Lebanon's Central Bank Agrees to Give A&M Info for Audit

A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. (Reuters)
A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. (Reuters)
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Lebanon's Central Bank Agrees to Give A&M Info for Audit

A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. (Reuters)
A view shows the Central Bank building, in Beirut, Lebanon November 12, 2020. (Reuters)

Lebanon’s finance ministry said the central bank agreed on Tuesday to provide by the end of the month the documents required by Alvarez & Marsal for a stalled forensic audit.

The audit, which hit a roadblock last year, is a key condition for foreign aid that Lebanon badly needs as it grapples with a financial collapse rooted in decades of waste and graft. The currency has crashed and banks are paralyzed.

When restructuring consultancy A&M withdrew from the audit last November, it said it had not received the information it needed from Lebanon’s central bank.

Parliament agreed in December to lift banking secrecy for one year, amid much back-and-forth between Lebanese officials including the ministry and the central bank over whether certain information could be disclosed.

After a meeting with the central bank and A&M on Tuesday, the finance ministry said the bank confirmed its commitment to an audit and to deadlines to provide the necessary documents. It said attendees would stay in contact “in order to re-activate the forensic audit and evaluate the current development”.

There was no immediate comment from the central bank or A&M.



Israeli Forces Surround Lebanon’s Khiam Ahead of Storming it

Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)
Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)
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Israeli Forces Surround Lebanon’s Khiam Ahead of Storming it

Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)
Smoke rises as a result of an Israeli airstrike on the village of al-Khiam in southern Lebanon, as seen from the Israeli side of the border, northern Israel, 22 November 2024, amid cross-border hostilities between Hezbollah and Israel. (EPA)

Israeli forces have blocked supply routes to the southern Lebanese border city of al-Khiam ahead of storming it.

They have also surrounded the strategic city with Hezbollah fighters still inside, launching artillery and air attacks against them.

Hezbollah fighters have been holding out in Khiam for 25 days. The capture of the city would be significant and allow Israeli forces easier passage into southern Lebanon.

Field sources said Israeli forces have already entered some neighborhoods of Khiam from its eastern and southern outskirts, expanding their incursion into its northern and eastern sectors to fully capture the city.

They cast doubt on claims that the city has been fully captured, saying fighting is still taking place deeper inside its streets and alleys, citing the ongoing artillery fire and drone and air raids.

Israel has already cut off Hezbollah’s supply routes by seizing control of Bourj al-Mamlouk, Tall al-Nahas and olive groves in al-Qlaa in the Marayoun region. Its forces have also fanned out to the west towards the Litani River.

The troops have set up a “line of fire” spanning at least seven kms around Khiam to deter anti-tank attacks from Hezbollah and to launch artillery, drone and aerial attacks, said the sources.

The intense pressure has forced Hezbollah to resort to suicide drone attacks against Israeli forces.

Hezbollah’s al-Manar television said Israeli forces tried to carry out a new incursion towards Khiam’s northern neighborhoods.

Lebanon’s National News Agency reported that since Friday night, Israeli forces have been using “all forms of weapons in their attempt to capture Khiam, which Israel views as a strategic gateway through which it can make rapid ground advances.”

It reported an increase in air and artillery attacks in the past two days as the forces try to storm the city.

The troops are trying to advance on Khiam by first surrounding it from all sides under air cover, it continued.

They are also booby-trapping some homes and buildings and then destroying them, similar to what they have done in other southern towns, such as Adeisseh, Yaround, Aitaroun and Mais al-Jabal.

Khiam holds symbolic significance to the Lebanese people because it was the first city liberated following Israel’s implementation of United Nations Security Council 425 on May 25, 2000, that led to its withdrawal from the South in a day that Hezbollah has since declared Liberation Day.