Lebanon Central Bank to undergo audit, Salame faces assets freeze

Lebanon Central Bank to undergo audit, Salame faces assets freeze

BEIRUT -  A Lebanese judge on Monday ordered a protective freeze on some assets held by Central Bank Governor Riad Salame after ruling in favour of a complaint that he allegedly undermined the financial standing of the state, the national news agency reported.

Salame, who has headed Lebanon's central bank since 1993, said he had no comment on the case.

One day after the judge's ruling, government sources said Lebanon's cabinet agreed to hire turnaround specialist Alvarez & Marsal for a forensic audit of the central bank.

The audit "will represent a drastic transformation on the path to uncovering what happened at the financial level in terms of waste and theft,“ Prime Minister Hassan Diab told the cabinet earlier.

The complaint against Salame was brought by a group of lawyers including Hassan Bazzi, who said in front of the court of justice to reporters on Monday that the ruling by judge Faisal Makki was for "all the oppressed, the poor, and (bank) depositors.“

It was not immediately clear if the ruling, which covers assets including property, would be implemented.

Rights campaigners have questioned the independence of the judiciary in the country, which is plagued by deep sectarian and political divisions.

An acute financial and banking crisis is