Audit of Lebanese central bank reveals huge shortfalls
US, UK and Canada place personal sanctions on ex-governor Salameh
A long-delayed independent audit of Lebanon’s central bank has made significant allegations against the institution’s former governor.
The report by US firm Alvarez & Marsal said the central bank lost tens of billions of dollars of commercial lenders’ assets on a sovereign debt support scheme. It also said $111 million of Central Bank of Lebanon funds appeared to have been diverted to the former governor, Riad Salameh.
Alvarez & Marsal was first appointed to audit the central bank in late 2020
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