Madina Bank Scandal Back at Forefront as Koleilat Intends to Hand Over Names of Culprits

Rana Koleilat, who was accused of playing a key role in the fraud case at al-Madina Bank, revealed on Wednesday that she will hand over to authorities the names of her accomplices.

Koleilat said in comments published in al-Akhbar newspaper that General Prosecutor Judge Hatem Madi will be handed over during the upcoming two weeks the names of the figures that received funds from her.

The newspaper expected that the experts committee, tasked with the case, will accomplish its report in two weeks and will hand it over to judge Madi.

The committee was formed when the bank's millions of dollars of fraud erupted in 2003 to investigate money laundering.

Judge Madi tasked earlier this month the committee to probe the amount and the reasons of the payments made within a maximum three week deadline.

During 12 years at the private al-Madina bank, Koleilat rose from clerk to executive. It was an era in which Syria dominated Lebanon and when paying off Syrian intelligence agents and providing gifts to powerful politicians was common.

Koleilat was at the center of the scandal that engulfed al-Madina when the Central Bank announced in July 2003 that it had detected a cash deficit at the bank of more than euro 250 million, along with other irregularities.

Other suspects in the case include Adnan Abu Ayash and his brother Ibrahim.

Reports have said that the amount missing from the two banks could total as much as euro 1.0 billion.