The Banque du Liban is reluctant to be accountable

Posted on Dec. 2020 at 9:51Updated Dec 3, 2019 2020 at 10:32

He is the second to turn on his heels. The Alvarez & Marsal cabinet confirmed last week that it was giving up participating in an audit of the Banque du Liban’s accounts, after the latter refused to send it all the necessary documents. The reason put forward – the bank secrecy law in force in the country – is disputed by experts. The initially favorite Kroll cabinet was dismissed in July because of alleged ties to Israel. These cabinets are said to have been tasked with scrutinizing the transactions of the Lebanese central bank over the past five years in search of possible fraud or irregularities. They would have been assisted on the accounting side by KPMG and Oliver Wyman.

The government pledged to conduct this audit in March to reassure its creditors after the announcement of the first default in its history and the opening of negotiations on the restructuring of its public debt, estimated at the end of September at 95 billion. dollars. The IMF and the international community have also made this audit a prerequisite for the release of any financial assistance to get the country out of the impasse. But a large part of the ruling class, linked to the banking sector, has no interest in seeing this process succeed.

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