Algerian Justice Extended The Seizure On Saipem's Bank Accounts

Algerian justice continued the seizure on the bank balances of the Italian company Saipem, which are valued at 80 million euros, despite the verdict of Algiers judicial council to lift the freeze on the two bank accounts.

This seizure is explained legally by the Italian party which presented a cassation in the judgement against the company, and that ordered 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 final judicial verdict un finished an invalid, and therefore the seizure will continue on two bank accounts.

According to the outcome of the semi-annual financial report of Saipem, 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, and the freezing remains in place until June,30, 2016.

Saipem’s trade receivables in Algeria reached nearly 50 million euros, which legal deadlines ended, while the value of the current business in the projects reaches about 61 million euros, while financial allocations of losses on the projects that are completed reaches two million Euros, while the completed projects’ guarantees reach 627 million euros.