The assets confiscated from oligarchs and political figures are said to be around 600 billion Algerian dinars and 7.5 billion euros. A significant windfall that will allow the Algerian Treasury to reduce its abysmal budget deficit, once recovered.
The amount of property confiscated from oligarchs and Algerian politicians would amount to 600 billion Algerian dinars and 7.5 billion euros subject to seizures ordered by justice against these protagonists convicted of corruption, according to Le Soir d’Algérie.
This financial windfall that the Algerian Treasury, which has become a civil party, should recover, includes liquidity placed in bank accounts, real estate and companies and production units currently managed by administrators appointed by the authorities.
According to the Algerian daily, “this recovery measure must not have any legal obstacle, according to legal specialists. The verdicts of the court, in second instance, are enforceable as soon as they are pronounced”.
According to Le Soir d’Algérie, the authorities have already seized property belonging to businessmen and former senior officials including Ali Haddad, Mahieddine Tahkout, Mourad Eulmi, the Kouninef brothers, Abdelghani Hamel, Abdelmalek Sellal, Ahmed Yahya, Mahdjoub Bedda , Youcef Yousfi, Abdesslam Bouchouareb, Hassen Arbaoui, Ahmed Mazouz, Mohamed Baïri,… For companies, whose management is ensured by the administrators, the State intends to nationalize them.
The amount advanced is rather estimated knowing that the Algerian authorities have so far not communicated on the real amount of the seizures.
This windfall will help reduce the abysmal deficit of the Algerian Treasury in these times of decline in hydrocarbon revenues which represent more than 50% of budgetary resources.
It remains to be seen how the Algerian state intends to recover the property belonging to these oligarchs and politicians who are abroad and who also fall within the scope of the seizure ordered by the Algerian justice. President Abdelmadjid Tebboune made it an argument during the 2019 presidential election.
Last September, Le Soir d´Algérie pointed out that the sum of money Algeria is trying to recover from abroad was estimated at more than 3 billion euros, according to sources familiar with the matter. And Algeria has asked France to help locate and repatriate these corrupt funds.
