AUGUST 23, 2016
A Dubai-based investment group is suing accounting firm Deloitte and Touche’s Middle Eastern arm for failing to flag up money laundering at a now-defunct Lebanese bank.
Lebanese Canadian Bank paid over $100 million (£76 million) in 2011 to settle claims brought by US authorities that it was involved in laundering drug money and funnelling funds to Hezbollah and other militant organisations.
Deloitte and Touche declined to immediately comment. Nest Investments Holdings, along with 10 other minority shareholders, is suing the accounting firm and Middle East managing partner Joseph El Fadl for negligence at the Dubai International Financial Centre.