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FinancialNews


  • 01-11-20

    Lebanon's Central Bank refuses to help auditors

    (MENAFN) Alvarez & Marsal, an international consultancy company, has been conducting a forensic audit on Central Bank of Lebanon, but is facing problems and is not capable of finishing the task for they are not granted access to some very important documents.

    The country is known for corruption which is why the government of Lebanon approved, back in July, to employ the American firm to carry out the audit in order to resolve the main issue; which is the spending of substantial amounts of money that nobody can track down exactly.

    Two other firms, KPMG and Oliver Wyman, were also approached to conduct traditional accounting audits of the bank's financial records.

    However, Alvarez & Marsal has not been able to conduct the audit efficiently because it was denied access to almost 100 documents that are required for the first round of investigations to see if there has been any accounting abnormality.

    Lebanon Central Bank (BDL) refused to give the company access to all records, claiming that it would be a breach of privacy to their clients.

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