The Lebanese President is on the line of the Central Bank's crisis.. an urgent request from "Salamah"

Lebanese President Michel Aoun asked the Governor of the Banque du Liban to provide the "data" and documents required of "Alvarez and Marsal" in full.

Aoun presided over a meeting in the presidential palace, which was attended by Finance Minister Youssef Al-Khalil, the Governor of the Banque du Liban, Riad Salameh, and former Minister Salim Jreissati. It was devoted to presenting the financial situation in the country and the difficulties facing the “Alvarez and Marsal” institution in the process of criminal accounting auditing in the governance of the Banque du Liban.

During the meeting, Aoun insisted on starting the tasks of forensic auditing of the accounts of the Banque du Liban by the “Alvarez and Marsal” institution, and the implementation of the contract between it and the Lebanese state represented by the Minister of Finance, which requires him to provide the “data” and documents required from the institution in full, In order to carry out its duties and issue the initial report at the end of 12 weeks as a maximum, according to the operative part of the contract.

Both Minister Al-Khalil and Governor Salama stated, according to a statement issued by the Presidency, that they are doing what is necessary and as quickly as possible for this purpose.

Aoun pointed out to the meeting that the repercussions of not conducting the audit are negative at all levels, especially since the law provides for the withdrawal of financial audits from all state departments and institutions.

Tuesday, information was reported about the company's intention to withdraw from the forensic audit mission, as a result of what it said were obstacles that the Banque du Liban is putting in its face, with regard to handing over data, which prompted the bank to issue a statement in which it refuted the stages of the company's dealings with the bank.

And he said: “On 9/27/2021, the Minister of Finance provided the Banque du Liban with a copy of the amended contract dated 9/17/2021 signed with the company (Alvarez & Marsal Middle East Limited (“A & M”), as requested by the Banque du Liban. Lebanon Installing the necessary logistical equipment and software for the company (“A&M”) in the office of the Ministry of Finance.

He added: “After receiving the above request, the Banque du Liban took the necessary measures to prepare and equip the necessary network, computers, and programs, and conducted testing operations on them to ensure their readiness.”

And he continued: “On 10/21/2021, the Banque du Liban downloaded the required information from the company (“A&M”) on the main computer in the office designated for this purpose in the Ministry of Finance building, noting that about 900 MB of this information was downloaded.

And he concluded: On 11/11/2021, the Minister of Finance asked the Banque du Liban to express an opinion on a number of clarifications required from the company (“A&M”) regarding the information placed at its disposal, and in confirmation of the positive approach in dealing, the Banque du Liban is currently studying These observations and providing the required clarifications in order to overcome any obstacles that may hinder the company's conducting its business.

Alvarez and Marsal resumed their work in Lebanon on October 20, about a year after the audit process was suspended because the company did not obtain the required documents from the Central Bank, which considered that this contradicts the banking secrecy law. This led to Parliament passing a law authorizing this process.

The forensic audit of the Bank of Lebanon's accounts is an essential step. Because it is one of the conditions set by the international community to help Lebanon get out of the spiral of economic collapse that has been going on for more than two years.