ALGIERS: A prosecutor said Tuesday that 45 people including senior officials connected to Algerian automobile tycoon Mahieddine Tahkout are under investigation for corruption and money laundering.
Of 56 persons of interest in the case, 45 are under judicial investigation, the Algiers prosecutor said in a statement broadcast by state television.
The investigating judge had “decided to place 19 of the accused in provisional detention and to conditionally release seven” suspects, the statement said.
The 19 others under investigation remained free without restrictions, it added.
A lawyer for Tahkout told AFP on Monday that the tycoon had been placed in provisional detention on corruption allegations.
Tahkout is a close associate of longtime leader Abdelaziz Bouteflika, who was forced to step down in April after weeks of mass protests.
Demonstrations have continued since the ailing president stepped down, as protesters demand that regime insiders also exit as a precursor to independent institutions being set up.
Thousands of students and teachers took to the streets of the capital on Tuesday, rejecting dialogue with interim President Abdelkader Bensalah.
Tahkout’s business group owns one of Algeria’s biggest automobile dealerships.
Among those accused alongside Tahkout are his son and two of his brothers, 38 civil servants and three employees of Tahkout’s businesses, according to the prosecutor.
The 45 under investigation are being probed for money laundering, concealing the illicit transfer of goods obtained through corruption, and squandering public money.
Among the remaining 11 persons of interest are a former prime minister, two former ministers and a current minister, the statement said, without giving names.
The positions occupied by the 11 at the time of the alleged events means they enjoy immunity, but their cases have been sent to the public prosecutor to decide on further action.
The justice ministry said Monday that Algeria’s upper house would vote on June 19 on whether to lift the parliamentary immunity of two Bouteflika-era ministers — Said Barkat and Djamel Ould Abbes.
Several prominent politicians and businessmen linked to Bouteflika have been detained or questioned in connection with corruption since the president was forced to step down after two decades in power.
Algeria car tycoon associates probed for graft: prosecutor
Algeria car tycoon associates probed for graft: prosecutor
Egypt receives €1bn from EU as reward for economic reforms progress
- Payment is the 2nd installment of a €5bn macro-financial assistance loan package agreed in 2024
- European Commission President Ursula von der Leyen says it reflects Cairo’s efforts to build a stronger economy
LONDON: Egypt received €1 billion ($1.16 billion) from the EU on Thursday. The payment, designed to help boost the country’s financial stability, is part of a €5 billion macro-financial assistance package agreed in 2024.
The transfer was made after Egypt implemented a range of economic reforms, including improvements to public financial management and the foreign exchange market, the European Commission said.
The money is intended to help Egypt cover part of its financing needs, ensure economic stability, and support the country's economic reform agenda.
The €5 billion in macro-financial assistance, part of a broader €7.4 billion package, comes in the form of concessional loans that Egypt will have 35 years to repay. Thursday’s payment was the second, after an initial €1 billion was disbursed in December 2024. The remaining €3 billion is expected to be paid in two further installments this year.
Rania Al-Mashat, Egypt’s minister of planning, economic development and international cooperation, said the funding reflected the depth of Egyptian-European relations.
The financing package is directly linked to Egypt’s program of reforms designed to unlock the country’s economic potential, she added.
European Commission President Ursula von der Leyen said the latest payment “shows both the EU’s commitment to this partnership and Egypt’s efforts to build a stronger and greener economy.”
The commission said Egypt had fulfilled all the required conditions for the disbursement of funds, including that it remains on track with the requirements of an International Monetary Fund program. The IMF last month said it had reached an agreement with Egypt for reviews of that program, which could unlock about $2.5 billion.
Egypt secured an expanded $8 billion IMF package in March 2024, contingent on the country carrying out economic reforms.
The Egyptian economy has stabilized following a financial crisis in 2023 and 2024 that led to the devaluation of the Egyptian pound, a severe shortage of foreign exchange, and record-high inflation.
