Alvarez & Marsal ends
forensic audit contract

Cites inability to obtain required

documents from the Central Bank

Alvarez & Marsal (A&M), which was hired by the Ministry of Finance to carry out forensic audit of the Central Bank (BDL), has decided to terminate the agreement, said Ghazi Wazni Caretaker Minister of Finance.

A&M said according to Wazni that it has not been able to obtain the necessary information and documents to start its forensic audit work.

The company told the minister in a written statement that it does not expect to get the required information even if it extends the deadline for the submission of the documents for an additional three months.

Governor of BDL Riad Salameh said earlier that some information is subject to the banking secrecy law and cannot be disclosed.

KPMG and Oliver Wyman are performing the financial audit of BDL’s account.

A&M is a global consultancy firm that provides restructuring and turnaround services and performance improvement consultancy. It operates 64 offices in 24 countries.