By Tom Perry
An audit of Lebanon’s central bank urged action to mitigate further risks from “misconduct” at the institution and says its former governor had “unconstrained” discretion as he pursued costly financial engineering policies.
The audit by accounting firm Alvarez & Marsal (A&M) also found evidence that “illegitimate commissions” of $111 million were paid from a central bank account from 2015 to 2020, saying this appeared to be a continuation of a scheme that has prompted investigations into ex-governor Riad Salameh at home and abroad.
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