At Daraj, we were surprised to receive a call from our international partners at the International Consortium of Investigative Journalists (ICIJ) regarding IBL Bank. We knew little about the bank beyond the fact that its board of directors includes several politically exposed persons (PEPs), among them former MP Elie Ferzli, the late MP and former minister Mohammad Beydoun, and former MP Salim Habib, who serves as chairman of the board.

We had never conducted an in-depth investigation into IBL Bank before, as it was not among the banks whose involvement with former Banque du Liban Governor Riad Salameh had already been established. But today, we uncovered part of what had remained hidden. IBL Bank is not merely a financial institution with politically exposed persons on its board. What our partners uncovered goes far beyond that. 

During the investigation into Italian drug trafficker Giacomo Tamburello, investigators found that Tamburello’s former wife, Maria Antonina Bruno, and his son, Luca Tamburello, owned Cinzano Ltd, a company registered in the Cayman Islands. According to Italian prosecutors, on 6 December 2021, Cinzano Ltd purchased 682,240 shares in IBL Bank from Mardeco S.A., a company registered in the British Virgin Islands. The transaction was valued at €79 million. 

What Is IBL Bank’s Connection to the Drug Trafficking Case Under Investigation by the Italian Judiciary?

Italian investigators concluded that Cinzano Ltd is owned by Maria Antonina Bruno and Luca Tamburello, the former wife and son of Giacomo Tamburello, who has been convicted in Italy on drug trafficking charges.

According to the investigation conducted by the ItalianProsecutor’s Office, Bruno and Luca Tamburello are accused of investing the proceeds of drug trafficking in a range of assets, including, according to the investigation, a 3.5% stake in IBL Bank acquired on 6 December 2021 for approximately €79 million. The investment represents the largest asset held by Cinzano Ltd, which the Prosecutor’s Office describes as one of the latest financial vehicles allegedly used by Giacomo Tamburello to channel the proceeds of drug trafficking, according to the judicial order imposing precautionary measures and the preventive seizure decree.

Tamburello is identified as one of the financial intermediaries who played a central role in managing drug trafficking proceeds on behalf of Sicilian Mafia boss Matteo Messina Denaro. According to the investigation, the two shared assets valued at more than €200 million, spread across Spain, the British Virgin Islands, Andorra, Lebanon, and other tax havens.

The Italian documents reviewed by Daraj do not, at this stage, indicate that IBL Bank itself participated in the alleged criminal conduct. Rather, they indicate that shares in the bank were used as part of Cinzano Ltd’s investment portfolio.

However, investigators also uncovered evidence suggesting that the family’s ties to IBL Bank extend further than the 2021 share purchase. An internal memorandum dated January 2013 records Bruno stating that she had no interest in investing in a foreign bank because the returns were lower than those offered by “the bank in which she is a partner.” Investigators interpreted this as a reference to IBL Bank, indicating that Bruno may have been a shareholder in the bank since at least 2013. However, the court was only able to document the 2021 share acquisition formally. 

It is important to note that the bank accounts and investments held by Cinzano Ltd are located in Luxembourg, specifically at BEMO Europe Banque Privée. The IBL Bank shares are held as part of the company’s investment portfolio with BEMO Europe Banque Privée in Luxembourg.

As of  August 2025, Cinzano Ltd’s assets in Luxembourg included:

a. Securities held with BEMO Europe valued at more than €7 million, including:

Shares in several companies, including Nestlé S.A. and others;

Bonds issued by a range of entities, including the Republic of Austria, the OBEGI Group, Pfizer, Philip Morris, Shell, TotalEnergies, the U.S. Treasury, Walt Disney, and others;

Precious metals (12 kilograms of gold bullion and 163 ounces of gold).

b. Current accounts in multiple currencies (U.S. dollars, Swiss francs, and British pounds) with a combined balance of approximately US$57,000.

c. A 3.5% stake in IBL Bank S.A.L., valued at approximately €79 million, representing the company’s single largest asset.

Because Giacomo Tamburello was unable to deal personally in the financial markets due to his judicial status, he resorted to investing through shell companies and front persons.” Thus, the share purchase was executed through his ex-wife’s Cayman Islands-registered company, which acquired the shares from MARDECO S.A., a company incorporated in the British Virgin Islands. At this stage, little information is available about MARDECO S.A.

Cinzano Ltd was incorporated in the Cayman Islands on 6 April 2011. Since its establishment, the company has been managed by Maria Antonina Bruno, its beneficial owner, together with her son, Luca Tamburello.

