Algeria’s ill-gotten gains: Abdelmadjid Tebboune’s mission impossible

Posted on August 27, 2024

Lecture: 3 minutes.

This is one of the president’s main promises. Abdelmadjid Tebboune since the beginning of his first term. He reiterated this in a televised address on August 15 last year. September 7 presidential election : Recovering the property and real estate and financial assets held abroad by former oligarchs is and remains one of its main priorities. But five years after its inception, have In the summer of 2019, these businessmen faced a major trial for corruption and money laundering, and many of them are now serving long prison sentences. Where exactly is this operation? Recover these goods abroad ?

Big bluff?

Because behind the satisfactory statements there is great ambiguity. Sometimes it is great bluffing. Candidate Tebboune said that a credit of 4.5 trillion dinars (about 30 billion euros) would be provided without detailing the process. wait During the last three terms of his predecessor (2004-2019), the banks provided loans to these oligarchs. During his brief period as prime minister, from June to August 2017, he had already tried to recover some of these loans. He was unsuccessful, especially because it was quickly Removed from office Especially because of this war against the oligarchs. Balance Sheet Well-trained Therefore, the main focus of the presidential candidate is what he has done since his election in 2019. In his first term, he confirmed the state’s repossession of 51 industrial units built with public assistance, following the final conviction of their owners.

Regarding real estate scattered abroad, Abdelmadjid Tebboune specifically pointed out that the Algerian government has reclaimed a hotel it owns exist Although the president always avoids mentioning the name of an Algerian businessman who made this happen with the help of local Spanish authorities, he did mention Ali HaddadFormer CEO of ETRHB Group, which acquired the five-star El Palace Hotel in Barcelona in 2011 for $68 million.

In June 2020, Ali Haddad claimed during a trial have The hotel was purchased for 54 million euros thanks to a loan from the Bank of Spain. However, since its acquisition in 2011, the institution’s statutes have been amended several times, to the point that its name no longer appears in the statutes filed today with the Bank of England, a state institution in the Official State Gazette.

Barcelona Palace Hotel Scandal

Today, the Barcelona Palace Hotel is owned by Radia Bouziane Allawi, Through her company Royal Blue Bird SL, she is the sole owner of the palace. The palace is one of the most fashionable hotels in Spain and its new director, Pedro Rodríguez Madrigal, who was appointed in March 2024, continues to serve its wealthy clientele.

So how can the Algerian government reclaim this hotel when it is no longer the property of Ali Haddad? Even assuming that the latter still owns it, it East It was made clear that a request for restitution in the Algerian judicial system would require at least a decade of legal battles between the parties involved, especially the owners.

Therefore, the so-called recovery of this hotel is nothing more than smoke and mirrors, the purpose of which is first and foremost to cover up the negative consequences of the entire overseas property recovery operation. Once again, the emphasis is on transparency and clarity. Font tacit consent. But this did not prevent Abdelmadjid Tebboune from confirming that the Algerian judicial system has sent 285 letters rogatory to 32 countries where these former oligarchs are suspected of holding assets. He added that 755 accounts were found there. “Banking procedures are complicated,” he said again on August 15. We want to give everyone their money back. »

Last year, there was a glimmer of hope even From Switzerlandwhen the Swiss judicial system responded positively to a letter rogatory against Saïd Bouteflika, the brother of the former president, who was sentenced to 12 years in prison. The Swiss magistrate forwarded the various transfers he had received to a bank account in Geneva, including one from an account in Kuwait. The total assets of the former head of state’s brother are estimated at 35 million of Dollar.