Algeria continues The Seizure Of Saipem's Bank Accounts

Algerian justice continued the seizure of the two bank accounts that belong to the Italian Saipem, which are valued at 80 million euros, despite the decision of Algiers judicial court to lift the freeze on the two bank accounts.

This decision was explained legally by the Italian party as the cassation in the judgement that was issued against the company which is the payment of 34.000 euros as a fine, and not to deprive it from participating in international tenders in Algeria, as the submission of the appeal of revocation makes the judicial ruling not final and invalid, and therefore the seizure on the two bank accounts will continue.

According to the outcome of Saipem’s semi-annual financial report, which copy is available to Echorouk, the two bank accounts are still frozen by the Algerian authorities, and that since 2010 with the value of 78 million euros, adding that the freeze remains in place until June,30, 2017.

Saipem’s trade receivables in Algeria reach nearly 50 million euros, as all of them ended their legal deadlines , while the value of the business in the projects reach over 61 million euros, while the financial allocations of losses in the completed projects reached two million Euros, while the projects guarantees that are under accomplishment reach 627 million euros.