An Algerian court has sentenced several formerbanking executives to jail after finding them guilty of corruption followingthe collapse of the country's largest private bank.
Rafiq Khalifa, the former head of Bank Khalifa, was jailedfor life in absentia on Thursday for his part in the disappearance ofnearly $1bn from clients' accounts.
Several other former Bank Khalifa executives were givensentences of up to 15 years in prison by the court in
A total of 104 suspects faced 30 charges involvingfraud, embezzlement and forgery relating to the collapse of BankKhalifa in 2003.
The second most severe sentence was handed down toDjamel Guellimi, the ex-deputy chief executive of the Khalifa Bank, who wasgiven a 15-year term and fined more than $13,000.
Youcef Akli, the top official at Khalifa Bank, was given 10years in jail and also fined the same amount.
Bank's founder in exile
Rafiq Khalifa, the bank's founder, was sentenced to lifeimprisonment for his part in the financial scandal. However he has livingbeen in
Prosecutors said that he had embezzleentaround $47.6m (3.2bn Algerian dinars) of the money that ismissing from the bank's accounts.
Life sentences have also been sought for nine other suspectsbeing tried in absentia in the case, including a former Algerian governmentminister and the ex-governor of the Bank of Algeria.
During the peak of the bank's success, the Khalifa group, itsparent company owned an airline and employed more than 20,000 people.
Source:Agencies
