Ouyahia orders to reconsider GAM sale to US Investment Corporation
Algerian Prime minister Ahmed Ouyahia asked Wednesday for a complete copy of GAM insurance company after an enquiry commission had found out serious wrongdoings when it was sold to an American investment corporation based in Tunisia, Echorouk has learnt.
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Investigation showed that the sale process was accomplished without giving necessary guarantees stipulated by the law. Two members of an independent committee in charge of insurances, two members of the High Court and an insurance expert submitted an official request to the Treasury’s General Director and insurances director at the finance ministry to present a detailed report about the sale process.
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The prime minister asked for all the details on regular and surprise inspection visits to all the public and private insurance companies since 2007. All the visits excluded GAM company for reasons described by investigators as “abnormal.”
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Investigations show that the American corporation did not pay 100 million euros due to be paid as part of official procedures. It sold products non-ticked off by the committee in charge of insurance.