Home » Algerian tycoon Ali Haddad, others forfeit assets worth $4.2 billion to gov’t in one month

Algerian tycoon Ali Haddad, others forfeit assets worth $4.2 billion to gov’t in one month

by Omokolade Ajayi

Algerian tycoon Ali Haddad, as well as other businessmen and top officials associated with the late politician and former Tunisian President Abdelaziz Bouteflika, have surrendered assets worth nearly €3.8 billion ($4.2 billion) to the Tunisian government in the past month.

The decision comes years after Haddad, the former CEO of ETRHB Group, and other businesspeople and officials tied to Bouteflika were sentenced to lengthy prison sentences in corruption trials.

Since Feb. 15, more than $4.2 billion in property belonging to Haddad, Redha Kouninef, Abdeslam Bouchouareb and the late politician’s other associates has been confiscated.

The move comes after a series of court rulings issued by a high court in Tunis, Tunisia’s capital city, demanding the seizure of assets linked to 15 individuals on the grounds that they were obtained illegally using public funds.

The court order was precipitated by the attempted sale of two luxury flats in Paris for more than €2.8 million ($3.1 million) belonging to Bouchouareb, who has been sentenced to 80 years in jail in absentia by four court judgments.

Villas, pleasure boats, flats, plots of land, buildings, automobiles, jewelry and bank assets are among the assets collected in accordance with the court decision, bringing the total value of the confiscated properties to €3.8 billion ($4.2 billion).

The monetary revenues from the assets recovered by the administration led by President Kais Saied will be paid into a special account established under Article 43 of the 2021 Supplemental Finance Legislation, in accordance with the execution of the court-ordered searches, seals and seizures.

The account will also be used to pay for fees related to the execution of confiscation, recovery and sale procedures, as well as the settlement of obligations associated with the confiscated assets.

Toward the end of 2021, Haddad made an appearance in a court in Tunisia alongside his brother, Ameziane Haddad, executives from the Port of Oran, heads of departments and trade unionists.

If found guilty, Haddad faces an extra three years in jail in connection with a new case involving over-billing and collecting excessive benefits that are thought to date back to 2016-2017.

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