THE COLLAPSE OF "BANK AL-MADINA" AND "UNITED CREDIT BANK" -February 2003
Triggering the collapse of the bank was another chapter in Rana’s conspiracy and was orchestrated by her to bring about its liquidation in order to eradicate all possible clues to her robberies and money laundering crimes. The liquidity crunch that led to the bank collapse was caused by hundreds of bankers cheques drawn by Rana on her account in an attempt to withdraw the remaining balance of the stolen money. During the period of December 2002 and January 2003 (up to 5-February-2003, date of actual collapse) she made more than 400 cheques issued in her name and the names of her accomplices and drawn on her account for a total amount of about 150 millions dollars. That was sufficient to create a liquidity crisis and consequently cause the bank’s collapse.
When the bank collapse became a reality in February 2003, it was a completely horrible shock to Dr Adnan. At that time, he could not believe that this could really happen. How can he suspect that such thing could happen when two weeks earlier he received copies of letters from the central bank governor (later discovered to have been forged by Rana) that the negotiations for the merger of the two sister banks were well underway. How can he believe what happened, when two weeks earlier he had transferred 150 Millions US Dollars to the Central Bank, in partial payment of the amount that was requested from him in the said letters by the central bank.
The new developments of February 2003 and the news about the bank collapse dragged Dr Adnan Abou Ayyash into the eye of the storm and he 6/12 had to act very fast to clear his name and reputation and to safeguard the bank depositors’ money and to prevent the closure of Madina Group companies which would put at risk the livelihood of thousands of families. That is when his integrity and honesty made him take the decision of putting at risk all his remaining resources to pull the bank from its crisis and to prevent its collapse. He had only one option, which was to payoff additional amounts of money to guarantee the payment of depositors’ money. Up until March 2003, he poured another 470 Millions US Dollars to the Central Bank of Lebanon from his own money and had to tender all his fixed assets (land, buildings, etc..) to the Central Bank so that the collapse of the bank can be avoided. Unfortunately, Dr Adnan Abou Ayyash’s altruism, his integrity and all his resources were not sufficient to halt the collapse of the banks.