BEIRUT: Lebanon’s President Michel Aoun promised on Monday that an audit into the country’s central bank crucial for financial rescue would hold the organization accountable, despite efforts to limit the probe.
The audit is a condition for Lebanon to secure foreign aid to help it recover from a financial meltdown the World Bank described as one of the world’s sharpest ever economic depressions.
Earlier this month, the staff union of Lebanon’s central bank said it did not want personal data handed over to the restructuring consultancy Alvarez and Marsal (A&M), which could further hamper attempts to carry out the audit.
Aoun is monitoring attempts to overcome “artificial obstacles” discouraging the company from carrying out a forensic audit, his media office said in a statement.
The statement added the presidency hopes that there is not “something to hide in the accounts of the bank.”
Aoun criticized what he called the “deliberate procrastination” by the central bank in handing over the complete data required by A&M.
The central bank issued a statement on Monday responding to the president’s criticisms, saying it provided A&M with all the required data “in a manner that doesn’t conflict with the law and international standards.”
The central bank said it stresses A&M should start its work and make sure itself that the data provided is correct.
Central bank governor Riad Salameh, who denies any wrongdoing during almost three decades leading the central bank, is being probed in Lebanon and at least four European countries, with his role under close scrutiny since Lebanon’s economic collapse in 2019.
“The Lebanese people have the right to know how the gap in the central bank’s accounts arose and grew. Private banks stumbled, depositors’ money was wasted, and a lifetime was robbed,” the president added.
The gap refers to a portion of losses in Lebanon’s financial sector attributable to the central bank.
The governor has support from several top politicians and stayed in his post even as the economy has been crushed by huge debts, the currency has collapsed and many Lebanese have been driven into poverty.
Aoun “promises the people that accountability is coming,” the statement said.
Lebanon President Aoun promises central bank audit will provide accountability
https://arab.news/nsr25
Lebanon President Aoun promises central bank audit will provide accountability
- The central bank says audit company A&M must start its work and make sure the data provided is correct
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
