Public Company Managers implicated in bogus but most lucrative transactions and flight of capital abroad

The security services of the province of Algiers have opened an in-depth and exhaustive investigation into the shady financial practices of several state executives and public company managers suspected of initialing bogus but most money-yielding transactions and spearheading flights of capital in hard currency overseas.

•  This wrongdoing affair involves a number of senior executives and heads of several public companies who are accused of financial malpractice and money embezzlement spanning several sectors of activity.
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• Reliable sources close to the security services say that about 150 million Euros have been transferred illegally to foreign bank accounts abroad by the defendants.
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• A case in point is a senior ministerial executive who is said to have bought, through such illegal money transfers, a luxury flat in the French capital Paris for a sum estimated at 8 hundred thousand Euros.
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• The defendants are also accused of initialing bogus transactions notably in the real estate sector by garnering huge financial spin-offs on the sly before being exposed later on by keen security services’ investigators.
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• The same sources also say that the investigations are still going on to unveil similar malpractice and corruption cases within the state apparatus or public enterprises at all levels as part of a large-scale “clean hands” campaign ordered of late by the President of the Republic Mr Abdellaziz Bouteflika.