Madi Receives Names of 411 Suspects Involved in al-Madina Bank Scandal

An experts committee, tasked with probing the fraud case at al-Madina Bank, handed over on Monday General Prosecutor Judge Hatem Madi a report that includes the names of the suspects that received suspicious funds.

The state-run National News Agency reported that the preliminary report cites the names of 411 identified suspects, who received fishy funds from al-Madina Bank.

The estimated amount missing from the two banks are worth LL307 billion, $401 million and €973,000.

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

Judge Madi tasked I February the committee to probe the amount and the reasons of the payments made.

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

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.