BEIRUT — A gunman took hostages at a Beirut bank branch on Thursday, quickly becoming a folk hero to a tired and angry nation. A man identified as Bassam al-Sheikh Hussein entered the Federal Bank of Lebanon in the Hamra neighborhood with a can of gasoline, threatening to set himself on fire if he could not access his account’s funds, amounting to about $210,000. He later brandished a rifle, leading to hours of tense hostage negotiations. As the day wore on, a crowd gathered outside the bank to cheer him on. “Give him his money, give him his money,” they shouted in unison, pressing against a line of soldiers. The incident reflects a deep frustration in Lebanon over an ever-worsening economic crisis. Since 2019, there have been ad hoc limits on the amount of hard currency depositors can withdraw, an attempt to prevent banks from collapsing and the financial system collapsing. The policy has led to waves of nationwide protests, demanding accountability for the country’s dynastic political order and an end to endemic corruption. However, the country has sunk deeper into economic distress, with the pound losing more than 20 times its value against the US dollar since 2019. The World Food Program estimates that 46 percent of Lebanese households do not have enough to eat. Al-Sheikh Hussein stormed the bank saying he needed the money in his account to pay his father’s medical bills, a claim later confirmed by his brother. Currently, banks allow depositors to withdraw up to $400 per month. Among those who gathered outside the bank to show their solidarity was Sandy Shamoun, a 35-year-old artist. “Each of us has stolen from different directions, from banks and from the government,” he said. “I thought we should be out there, supporting him, so he doesn’t give up, so he doesn’t feel alone or besieged.” The video showed the scene outside a Beirut bank when a gunman stormed in and demanded money on August 11. (Video: The Washington Post) “This is called self-defense,” Chamoun added. “It’s been three years that they are depriving us of our money and telling them ‘my father is sick.’ What more could they want?’ Chamoun’s late father and mother were both bank employees. Her mother retired two years before the crisis hit and watched their life savings get locked up in an institution she had worked for for more than 40 years. “What’s more offensive is that this is happening to someone who, for her whole life, worked in a bank,” Chamoun said. Hassan Mognieh, head of the Depositors Union in Lebanon, who also mediated the negotiations, said the gunman took eight hostages: six employees, the bank manager and a customer. He rejected the bank’s offers of $5,000, $10,000 and $30,000, finally accepting $35,000 to be given to his brother in exchange for surrendering and releasing the hostages. After a nearly seven-hour standoff, Al-Sheikh Hussein was led out in a white van. Some applauded him, others cheered. It was unclear what, if any, criminal charges he may face. Although elections in May saw new independent candidates sparking hope in the country, the government is still largely ruled by the same families and parties that fought each other during a 15-year civil war that ended in 1990. The governor of Lebanon’s central bank, Riad Salameh, is under investigation, accused in March of illicit enrichment and money laundering. Last month, the central bank was raided by security personnel. But with the judiciary often on strike, corruption investigations tend to drag on without resolution. Dina Abu Zour, a lawyer for the Depositors’ Association, predicted that people would continue to resort to desperate measures if banks and politicians failed to meet their demands. “We are really trapped. We are the hostages, not the [bank] of the workers, or as it is presented, of the banks,” he said. “We are the victims. we are not the criminals.” Haidamous reported from Washington.
