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Last update - 00:06 08/09/2006
U.S. blocks funds of two companies it links to Hezbollah
By Reuters

The United States on Thursday froze the assets of two Lebanese financial companies it said were the "unofficial treasury" of the militant group Hezbollah.

A Treasury Department statement said Bayt al-Mal served as a bank, creditor and investment arm for Hezbollah, and used the Yousser Company for Finance and Investment to secure loans and finance business deals for Hezbollah's companies.

"Bayt al-Mal and the Yousser Company function as Hezbollah's unofficial treasury, holding and investing its assets and serving as intermediaries between the terrorist group and mainstream banks," said Stuart Levey, the Treasury's undersecretary for terrorism and financial intelligence.

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The statement said the Treasury had also blocked the assets of Husayn al-Shami, who it said was the head of Bayt al-Mal and a senior Hezbollah leader.

The Treasury's move prohibits U.S. transactions with the designated entities and freezes any assets they may have under U.S. jurisdiction.

Hezbollah, a militant religious political group, waged a 34-day war with Israel that ended August 14.

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  1.   Another futile blockade. 01:10  |  bad lebanese 08/09/06
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  4.   Financial Blockade , Well Done . 02:55  |  Joseph E . 08/09/06
  5.   #3 Loyal Lebanese. GREAT MOVE,BUT! 14:18  |  Kathy 08/09/06
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