Financial and Banking News
Reported Purchase of Lebanese Bank Contested
The reported purchase of the defunct Banque de l'Essor Economique Libanais in Beirut last week has caused further controversy over the extent of effective control exercised by the country's central bank, the Banque du Liban. The bank in question was the subject of a major fraud in 1978, since when it has been under the supervision of a Banque du Liban appointee, M. Jean Afaki. The...