A nephew of former Foreign Minister wasted $ 2 billion of Sonatrach

Algiers- According to various sources of Ennahar, the national oil company "Sonatrach" could permanently lose the $ 2 billion deposited in "Errayane Bank, a Dubai branch. The money was deposited by the company at the time when the nephew of former foreign minister, named Farid Bedjaoui, an Algerian national was Director of Administration of the bank.

• According to these sources, Sonatrach had deposited the sum of 2 billion dollars in the "Errayane" Bank which activates in Dubai, United Arab Emirates, after having put too much confidence in the financial institution generally, and particularly in the person of the nephew of former foreign minister, Mohamed Bedjaoui, the named « Farid Bedjaoui, » an Algerian national who served as director of administration of "Errayane Bank at that time.
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  The problem faced today is the definite loss of that amount because of Bank’s financial problems, accented with the global financial crisis. Sonatrach, the sources said, which deposits its funds in foreign banks has not yet recovered the $2 billion so far.
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  This financial scandal that tarnished the largest oil company of Algeria, which ranked tenth worldwide, can not be declared today by its officials who remain silent because of the other scandal concerning the case of questionable contracts involving the CEO of Sonatrach, Mohamed Meziane and his two children, former CEO of the Algerian Popular Credit (CPA) and his son and now the name of the nephew of former Foreign Minister, Farid Bedjaoui which is cited in this case.
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  Noting that "Errayan bank is a financial institution which active in Dubai, UAE and is considered the exclusive distributor of the group « Russell Investments » in the Middle East. The bank was founded by UAE businessmen with experience in the financial field. It began its activities with 'Russell Investments "in November 2002.
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  Ennahar / Habiba Mahmoudi