Amar Saadani

France / Ill-acquired assets in Paris: Algerian politicians’ unexplained wealth

3 mins read

The French weekly L’Obs has investigated in its edition of July 25 the real estate assets acquired by senior Algerian officials, located in upscale neighborhoods of Paris.

The first name cited is that of the former Minister of Foreign Affairs, Mohamed Bedjaoui, living in a beautiful apartment in Neuilly facing the Bois de Boulogne and close to the Louis Vuitton Foundation. This Bouteflika loyalist found no difficulty in buying an apartment in a neighbourhood where the square meter is estimated at 15,000 euros.

The former minister, who told the Obs “I have nothing to reproach myself, everything is in order” refused to explain how his income allowed him to buy, in 2011, this very large apartment from a Saudi princess for 3.45 million euros. “A large number of Algerian officials – current or past – and businessmen invest in stone, especially in the most upscale neighbourhoods of Ile-de-France” added the French media.

This is the tip of the iceberg, added the same media: “Careful montages and nomadic names that can not be formally linked to beneficial owners have often prevented us from going beyond the beam of presumptions“.

Former Minister of Industry, Abdesselam Bouchouareb, object of a warrant issued by the Algerian judiciary, owns a beautiful residence along the Seine and facing Notre Dame. A 156 square meter property bought in his name for an amount of 1,180,000 euros in 2006, estimated today between 2.5 and 3 million euros.

The investigation also uncovered a property located in Paris’ 12th district belonging to the former chief of protocol of the Presidency Mokhtar Reguieg who purchased a small two-room apartment close to the town hall in February 2018. A transaction of 320,000 euros paid in cash.

The media also quoted the luxury apartment of the daughter of former Prime Minister Abdelmalek Sellal, located on the Champs-Elysees, near the Claridge Hotel, bought at 860,000 euros, or the property of Amar Saadani in Neuilly-sur-Seine bought in 2009 for 665,000 euros.

Cherif Rahmani is another former minister with real estate assets held in the name of his children, including the acquisition of a 84 square meters in the 16th arrondissement for the sum of 878 000 francs and estimated at more than one million euros today.

Also quoted is the name of a senator, businessman and owner of the Hussein Dey football club, Bachir Ould Zemirli, who owns along with his son-in-law Ayoub Aissiou, several apartments, such as a 150 square meters flat bought for 933,000 euros in 2014, or a five bedroom apartment acquired for 3.4 million in 2011.

Amar Saadani’s unexplained wealth in Britain

In a report due to be released after summer, the Algiers Herald will make damning revelations on the assets of the Saadani family as well as the extravagant spending of his son Adel and his daughter Salma.