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
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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
Saudi Arabia approves over 1k chemical permits, awards 172 mining licenses
RIYADH: Saudi Arabia processed more than 1,000 chemical permit requests in November and awarded exploration rights for 172 mining sites in what the government described as its largest licensing round on record.
The Ministry of Industry and Mineral Resources said it handled 1,095 chemical clearance requests during the month, including 1,041 approvals for non-restricted chemicals and 54 for restricted substances, covering 2,081 product classifications, the Saudi Press Agency reported.
It forms part of ongoing efforts to accelerate the discovery and development of mineral resources valued at over SR9.4 trillion ($2.51 trillion), aligning with Vision 2030’s objective to position mining as the third pillar of the national industrial sector.
Ministry spokesperson Jarrah Al-Jarrah explained that the chemical clearance service enables industrial investors to obtain import or export permits for chemicals used in manufacturing through the “Sanaei” digital platform.
“He clarified that the service aims to ensure that chemical clearances for industrial facilities are granted through streamlined procedures and in a timely manner, thus serving investors and facilitating the entry of their materials through ports of entry,” the SPA report stated.
Al-Jarrah explained that the service plays a critical role in enhancing industrial output by developing and automating permit procedures for production-related chemicals as part of the ministry’s digital services.
In a separate development, the ministry announced that 24 domestic and international companies and consortiums won exploration licenses across 172 mining sites in Saudi Arabia, with 76 of those sites awarded through a multi-round public auction.
These sites span three mineral belts in the Riyadh, Madinah, and Qassim regions, with committed exploration spending exceeding SR671 million during the first two years of project implementation.
The ministry described this licensing round as the largest mining tender in the Kingdom’s history.
The competition covered more than 24,000 sq. km across regions known for strategic minerals including gold, copper, silver, zinc, and nickel.
Additionally, the ministry noted that 26 qualified companies participated through the electronic bidding platform, progressing through a transparent process that began with prequalification and culminated in competitive multi-round auctions.
The ministry confirmed that these investments aim to develop untapped exploration zones and enhance the utilization of Saudi Arabia’s mineral wealth, strengthening global supply chains.
It also announced plans to launch further exploration license tenders covering 13,000 sq. km across Madinah, Makkah, Riyadh, Qassim, and Hail, with additional opportunities to be revealed at the 5th Future Minerals Forum in Riyadh from Jan. 13 to 15.
These efforts, the ministry stated, reflect a broader mining strategy focused on maximizing resource potential, attracting foreign investment, creating employment opportunities, and integrating value chains to establish Saudi Arabia as a global mining hub.
