NY-Based Company Pulls Out of BDL's Forensic Audit

W140

A New-York-based company contracted by the Lebanese government to conduct a forensic audit of the country’s central bank has decided to pull out of the deal because it was not able to acquire requested information and documents, Lebanon’s caretaker finance minister said Friday.

The announcement by Alvarez & Marsal deals a major blow to those hoping for accountability in a country mired in corruption and a crippling economic and financial crisis. It comes after Lebanon’s central bank refused to provide the company with the needed documents, using the country’s decades-old banking secrecy laws as a pretext.