Sana’a – Houthi Rebels has appointed senior figure Raed Al-Sha’er as judicial guardian over the Yemen Gulf Bank, one of the largest commercial banks in Houthi-controlled territories.

Banking sources revealed that the newly installed administration has slashed employee salaries by more than 60%, without legal basis or judicial decision. 

Employees who attempted to resign were reportedly threatened and forced to remain in their positions.

Sources also indicated that debt collection operations are being carried out illegally, without being recorded in the bank’s official system—raising serious suspicions of money laundering and the potential use of funds to support armed group activities.

In response, the Central Bank of Yemen in Aden announced its readiness to support banks relocating their operations to liberated areas in an effort to protect the national banking system from collapse.