Algeria: “1.200 billion centimes drawn from Banks through fake trade registers”

The General Inspection Department of the Finance Ministry has started an in-depth investigation into the reported shadowy and illicit trade dealings by a private Algerian firm specialized in the export of raw materials for the manufacture of plastics and by-products.

Investigators have found out during a preliminary probe into the activities of this private firm that its General Manager called (A.N) succeeded through devious means in securing a total of 1.200 billion centimes (DA) in loans from several banks operating in the capital Algiers.

According to the first findings produced by the ongoing inquiry, the manager of this firm has obtained 400 billion centimes (DA) from the CPA bank, another 300 billion centimes (DA) from the BADR bank and 500 billion centimes (DA) from an Algiers-based French private bank in loans through forged trade registers.

He was allotted these huge sums of money without even submitting the required file containing the financial guarantees needed for these kind of banking operations, investigators said.

85 % of Algeria’s plastics and rubber exports representing millions of tonnes annually, come from China, Spain, Germany and Saudi Arabia.

Around 50 % if these exports are lost because of a quasi-absence of an industrial retrieval activity in Algeria.