Central Financial institution Forensic Audit by Alvarez: Early Findings

Alvarez & Marsal simply accomplished its first preliminary forensic audit of the Lebanese Central Financial institution. The audit firm was imagined to ship its preliminary audit report in September 2022, however difficulties in accumulating info and reviewing Central Financial institution paperwork delayed the supply by 8 months.

The report is 331 pages lengthy and divided into 14 sections. Regardless that that is nonetheless a preliminary report, there’s loads of proof to counsel irregular accounting practices, governance failures, fee of unlawful commissions and the energetic absenteeism of the BDDL Central Council, with Salameh performing as the important thing determination maker.

To record few:

– The report couldn’t discover any clarification on guide entries associated to funds made o Forry Associates Ltd.
– Transfers amounting to 98.9 million {dollars} had been remodeled the previous years to Swiss financial institution accounts beneath Riad Salameh’s title.
– Nearly 48 billion {dollars} had been depleted between 2010 and 2021, with over 23 billion {dollars} wasted on the Power Ministry & Lebanon Electrical energy.
– BDL had a overseas foreign money surplus of seven billion {dollars} in 2015 vs a scarcity of fifty billion {dollars} in 2020.

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