Bosch embezzles 202,500 euros from Algeria bank

Employees at Algeria's Credit Populaire d'Algerie (CPA) bank had a hand in embezzling 202,500 euros for the German industrial group Bosch, according to documents obtained by Echorouk.

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• The embezzled money belongs to an Algerian investor who was planning to set up a project worth 600 million DZ.
• The documents show the involvement of foreign transactions department at the Bank of Algeria in counterfeiting and illegally obtaining the investors’ money.
• Earlier in June 2007, two officials at the CPA bank admitted that they had illegally transferred 180,000 euros to the Bosch group.
• Director of CPA’s branch in Bouira province (120 km east of Algiers) told an examining judge the money transfer was illegal because there was no invoice.