The dispute relates to the Al Habtoor Group’s investments in Lebanon, which amount to about $1 billion in the luxury hotels sector under the Hilton brand and the malls and real estate sectors.
According to the statement, the Central Bank of Lebanon violated its obligations towards the Al Habtoor Group under the agreement signed between the two countries after it imposed restrictions that prevented the group from transferring more than $44 million from Lebanese banks.
The statement added, “Lebanon failed to secure a safe and sound environment for the Al Habtoor Group's businesses and investments,” and as a result, “the group has incurred and continues to suffer heavy losses and damages.”
The Lebanese authorities did not immediately respond to a Reuters request for comment.
The statement concluded that the group will initiate legal measures against the Lebanese Republic if the dispute is not resolved within 6 months according to the agreement.
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