Algerian authorities launch an all-out investigation over Orascom Telecom subcontractors

Tax department services and the monetary department of the Algerian central bank have started a series of in- depth investigations over the financial operations carried- out by foreign and national subcontractor companies for the benefit of the “ Orascom Telecom Algeria” over the period between 2006-2009.

The move came after well founded information that Egyptian, French and Lebanese companies were inflating the invoices in return of the services supplied to the Orascom Telecom Algeria in a bid to transfer staggering sums abroad through the Algerian bank.

A source the finance ministry has indicated that this procedure has nothing to do with the baseless declarations made by Orascom CEO Nadjib Sawriss in which he openly accused the Algerian authorities led by the president Abdelaziz Bouteflika of willing to crush the success of the company that controls 70% of the Algerian telecommunication market.

The same source has revealed that the Algerian taxes’ authorities have wound up the procedures for a second tax reassessment last May before forwarding it to the company through the procedures in force.

It should be noted that the Algerian authorities have not implemented the law over Djezzy to avoid being accused by foreign operators of tightening the nose on the investors.