The latest on Alvarez & Marsal forensic audit report of Lebanese Central Bank

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In accordance with the official agreement signed, Alvarez & Marsal was expected to deliver its initial report on the forensic audit of the Lebanese Central Bank's accounts to Caretaker Finance Minister Youssef Khalil on September 27, 2022.

However, the report's delivery to the minister was delayed by eight months, with sources closely following the case reporting that it was received only about a week ago.

So, why the delay?

The company encountered several difficulties in collecting information and reviewing the vast documents related to the central bank.

However, sources told LBCI that Alvarez & Marsal delivered its preliminary report to the finance minister approximately a week ago, and Khalil is currently studying it before forwarding it to the General Secretariat of the Council of Ministers for review by the caretaker Prime Minister Najib Mikati, and later by the ministers themselves.

Moreover, the finance minister will refer the report to the Speaker of Parliament, Nabih Berri, and the primarily concerned party, the Governor of the Central Bank of Lebanon, Riad Salameh.

Sources familiar with the Alvarez & Marsal report confirmed that it contains over 300 pages and many documents.

Additionally, under the requirements of the forensic audit, the executive summary indicates numerous violations committed by the Governor, including elements of criminality.

The report dedicates over thirty pages to the case of the company "Forry," which pursues legal action against Salameh and his brother Raja for their violations and misconduct before both the Lebanese and European judiciaries.

Observers stressed that the government might request clarifications from Alvarez & Marsal regarding certain aspects of the forensic audit, particularly concerning what the report considers as violations committed by the Governor, mainly about handling financial accounts and Forry.

However, the Ministry of Finance sources denied Minister Khalil receiving any report from Alvarez & Marsal, attributing the delay to certain documents requested from the Lebanese Central Bank.

Thus, when will the report be accessible to the Lebanese people?