Khelil transferred Sonatrach’s money to Farid Bedjaoui

Algeria’s former energy minister Chakib Khelil and his friend from the Bedjaouis used public banks as a cover to transfer money abroad. Of them, Algeria’s Exterior Bank which has a large national and international reputation as it’s the bank of Algeria’s energy group Sonatrach, the President’s Office, the defense ministry, national police and tens of strategic public companies.

Documents show that Khelil ordered Algeria’s Exterior Bank to conduct illegal operations including granting deals by mutual agreement and contracts with foreign research departments.

In 2003, Sonatrach transferred $2 billion via the bank and the Algerian Bank of Foreign Trade to the UAE-based Rayan Asset Management FZ LLC.

The money transferred by Sonatrach to fund some of its operations abroad passed by the Algerian Bank of Foreign Trade based in Switzerland upon request from Khalil. He held the position of the group’s CEO.

According to the same documents, Khelil’s remarks about recovery of the money deposited at Rayan Asset Management are baseless.  An import part of the money is still deposited at the US’ Russel Investment while Farid Bedjaoui and his family benefited from profits.

Board director of the Algerian Bank of Foreign Trade Benbouzid Saghir tried to defend the interest of Khelil and Bedjaoui’s families.

The Bedjaouis benefit from a considerable interest rate from Sonatrach’s money through Rayan Asset Management at Russel Investment. Sonatrach had never published its gains from the operation which was masterminded by Khelil and Farid Bedjaoui.