News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
16
o
Bekaa
8
o
Keserwan
17
o
Metn
17
o
Mount Lebanon
11
o
North
17
o
South
17
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Alakat Khassa
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
16
o
Bekaa
8
o
Keserwan
17
o
Metn
17
o
Mount Lebanon
11
o
North
17
o
South
17
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Series of irregularities: Forensic audit report uncovers $47 billion depletion from BDL reserves
News Bulletin Reports
2023-08-13 | 10:08
High views
Share
Share
2
min
Series of irregularities: Forensic audit report uncovers $47 billion depletion from BDL reserves
Lebanon's financial turmoil continues to unravel as the details of a forensic audit report expose a trail of mismanagement and losses.
The Banque du Liban (BDL) has reportedly seen over $47 billion drained from its reserves between 2010 and 2021, raising concerns about the fate of these funds.
Approximately $24.5 billion was directed towards the Energy and Electricity Ministry, divided as follows:
- $18.4 billion allocated as treasury advances for fuel purchases by Electricité du Liban (EDL), accompanied by $543 million in direct transfers to the company.
- $5.6 billion was disbursed to the Energy Ministry for various expenses, including maintenance, service provider payments, and project planning, revealing a deep-rooted crisis in the electricity sector.
In addition to the funds spent on the electricity sector, further scrutiny reveals that an additional $7.6 billion was lost by BDL due to the government's subsidy policy post-crisis. These subsidies were intended to support fuel, medicines, wheat, and food products.
Unfortunately, the funds primarily ended up in exploitation, monopolization, and smuggling, depriving the public of their intended benefits.
The audit also highlights $8 billion that BDL redirected overseas to settle state obligations related to telecommunications, internet services, foreign debt, and interests.
Additionally, the funds covered expenses for the external diplomatic corps, security and military equipment maintenance, and various state costs, with around $200 million transferred to the state's general expenditures.
A substantial loss of $7.4 billion stemmed from the devaluation of Eurobonds following the state's inability to make timely payments and its failure to restructure its debts. These accumulated losses total more than $47 billion, a staggering amount drawn from the people's hard-earned money and deposits.
Accountability and responsibility remain elusive despite the gravity of these financial irregularities and losses. The absence of questioning, investigation, or consequences from authorities compounds the sense of injustice felt by the Lebanese.
Lebanon News
Lebanon Economy
News Bulletin Reports
Series
Irregularities
Forensic
Audit
Report
Billions
Depletion
BDL
Reserves
Next
Hezbollah drones, rocket strikes spark widespread panic: Sirens blare as Israeli towns enter maximum emergency
The Iranian Response: Awaiting Retaliation Amidst Escalating Tensions
Previous
Recommended For You
d-none hideMe
0
News Bulletin Reports
13:17
Tyre's session highlights: Lebanon’s Cabinet focuses on tactical steps to secure ceasefire
News Bulletin Reports
13:17
Tyre's session highlights: Lebanon’s Cabinet focuses on tactical steps to secure ceasefire
0
News Bulletin Reports
12:50
Golan Heights tension: Israel breaches Syrian border to create buffer zone, reinforces troops
News Bulletin Reports
12:50
Golan Heights tension: Israel breaches Syrian border to create buffer zone, reinforces troops
0
News Bulletin Reports
2024-12-06
Israel prioritizes Syria on security agenda amid growing threats
News Bulletin Reports
2024-12-06
Israel prioritizes Syria on security agenda amid growing threats
0
News Bulletin Reports
2024-12-06
Renewed Syrian crisis spills over into Lebanon as borders face destruction
News Bulletin Reports
2024-12-06
Renewed Syrian crisis spills over into Lebanon as borders face destruction
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
World News
09:06
Russia states 'terrorist groups' must not control Syria
World News
09:06
Russia states 'terrorist groups' must not control Syria
0
Middle East News
2024-09-18
US says it is still engaged in intensive diplomatic efforts to prevent escalation between Israel, Lebanon
