Beyond the balance sheets: Alvarez & Marsal's findings on Banque du Liban

Lebanon Economy
2023-06-28 | 05:13
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Beyond the balance sheets: Alvarez & Marsal's findings on Banque du Liban
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2min
Beyond the balance sheets: Alvarez & Marsal's findings on Banque du Liban

The Alvarez & Marsal Company has submitted the preliminary report to the Ministry of Finance.

After a year and nine months since signing the agreement with the Ministry of Finance for $2.5 million, the company has delivered the preliminary report of the forensic audit on the accounts and activities of the Banque du Liban to Caretaker Minister of Finance Youssef Khalil.

The report exceeds three hundred pages and addresses key topics.

It examines the management of accounts in BDL and how it differs from those in other central banks worldwide.

The report dedicates dozens of pages to the case of the Forry Company, which the European investigation focuses on in its pursuit of BDL Governor Riad Salameh.

The financial engineering conducted by Banque du Liban and its benefits to some banks raised significant questions in the preliminary forensic audit report by Alvarez & Marsal.

Bank tenders, connected checks, and employment in various areas are all points of concern raised and addressed in the report.

If the government wants further clarification, a new agreement will be needed.

The forensic audit is a requirement set by the International Monetary Fund (IMF).

The halt in the report means a halt in the audit of other ministries.

Will the government proceed with a new contract with the company that would have the same fate as the McKinsey report on the economic plan that the state budget has also incurred approximately $1.3 million and was shoved in drawers?

 
 
 

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Alvarez & Marsal

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