A financial scandal in Setif

Economy police in Setif province have opened an investigation on withdrawing 10 billions AD from Natexis Bank by a local investor taking advantage of a contract linking him to Algérie Telecom, before disappearing.

Algérie Telecom has submitted a complaint against Natexis Bank in Setif, saying the latter rejects compensating it following the decision of a local investor in cables industry canceling a 23 billions AD contract liking the two parties since 2005 stipulating delivering Algérie Telecom with telephone cables.

Algérie Telecom said it has transferred more than 10 billions AD to the bank account of the investor following being submitted a guaranty of good implementation issued by Natexis Bank.
The investor has withdrawn 2 billions, cancelled the contract with Algérie Telecom, and then disappeared in nature.

However, when Algérie Telecom officers tried to seek compensations from Natexis Bank, the latter’s manager replied by saying his bank has never issued a guaranty of 380 millions AD.
However, economy Police in Setif decided to open an investigation on the issue as well as summoning all the concerned parties.
Furthermore, observers said the abovementioned case is likely to spark another case.

The think is about the fate of 12 billions being allocated previously by National Bank, BNA to the father of the investor mentioned above.