The Public Prosecutor of Lebanon’s Court of Cassation, Ghassan Oueidat, transmitted on Tuesday, August 22, the preliminary report of the forensic audit of Lebanon’s Central Bank (BDL) carried out by Alvarez & Marsal to the Financial Prosecutor’s Office, the Beirut Court of Appeal and the BDL Special Investigation Commission.
Oueidat asked them to initiate the appropriate legal proceedings, each within the scope of their prerogatives.
He favorably responded to Alvarez & Marsal’s suggestion to conduct further investigations into the internal authorizations granted for the conclusion of financial engineering operations with certain institutions, and to clarify the justification for the interest rates, amounts and contractual conditions granted.
The public prosecutor also asked for an identification of the final beneficiary of the payments made from the advisory account. He also requested an explanation for the commissions paid on financial engineering operations as well as for the Central Bank expenses.
According to Oueidat, an investigation into the auditing firms is required, as these failed to clearly reflect the reality of the financial crisis at the Central Bank, as well as into the previous Banking Control Commission, which did not implement measures capable of protecting depositors’ money in a more effective way.
