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Lebanon crisis

Lebanese president promises accountability regarding Central Bank audit: Statement

Published: Updated:

Lebanon’s President Michel Aoun promised on Monday that an audit into the country’s Central Bank crucial for financial rescue would hold the organization accountable, despite efforts to limit the probe.

The audit is a condition for Lebanon to secure foreign aid to help it recover from a financial meltdown the World Bank described as one of the world's sharpest ever economic depressions.

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Earlier this month, the staff union of Lebanon’s Central Bank said it did not want personal data handed over to the restructuring consultancy Alvarez and Marsal (A&M), which could further hamper attempts to carry out the audit.

Aoun is monitoring attempts to overcome “artificial obstacles” discouraging the company from carrying out a forensic audit, his media office said in a statement.

The statement added the presidency hopes that there is not “something to hide in the accounts of the bank.”

Aoun criticized what he called the “deliberate procrastination” by the Central Bank in handing over the complete data required by A&M.

Central Bank Governor Riad Salameh, who denies any wrongdoing during almost three decades leading the Central Bank, is being probed in Lebanon and at least four European countries, with his role under close scrutiny since Lebanon’s economic collapse in 2019.

“The Lebanese people have the right to know how the gap in the Central Bank’s accounts arose and grew. Private banks stumbled, depositors’ money was wasted, and a lifetime was robbed,” the president added.

The gap refers to a portion of losses in Lebanon’s financial sector attributable to the central bank.

The governor has support from several top politicians and stayed in his post even as the economy has been crushed by huge debts, the currency has collapsed and many Lebanese have been driven into poverty.

Aoun “promises the people that accountability is coming,” the statement said.

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