The Lebanese Canadian Bank in Beirut. (The Daily Star)
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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.
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