Gunman robs bank to retrieve own savings

An armed man who held up a bank in Lebanon in an attempt to retrieve his frozen funds was hailed a hero by cheering bystanders.

Bassam al-Sheikh Hussein entered the Federal Bank of Lebanon in Beirut on Thursday, taking at least five employees and a customer hostage, according to manager Hassan Halawi, who was among those being held.

The 42-year-old threatened to kill the hostages unless he was given access to his savings from the bank, which has introduced capital controls amid the country’s economic collapse.

He also said he would douse himself in petrol and set himself on fire if he did not get the cash he needed to pay his father’s medical bills.

“He demanded access to around $200,000 ($312,740) in his account,” a security source said.

“When the employee refused the request, he began screaming that his relatives were in the hospital. Then he pulled out the gun.”

Lebanon has been mired in an economic crisis for more than two years, since the value of its currency began to plummet and financial institutions started to enforce restrictions on withdrawals. With 80 per cent of the population living under the poverty line, and banks defaulting, many people have become desperate to retrieve their money.

The situation has fuelled anger towards the banking system, which is widely blamed for Lebanon’s economic collapse.

Despite Hussein threatening violence towards staff, he has been hailed an unlikely hero. A crowd gathered outside the bank, with many chanting, “Down with the rule of the banks”.