⚡️A London court has voided the transfer of almost all of Lebanese venture-capital fund Cedar Mundi’s portfolio to entities linked to Kuwait’s Al Bahar group, finding that it was unauthorized and carried out substantially below value.❗️
The case was a catalyst behind BDL’s Circular 773, which now requires banks to disclose how funds mobilized under Circular 331 were used and strengthens oversight of the investments, a source familiar with the matter told L’Orient-Le Jour. The case involved two disputed transactions, in 2020 and 2021, through which substantial portions of the portfolio were transferred to Al Bahar-linked entities.
Its eventual return and sale could allow Lebanese banks, and ultimately BDL, to recover several tens of millions of dollars.
Cedar Mundi was established in Lebanon in 2015 under BDL’s Circular 331. 11 Lebanese banks held 76.375% of its capital. The remaining 23.625% was held by MABIL, a company linked to Kuwait’s Al Bahar group. My report (Part 2)
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