French Parties Plotted the Fall of Khalifa Bank to Hit Reliability of Algerian Private Banks, Benouari

Former Delegate Minister for Treasury, Ali Beouari, said the liquidation of Khalifa Bank was a monumental mistake, adding that the repercussion of such a mistake will be affecting the Algerian finance sector for 50 years, as citizens have lost trust in private banks.

 “I’ve already evoked such an issue in 2004, and said that the financial scandal of bankrupt Khalifa Bank and the manner authorities dealt with this case would make people avoiding depositing their money in Algerian private banks,” Mr Benouari deplored.

The former minister added that Turkey Tichikirova Group endured the same circumstances as Khalifa Group, but Turkish authorities have proposed on the Parliament to grant a low interest long term loan of $5.9 billion, bringing the group to life again, noting that Khalifa needed $1.5 billion only to survive. 

However, the economist has charged French parties of plotting the crash down of Khalifa Group, to hit the reliability of Algerian private banks and maintain French banks dominance. The “conspiracy” was carried out by Algerian officials, Mr Benouari accused.

The liquidation plot of Khalifa Group aimed also to avert Algeria to become a shareholder in the French Society General Bank, the former minister added.