A recent report by Lebanese newspaper Nidaa al Watan has revealed 45 highly irregular transactions between a brokerage company called Optimum and the Central Bank.

The transactions took place between 2015 and 2018 and amounted to 8 billion dollars, where Optimum would acquire bonds from the Central Bank, then sell them back (minus a commission) at a higher fictitious price to help the Governor cover up the central bank’s losses by reporting these transactions as a profit.

What’s even more alarming about this scandal is that CMA (Capital Markets Authority) had reported 96 violations against Optimum in 2018 yet no actions were taken against it, and two leading audit firms, Alvarez & Marshal and Deloitte were incapable of unveiling fully these fraudulent trades.

If you’re interested in more details about this matter, I recommend you check this thread “ANATOMY OF A FRAUDULANT CENTRAL BANK TRADE” by Mike Azar which explains perfectly what happened.

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