22 Hrs
Source:
LBCI Lebanon
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Beirut port explosion insurers face illegal profits audits
The criminal investigation report related to the Beirut port explosion revealed that insurance companies profited unlawfully by approximately 34 million dollars. This was achieved through claiming payments in cash US dollars (fresh dollars) while settling claims in Lebanese pounds, which were valued below their true worth. The audits examined the accounts of six insurance companies and showed that some influential individuals received their compensation in fresh dollars preferentially, whereas ordinary citizens did not receive the same treatment. According to the reports submitted in May 2024, these procedures accuse the companies of manipulation to illicitly profit at the expense of those harmed by the explosion.
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