The crimes charged are self-laundering for Giacomo Tamburello and employment of illicit proceeds for Bruno and Luca Tamburello, of proceeds of international drug trafficking from 1983 to 2017. 

Giacomo Tamburello allegedly relied on a network of foreign companies registered in the names of Bruno, his son Luca, and other associates, including Cinzano Ltd, to carry out multiple transactions involving the deposit and transfer of funds through bank accounts in several jurisdictions. These companies were then used to acquire real estate, precious metals, primarily gold, as well as shares in companies and banks, securities, and other financial instruments. According to the investigation, these transactions formed part of a scheme to launder money and conceal the criminal proceeds of drug trafficking.

Under a court order issued on 4 May 2026, Italian authorities ordered the preventive seizure of their assets.

Two parallel seizure orders were issued. The first was sent to Luxembourg, instructing authorities to freeze Cinzano Ltd’s bank accounts and investment portfolio held at BEMO Europe Banque Privée. The order explicitly states that the company’s stake in IBL Bank, described as its “principal equity holding,” is included in the asset freeze.

The second order was sent to Spain, directing authorities to freeze all real estate, company shareholdings, and bank accounts belonging to the individuals named in the investigation.

IBL Bank did not respond to Daraj’s questions regarding Cinzano Ltd.

Who Are IBL Bank’s Largest Shareholders?

IBL Bank, formerly known as Intercontinental Bank of Lebanon, was established in Beirut in 1961. The bank underwent several transformations over the years before its board of directors renamed it IBL Bank in 2008.

By the end of 2024, the bank’s total assets stood at approximately LBP 222.6 trillion, equivalent to around US$2.5 billion at the official exchange rate, and it operated 14 branches across Lebanon.

In addition to Cinzano Ltd, IBL Bank has several other shareholders, most notably former Deputy Speaker of Parliament and former minister Elie Ferzli.

However, the name that stands out most on the bank’s board of directors is that of Judge Imad Kabalan, who serves as a board member but is not a shareholder.

The board includes Judge Imad Kabalan, the former Public Prosecutor at Lebanon’s Court of Cassation. During his judicial career, he oversaw several high-profile cases, including the travel ban imposed on former Banque du Liban Governor Riad Salameh and the Interpol proceedings involving Carlos Ghosn. His appointment to the board of a commercial bank after holding such a senior judicial office raises serious governance questions about potential conflicts of interest and the boundaries between prior judicial responsibilities and private banking interests.

A notable aspect of Imad Kabalan’s appointment is that his name first appeared in the 2024 edition of the Association of Banks in Lebanon (ABL) Almanac. In contrast, it was absent from the 2022 edition.

However, IBL Bank’s website, which appears not to have been updated, states: “The current members of the Board of Directors of IBL Bank sal were elected at the Ordinary General Assembly held on 3 August 2017 and will serve until the Ordinary General Assembly convened to review the accounts and activities for the 2019 financial year.” The board listed on the website includes Imad Kabalan’s name.

Kabalan retired from the judiciary in July 2023. Any appointment to the bank’s board after his retirement, given the sensitivity of his former position, raises clear governance concerns about the appearance of a conflict of interest, even if the appointment occurred after his retirement and did not violate any applicable legal provisions.

A source told Daraj that Kabalan joined the bank’s board a few months after retiring. However, Daraj was unable to verify this information independently. If confirmed, the timing would add weight to the legal and governance debate over the need for stricter rules governing the transition of retired judges to commercial bank boards.

Judge Imad Kabalan did not respond to Daraj‘s questions by the time this investigation was published.

According to the 2024 edition of the Association of Banks in Lebanon (ABL) Almanac, the bank’s principal shareholders include:

Salim Habib holds a 12.5% stake in the bank. He has served as Chairman of the Board and General Manager since 1998, when he led the group of investors that acquired the bank. He is the bank’s largest individual shareholder, with a 12.5% ownership stake, and is a former member of the Lebanese Parliament.

2. Creditbank S.A.L. holds a 10.84% stake in IBL Bank. 

3. Bicom S.A.L. Holding holds a 9.58% stake in the bank. The Lebanese holding company is associated with the Bazzi family. Its representative on IBL Bank’s board of directors is Mazen Bazzi, who is known for chairing Biven International, Bicorp Holding, and City Developers Lebanon. He is also a founding member of the board of trustees of the charitable organization Ajialouna.org.

4. Kamal Abi Ghosn, Assistant General Manager and Executive Board Member of IBL Bank, personally holds an 8.51% stake in the bank. He is the bank’s second-highest-ranking executive and serves as President of ACI Lebanon, the Financial Markets Association, the professional body representing Lebanese treasury and foreign exchange specialists.

