Alvarez & Marcel begins the forensic financial audit of the Banque du Liban tomorrow

Today, Wednesday, the Lebanese presidency declared that Alvarez & Marcel will start the financial forensic audit of the Banque du Liban accounts tomorrow.

And he added on Twitter: “President Aoun received, in the presence of Finance Minister Youssef El-Khalil, the general manager of” Alvarez and Marcel “James Daniel, who tomorrow informed him about the conduct of the company, the criminal financial audit. of the accounts. of the Banque du Liban after completing all agreements relating to this. “

In the middle of last month, the Lebanese Ministry of Finance said that the company will submit the initial report within 12 weeks of the start date of the work by the team of the company.

The audit plan, a key condition for providing foreign aid to Lebanon’s financial collapse, faltered in November when the company withdrew, saying it did not receive the information it needed from the Banque du Liban.

The previous withdrawal decision represented a setback for Lebanon, as control is one of the main demands of foreign donors to help the country overcome its worst crisis since the 1975-90 civil war.

The Lebanese Ministry of Finance confirmed in April that the Central Bank had agreed to submit the documents and information required by Alvarez & Marcel for review.

Since the banks in Lebanon have set up an iron curtain around depositor accounts since autumn 2019 and have isolated the withdrawal of deposits in dollars, they started following lawsuits against Lebanese banks in a series of local and international courts for reasons related to “bad trust” and failure to deliver the funds deposited to account holders.

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