Official liquidators of bankrupt Khalifa and BCA banks to Echorouk: “920 legal cases are still held in abeyance before justice”

The official liquidators in charge of “cleansing” the big assets of bankrupt Khalifa and BCA banks have said that 920 legal cases are still to be examined by the relevant courts.

• The ongoing cleansing operation is being carried out with the utmost difficulty owing to various legal wrangling involving those who had lost their money when the above-mentioned banks went bankrupt owing to gross mismanagement and widespread financial malpractice.
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• “700 vehicles were sold in auction as part of the liquidation process”.
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• The liquidators said that about 700 vehicles including luxury cars had been sold through auction in a bid to collect enough money to repay the numerous “victims” swindled by these bankrupt financial bodies including the Khalifa bank, the Algerian bank and BCA bank.
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• The largest number of these vehicles sold through auction belonged to the former Khalifa bank which had signed a binding convention with such car-makers as Toyota and Citroen.
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• The liquidators also indicated that these vehicles were hard to sell off because their relevant registration documents were lacking or were dubious as the name of their owners were not duly recorded at the official registry office.
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• Lorries and public works vehicles and computer equipment were also part of the auction selling process, the liquidators told Echorouk.
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• The latter also asserted that the liquidation operation also included the selling by auction of real-estate property owned by the bankrupt banks including villas, shops and plots of land.
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• They said 56 luxurious villas and businesses belonging to former Khalifa group in various parts of the country were on the verge of being liquidated and sold through auction.
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• The former head office of Khalifa bank located in Hussein Dey district in central Algiers and a big hotel located in the eastern coastal city of Bejaia also belonging to Khalifa bank are also among the real-estate property listed for an auction sale, the liquidators said.
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