Daraj has learned from sources that Salim Habib has stepped down as Chairman of the Board. Management has reportedly been assumed jointly by his son, Karim Habib, who is a shareholder in the bank and a member of the board representing IBL Independent S.A.L., and by his business partner, Kamal Abi Ghosn.

Trydnt S.A.L. Holding owns a 9.70% stake in the bank. It is a Lebanese holding company. According to the Lebanese Commercial Register, the company’s principal shareholders are members of the Moussaly family, most notably Nader Issa Saleh Moussaly.

Sheik Khaled Al Ibrahim, a Saudi national, owns a 5.69% stake in IBL Bank.

Hafez Jamil Abi Chaker holds a 4.50% stake in the bank. A veteran Lebanese banker, he served as Senior Manager for Treasury and Capital Markets at Bank of Beirut and the Arab Countries (BBAC) from 1972 to 2005. Before that, he worked in the foreign exchange department of the Moscow Narodny Bank from 1967 to 1972. Since 2005, he has worked as an independent financial consultant. He also owns a 2.82% stake in Cedrus Bank.

Saudi Prince Sager Sultan Al Sudairi owns a 3.62% stake in IBL Bank and also serves as an independent member of its board of directors. The Al Sudairi family is one of Saudi Arabia’s most influential tribal families.

Cinzano Ltd owns a 3.50% stake in the bank. The company is registered in the Cayman Islands, one of the world’s leading offshore financial jurisdictions.

The late Mohammad Abdel Hamid Beydoun held a 3.43% stake in the bank. A former Lebanese MP and minister, he died on 17 May 2022. He served in the Lebanese Parliament from 1992 to 2005 and held several ministerial portfolios during his political career.

Elie Ferzli holds a 2.01% stake in the bank. A former Deputy Speaker of the Lebanese Parliament and former minister, he has well-documented ties to the Amal Movement and the former Syrian regime.

IBL’s Profits from Banque du Liban’s Financial Engineering Operations

According to the preliminary forensic audit report prepared by Alvarez & Marsal on Banque du Liban, IBL Bank and its affiliated entities generated substantial profits from the financial engineering schemes established by the central bank with commercial banks.

Data extracted from the report’s analytical tables show that three IBL-affiliated entities benefited from these operations. IBL Bank S.A.L. alone earned approximately LBP 41 billion in 2018 and LBP 107 billion in 2020 through leveraged loans against term deposits. Intercontinental Bank of Lebanon S.A.L., the bank’s former name, recorded more than LBP 106 billion in profits from the same operations in 2019 alone. Meanwhile, IBL Invest S.A.L. reported profits of approximately LBP 3.55 billion in 2019 and LBP 3.61 billion in 2020.

Under this mechanism, Banque du Liban extended subsidized loans to commercial banks, which then reinvested the funds in financial instruments issued by the central bank itself, including Treasury bills and term deposits, at higher interest rates. This enabled the banks to earn guaranteed, risk-free profit margins at the expense of the state’s reserves and depositors’ funds.

The IBL group’s estimated total profits from these operations between 2017 and 2020 amounted to approximately LBP 452 billion, based on the combined earnings of the three affiliated entities: IBL Bank S.A.L., IBL Invest S.A.L., and Intercontinental Bank of Lebanon S.A.L.

Daraj sent written questions to IBL Bank seeking clarification on the nature of its relationship with Cinzano Ltd, whether the bank had any direct role in accepting or registering Cinzano Ltd’s shareholding in its capital, and whether the due diligence procedures required under Lebanese law were carried out before the stake was registered in the company’s name. The bank had not responded by the time this investigation was finalized.

In light of the Italian judicial documents alleging that Cinzano Ltd’s investments may be linked to suspected money laundering, the broader question facing Lebanon’s banking sector is this: How are investment transactions of this magnitude, valued at €79 million, handled when a foreign court links them to the proceeds of drug trafficking?

In a country whose courts continue to struggle to investigate and hold senior figures accountable for the financial collapse, the IBL Bank case, along with similar cases uncovered by foreign judicial authorities, raises a deeper question: Does Lebanon genuinely have both the capacity and the political will to hold any banking institution accountable if a court establishes that it knowingly, or through gross negligence, facilitated the movement of funds belonging to international criminal organizations through the Lebanese financial system?

Accordingly, this investigation also constitutes a formal notification to Lebanon’s Financial Public Prosecutor’s Office.