Court orders to confiscate Farid Bedjaoui and his partners’ real-estate

Italian justice ordered to confiscate Farid Bedjaoui, Saipem’s former operational activities director Pietro Varone and Samir Ouriad’s accounts and real-estates.

The confiscated belongings value is estimated at more than 250 million euros. US justice made a request to confiscate 8 real-estates of Farid Bedjaoui in New York worth $250 million.

The confiscation decision was made by preliminary hearings judge in a court in Milano on October 9^th.

Italian media reports say the confiscated belongings value (around 198 euros) is the same sum given by Saipem to Algerian officials as bribes. A tax evasion was estimated at 50 million euros.

Farid Bedjaoui had 3 banking accounts in Switzerland, Asia, Hong Kong and Singapore worth $37 million along with other 9 banking accounts in Luxembourg.

Attorney General in Milano called for confiscating 8 real-estates of Farid Bedjaoui including 7 in Manhattan.

The court ordered to confiscate Varone’s shares in a company, his real-estates and a banking account.