Latest report on Lebanon's financial misconduct is no revelation

The report also addressed the Central Bank's failures, including the absence of meetings to discuss monetary policies, its interactions with commercial banks and the Lebanese government, and its persistent pursuit of financing for imaginary or unproductive projects.

Moreover, it unveiled the institution's involvement with companies specialising in money laundering and finding ways to evade international sanctions targeting specific individuals and groups.

Unsurprising findings

The release of the 332-page report came as no surprise nor did it cause any uproar or calls for accountability. This is mainly because the financial misconduct of Lebanese politicians is common knowledge. The press and social media have been reporting on this for two decades.

While the report is considered preliminary because of the lack of information provided by the Central Bank, it still provides important insights into the downward spiral that Lebanon has been in for years.

The report also exposed Lebanon's decaying judicial system. One part of the report cites that judicial authorities 'failed' to notify the former Central Bank governor Riad Salameh of scheduled investigation sessions because "they did not know his home address". 

This not only demonstrates the fragility of the judicial system but also the mafia-like tactics employed by those who have usurped power in Lebanon's government to intimidate anyone who tries to question or challenge them.

In his three-decade tenure, Salameh protected this mafia class by facilitating their illegal transactions and covering up their crimes and felonies, all the while attempting to justify robbing the Lebanese people of their savings without any prospects of restitution. 

Adding insult to injury, the report seemingly confirms suspicions of efforts to obstruct the investigation of the 2020 Beirut port explosion and the intimidation and harassment of the investigating magistrate, accusing him of treason.

Read more: The catastrophic port blast that shattered Lebanese hearts and hope

Intimidation, exoneration and distraction

Even more, instead of holding this mafia class to account for throwing Lebanon into an economic and social catastrophe, the report reveals concerted efforts to exonerate the responsible parties and even reward them with governmental posts and other spoils of this economic war.

There is also a concerted effort to distract from Lebanon's economic crisis by projecting a skewed image of 'revitalised' tourist activity in the country as expatriates came home to summer in Lebanon.

Images and videos of people enjoying their holiday in restaurants and pools intentionally detract from the plight of average citizens who are suffering immensely, many of whom are struggling to get minimal medical care because of the collapse of basic insurance structures.

Read more: Happy summers distort the true face of Lebanon's crisis

Instead of taking accountability for this crisis, Syrian and Palestinian refugees are scapegoated for Lebanon's problems — just another propaganda peg in the complete charade.

No faction has clean hands

Hezbollah and its supporters cannot be solely blamed for the crisis. While it does undoubtedly protect the ruling elite and block any attempts to bring about a truly democratic government of the people, this is only a part of the picture.

In reality, there is a significant portion of the population rallying behind this corrupt leadership due to its complete dominance over the media, judiciary, security forces, military and all other public institutions entrusted with serving the Lebanese people.

A closer look into the Alvarez and Marsal report reveals that many individuals who engage with this Lebanese authority are seeking personal gains at the expense of public finances. This phenomenon is not restricted to a particular social class or political party; no faction can say their hands are clean.

The reluctance of this ruling class — which secured resounding re-election in 2022 — to make even the slightest move toward reform, enact anti-corruption measures, or preserve the integrity of state institutions, speaks volumes.

It shows how this ruling mafia class operates: through force, bribery, coercion and — if necessary — through targeted assassinations and threatening civil war.