Thursday, December 02, 2021

NEWS

US firm to resume audit in Lebanon

US firm to resume audit in Lebanon

Beirut, Oct 20 (Prensa Latina) The US consulting firm Alvarez & Marsal (A&M) on Thursday will resume an audit at the Central Bank of Lebanon, after several setbacks and hardships, the Presidency announced on Wednesday.
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The audit fuels the hopes of creditors who are calling for that investigation to start a financial unblocking and alleviate the economic crisis in Lebanon, one of the worst in the history of this country.

The work of Alvarez & Marsal started in September, 2020, but stopped for a couple of months after the bank’s refusal to provide the necessary data with the pretext of bank secrecy.

Under the contract, this firm, based in New York, will have 12 weeks to collect information and draft a report.

In December, the Parliament passed a bill that suspends bank secrecy and paved the way for the long-awaited audit that includes criminology methods.

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