30 million dollars embezzled from the Algerian-Kuwaiti Investment Fund

Judicial sources told Echorouk newspaper that the Court of Bir Mourad Rais in central Algiers is now examining a serious affair linked to money laundering with several executives of a public bank suspected of misappropriation of public funds.

Judicial sources told Echorouk newspaper that the Court of Bir Mourad Rais in central Algiers is now examining a serious affair linked to money laundering with several executives of a public bank suspected of misappropriation of public funds.

 To this effect, an examining magistrate, designated by the Court, has questioned the Algeria Bank Governor Mohamed Laksasi for more than an hour, in a bid to try to unravel all the intricacies of the affair.

The same sources indicated that a shady businessman and several executives of an unnamed Algerian public bank are suspected of involvement in the embezzlement of about 20 million dollars.

This financial package is said to have been transferred, through bank credits, to Switzerland where the main defendant is reported to have built factories for his own benefit.

This affair comes in the aftermath of a previous one whereby a son of a former Algerian Minister reportedly embezzled 30 million dollars from the Algerian-Kuwaiti investment Fund before fleeing overseas with his wife.

The 2 culprits were convicted to a 10 year prison sentence and are now the subject of an international warrant of arrest.