.
    From Australia, to Panama, to New York, to Detroit and Los Angeles the people of Yaroun excelled in any and every field of business they pursued. Obviously, through their hard work and perspiration.
    So you bloggers, who are insinuating that the people of Yaroun deserved “what was coming to them”, should wake up to the truth. The truth that these people where victimized not unlike the innocent investors who were hoodwinked by Bernard Madoff and his demonic “Ponzi” Scheme in NYC.


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