Khalifa scandal story

A total of 124 suspects and 300 witnesses will appear in a court in Blida as for May involved in the Khalifa Bank case or the so-called the Century scandal.

2003: the investigation begins

The official investigation started on March 22^nd in 2003 upon a complaint lodged by Khalifa Bank’s judicial affairs director Boualam Laouche. He accused Akli Youcef, an assistant general director and Mohamed Chebli, an official at the bank of embezzling money.

The investigation showed that a considerable sum was withdrawn without any official document.

This incident led to discover the “Khalifa empire” big scandal. Although suspects got sentences, the case is still mysterious as main suspect Abdelmoumene Rafiq Khalifa will appear in court for the first time.

4,000 people questioned

Examining judge has auditioned more than 4,000 people for about three years. Of them, 124 appeared in court. Abdelmoumene run away to the UK before he had been extradited to Algeria late 2013.

111 public institutions deposited money at Khalifa Bank

Investigations showed that about 111 public institutions and company deposited their money at Khalifa Bank’s agencies before it had gone bankrupt. They sued the bank to take back their money estimated at $17.394 billion.