Algeria to recover over USD 110 million in looted, frozen assets from Switzerland

Algerian Minister of State, Minister of Foreign Affairs, National Community Abroad and African Affairs, Ahmed Attaf, said at a Council of Ministers meeting on Sunday that Algeria is set to recover over USD 110 million in looted and frozen assets from the Swiss Confederation, following the issuance of 33 international judicial commissions to the Swiss authorities.

A Council of Ministers statement explained that “prior to the conclusion of the meeting, the Minister of State, Minister of Foreign Affairs, National Community Abroad and African Affairs presented a report on the recovery of looted assets.” The Minister said that “33 international judicial commissions were issued to Switzerland, 20 of which have been reviewed and accepted.”

“To date, four cases concerning looted and frozen assets have been finalized, and under these procedures, Algeria is set to recover over USD 110 million,” according to the statement.

Subsequently, “the President of the Republic extended his thanks to the Swiss Confederation and the Kingdom of Spain for the recovery of Algeria’s looted assets. Meanwhile, it was noted that 61 international judicial commissions were issued to France in this regard, none of which have received a response.”