RABAT // After going bankrupt, Omar Abed held out through the hot, humid Algerian summer before the heart attack finally struck.
"I had just come home and said hello to my family when I felt my chest tighten," said Mr Abed, a merchant in the Algerian capital, Algiers. "Until then I hadn't told my wife that our money was in El Khalifa Bank."
Mr Abed was among the victims of Rafik Khalifa, an exiled former tycoon brought low by a banking scandal that cost hundreds of thousands of Algerians their savings and jobs. Once the glamorous star of Algeria's emergence from a decade of civil war in the 1990s, Khalifa has become a symbol of the widespread corruption that still plagues the country.
This month authorities in Britain are set to decide on Khalifa's extradition to Algeria, a move his lawyer, Anna Rothwell, said he would appeal. For now, the spotlight is back on the man who conned a nation.
Khalifa's profile rose as Algeria's government subdued Islamist insurgents in the 1990s and liberalised its economy to make up for lost growth. Within a few years, he had used capital from his family-owned pharmacy to construct a vast business empire.
Venturing abroad with European-based TV stations and the launch of Khalifa Airways, Khalifa took to courting the likes of Gérard Depardieu, Catherine Deneuve and Sting at his villa on the Mediterranean.
The cornerstone of his empire was El Khalifa Bank, which offered up to 17-per-cent interest to more than one million clients. That appealed both to many public companies and to Algerians like Mr Abed, the merchant, who put his money in El Khalifa Bank in 1998 in the hope of increasing it.
But as Khalifa shot to fame and fortune, speculation grew that his success hinged on working political connections and dodging rules.
"If you look at Khalifa's vertiginous climb through Algeria's economy and society, it's clear he must have had some support," said Jon Marks, a North Africa analyst and the head of Cross-Border Information, a British risk-assessment firm.
"Algerians started asking questions," said Faycal Metaoui, a political columnist for El Watan, an independent newspaper. "How did an unknown become so rich so quickly? Where did the money come from?"
Unknown to Algerians, funds were being illegally siphoned from El Khalifa Bank to fuel the runaway expansion of Khalifa's companies. In November 2002, suspicious Algerian regulators restricted the bank's money transfers. The next February, three Khalifa group businessmen were caught at Algiers' airport en route to Paris carrying suitcases stuffed with US$2.9 million (Dh10.7m).
Within months, El Khalifa Bank had folded, 20,000 had lost their jobs and Khalifa had fled his Paris office for Britain, which then had no extradition treaty with Algeria. The two countries swiftly signed one, and Algeria launched an investigation that implicated high-ranking state officials. More than a dozen suspects were convicted in 2007, including Khalifa, who was sentenced in absentia to life imprisonment. He is currently held in London's Wandsworth Prison while Algeria's extradition request is considered.
The affair jolted Algerian authorities, who have since unleashed investigations into suspect businesses and government agencies, and abolished immunity for officials. Last October, the president called for the creation of a state corruption watchdog. "The government is now committed to a major, wide-ranging anti-corruption campaign," Mr Marks said. But observers "are looking to see whether there's concrete evidence the political-economic system has changed".
Algerians worry that despite the clampdown, big fish like Khalifa can still use political influence to slip through the net, Mr Metaoui said, noting that Algerian law calls for Khalifa to be retried if his extradition goes through. That fear is shared by Mr Abed, who recovered from his heart attack in 2003 to head the Collective of El Khalifa Bank Fraud Victims. He wants former officials at Algeria's central bank punished for what he calls their failure to police Khalifa.
Two key suspects convicted in the Khalifa affair, Abdelouahab Keramane, a former governor of the Bank of Algeria, and his brother Abdenour, a former industry minister, have fled abroad, claiming charges against them are politically motivated.
The government insured El Khalifa Bank accounts by up to 600,000 Algerian dinars (Dh30,000), "but that's much less than what was lost", Mr Abed said.
Meanwhile, authorities are thinking twice about the economic deregulation that opened the door to Khalifa. State banks and public investment have returned to dominance.
"The Algerian leadership can point to Khalifa as an example of the dangers of a free market," Mr Marks said. "But the market he represented was a peculiarly Algerian one, and had little to do with principles that conventional economists would recognise."
jthorne@thenational.ae
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
TYPES%20OF%20ONLINE%20GIG%20WORK
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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The five pillars of Islam
COMPANY%20PROFILE
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Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
COMPANY%20PROFILE
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
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Company%20profile
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MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Killing of Qassem Suleimani
Killing of Qassem Suleimani
THE%20SPECS
%3Cp%3EBattery%3A%2060kW%20lithium-ion%20phosphate%3Cbr%3EPower%3A%20Up%20to%20201bhp%3Cbr%3E0%20to%20100kph%3A%207.3%20seconds%3Cbr%3ERange%3A%20418km%3Cbr%3EPrice%3A%20From%20Dh149%2C900%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
