Lebanon hires US firm for central bank probe

Lebanon hires US firm for central bank probe

Lebanon hires US firm for central bank probe

Lebanon hires US firm for central bank probe

Lebanese President Michel Aoun, center, heads the cabinet meeting, at the presidential palace, in Baabda, east of Beirut, Lebanon, Tuesday, July 21, 2020. Lebanon's government agreed Tuesday to hire a New York-based company to conduct a forensic audit of the country's central bank accounts to determine how massive amounts of money were spent in the nation plagued by corruption. (AP)

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Lebanon hires US firm for central bank probe

Alvarez & Marsal forensic audit seeks answers to mounting finance crisis

Updated 22 July 2020

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BEIRUT: The Lebanese government has hired Alvarez & Marsal, a New York-based professional services firm, to carry out a forensic audit of central bank accounts since 2015 amid claims finances have been mismanaged in the corruption-plagued country.

Finance Minister Ghazi Wazni asked for a week to prepare documents to sign the contract for the audit, which could take between three and six months.

Lebanese President Michel Aoun has called for an audit since March, following the country's first-ever default on a $1.2 billion eurobond payment. The process will attempt to identify the cause of the financial and monetary crisis and the level of foreign exchange reserves.

A Ministry