Bank of Algeria Sues A Private Company In A Deal Worth Over $ 16,000 Dollars

The Al-Harrach Court of Justice in the eastern part of the capital Algiers opened on Sunday a lawsuit against a private Company and its follow-up as a legal person for violating the legislation and regulations of the movement of capital to and from overseas after violating the exchange law during the export of goods in the framework of a commercial deal with a French Company.

The illegal deal involving this company in the dock took place a month before the finalization of the process of the compulsory bank settlement.

On the basis of the Court’s hearings on Sunday, the facts came after a complaint was lodged by the General Inspectorate of the Bank of Algeria, against the background of the company’s illicit undertaking of a trade deal with a foreign company to export goods worth 14 thousand and 295,60 dollars. 

The financial package in hard currency was transferred by a foreign bank. 

A legal representative of the Treasury that established itself as a civil party in the case, said that the law violation by the private company resulted in significant damage to the treasury and the national economy, explaining that in accordance with the system in force at the bank, any export and import operation must be subject to the settlement process first before the hard currency conversion.

However, the accused Company failed to do so as part of the business deal and received funds from a bank in France, without settling diligently the relevant bill, more than a month later.