The Lebanese Canadian Bank in Beirut. (The Daily Star)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
A shareholding company in the defunct Lebanese-Canadian Bank is suing Deloitte & Touche's Middle East operation and its managing partner Joseph al-Fadl for what it termed gross negligence in auditing the balance sheets of the bank and failing to unveil the money laundering activity of the lender and its management.Nest Group acquired a 24 percent stake in LCB through a series of transactions between late 2005 and late 2007 . Apart from Nest Investments Holding, nine other minority shareholders also filed the lawsuit against Deloitte & Touche (Middle East).Nest Investments Holding said that Deloitte had been auditing the accounts of the LCB since 1995 until its liquidation in 2011 . The claimants say that Deloitte failed in its duty as auditor since Fadl's team allowed its relationship with LCB senior management and majority shareholders to become compromised.
MEA orders four newly launched Airbus A321XLR jets
Lebanese bankers warn of impact of new taxes
Ultimate goal to cut deficit to 4 pct by 2023: adviser
FOLLOW THIS ARTICLE