“Tonic Emballage” administrator dilapidates the company’s capital

The capital of the packaging company “Tonic Emballage” has been dilapidated through a series of illegal financial operations including the forging of the company’s account statements and the selling of its assets, reports released by the treasury revealed.

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• It should be noted that the company’s receiver has been sued for several breaches in relation to the articles 801, 802, 831 of the financial law that deals with the fight against corruption. The complaint shed light on several financial frauds carried out by the administrator along with three of his accomplices who spent huge sums of money from the company’s account on the bases of false documents.
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• Besides these illegal practices, the receiver didn’t find it necessary to organize the company’s General Assembly to discuss the firm’s financial statements for the years 2007-2008 breaching once again the law governing commerce activities.
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• The company’s troubles worsened when the tax department forces the administrator to the pharaoh sum of 3.35 billion Algerian Dinars fine for omitting to disclose Tonic’s accounts over the years 2004, 2005, 2006 and 2007.
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• Reports released by the investigators revealed that 1.5 billion Algerian Dinars were transferred from the company’s treasury to the Agriculture and Rural development Bank without prior control, though the legislation stipulates that the receiver has to supervise all the financial operations.
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• Amazingly enough, Tonic Emballage is still operating on the market and selling its products but the administrator is not transferring the accumulated money into the company’s account.
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