Middle East News
2024-09-18
US says it is still engaged in intensive diplomatic efforts to prevent escalation between Israel, Lebanon
0
Middle East News
2024-10-21
Turkish U.S.-based cleric Fethullah Gulen has died
Middle East News
2024-10-21
Turkish U.S.-based cleric Fethullah Gulen has died
0
Middle East News
11:00
Israel's army claims armed attack on UN post in Syria's Hader area
Middle East News
11:00
Israel's army claims armed attack on UN post in Syria's Hader area
Videos
d-none hideMe
0
Lebanon News
2024-12-05
Israeli force erects barrier near Shebaa's al-Naqqar pond (Video)
Lebanon News
2024-12-05
Israeli force erects barrier near Shebaa's al-Naqqar pond (Video)
0
News Bulletin Reports
2024-12-02
Ed Gabriel on LBCI: 'Now is the time' to enforce Lebanon-Israel ceasefire, stresses agreement includes disarming all militias
News Bulletin Reports
2024-12-02
Ed Gabriel on LBCI: 'Now is the time' to enforce Lebanon-Israel ceasefire, stresses agreement includes disarming all militias
0
Lebanon News
2024-11-28
Lebanon's Ministry of Public Works repair Masnaa road, displaced return following ceasefire
Lebanon News
2024-11-28
Lebanon's Ministry of Public Works repair Masnaa road, displaced return following ceasefire
0
News Bulletin Reports
2024-11-27
US envoy Hochstein: Israel will hold positions in southern Lebanon until Lebanese army deploys
News Bulletin Reports
2024-11-27
US envoy Hochstein: Israel will hold positions in southern Lebanon until Lebanese army deploys
0
Lebanon News
2024-11-23
Fire breaks out in Sin el Fil building, firefighting teams respond (Video)
Lebanon News
2024-11-23
Fire breaks out in Sin el Fil building, firefighting teams respond (Video)
0
Lebanon News
2024-11-23
Debris removal operations continue in Shmustar following the targeting of a three-story building (video)
Lebanon News
2024-11-23
Debris removal operations continue in Shmustar following the targeting of a three-story building (video)
0
Lebanon News
2024-11-23
Second wave of Israeli strikes hit Beirut's southern suburbs (Video)
Lebanon News
2024-11-23
Second wave of Israeli strikes hit Beirut's southern suburbs (Video)
0
Lebanon News
2024-11-22
LBCI inspects damage from Israeli strikes on Chiyah in Beirut's suburbs (Video)
Lebanon News
2024-11-22
LBCI inspects damage from Israeli strikes on Chiyah in Beirut's suburbs (Video)
0
Lebanon News
2024-11-22
Lebanese mark 81st Independence Day amid ongoing Israeli assault
Lebanon News
2024-11-22
Lebanese mark 81st Independence Day amid ongoing Israeli assault
Most read
d-none hideMe
24 hours
7 days
Month
1
Middle East News
11:00
Israel's army claims armed attack on UN post in Syria's Hader area
Middle East News
11:00
Israel's army claims armed attack on UN post in Syria's Hader area
2
Lebanon News
08:40
Israel's army claims to target Hezbollah operative in South Lebanon, cites 'ceasefire violation'
Lebanon News
08:40
Israel's army claims to target Hezbollah operative in South Lebanon, cites 'ceasefire violation'
3
World News
07:17
US urged to bolster Lebanese army as Syria crisis 'hampers' Hezbollah, says US envoy Hochstein
World News
07:17
US urged to bolster Lebanese army as Syria crisis 'hampers' Hezbollah, says US envoy Hochstein
4
Middle East News
06:21
Source close to Hezbollah says group sent 2,000 fighters to Syria: AFP
Middle East News
06:21
Source close to Hezbollah says group sent 2,000 fighters to Syria: AFP
5
News Bulletin Reports
12:50
Golan Heights tension: Israel breaches Syrian border to create buffer zone, reinforces troops
News Bulletin Reports
12:50
Golan Heights tension: Israel breaches Syrian border to create buffer zone, reinforces troops
6
Middle East News
13:40
Syria's proposed roadmap: Here are the key steps discussed
Middle East News
13:40
Syria's proposed roadmap: Here are the key steps discussed
7
News Bulletin Reports
13:17
Tyre's session highlights: Lebanon’s Cabinet focuses on tactical steps to secure ceasefire
News Bulletin Reports
13:17
Tyre's session highlights: Lebanon’s Cabinet focuses on tactical steps to secure ceasefire
8
Middle East News
09:36
Syria presidency denies reports Assad has left Damascus
Middle East News
09:36
Syria presidency denies reports Assad has left Damascus
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More