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Private entitlements in Coop of Lebanon unsettled since year 2000

6-2-2019

The joint parliamentary committees on January 31 discussed a draft bill to dispense an advance as compensation for the shareholders at the Association of Consumption & Production in Lebanon (Coop of Lebanon). A subcommittee formed from the ministries of finance and agriculture gave a two-month ultimatum to finalize the mechanism required to implement the law. The head of the depositors and shareholders’ committee, Mohamad Qassem, told Al Akhbar newspaper that around 6,000 persons are directly affected by this crisis, including 2,000 persons owning over LBP 20 million, while the amounts owed to some of them reached around LPB 900 million. Qassem explained that the discussion by the parliamentary committee comes after years of strikes and protests by right holders who, before 2000, have invested in the coops when the volume of sales exceeded USD 154 million annually, and the commodity inventory was estimated at USD 42 million. Qassem said he hoped that what he termed as “a tardy step” (after 19 years) would become a reality, noting that during said years, some 150 shareholders died of poverty and deprivation as a result of the State’s conspiracy against them. (Al Akhbar, February 6, 2019)

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