Consulting firm Alvarez & Marsal has released an uncompromising forensic report on the management of Lebanon's central bank, which points to its former governor Riad Salameh's distinct role in overseeing the bank, characterised by a “personalised” and “unscrutinised” approach.

Lebanon is grappling with one of its worst economic crises, marked by financial sector losses amounting to $70 billion and the national currency losing about 98 per cent of its value.

Alvarez & Marsal was tasked in September 2020 with conducting a forensic audit of the regulator, Banque du Liban.

The objective was to examine financial transactions in accordance with the law and uncover potential misappropriations.

The forensic audit – which encountered numerous obstacles and delays and faced resistance from BDL – was presented to caretaker Finance Minister Youssef Khalil on Thursday.

Spanning 332 pages across 14 sections, the report, seen by The National, covers the period from 2015 up to early 2020.

It scrutinised compliance and internal controls at BDL and uncovered irregular accounting practices, a lack of transparency and weak control mechanisms.

Riad Salameh emerged as the main decision-maker, with very limited checks on his authority.