Recovered from one of Bouteflika's men... Algeria puts up for sale a palace for 100 million euros

Written by: Ayman Ragab

In a move that is a continuation of what it started years ago, the Algerian government has put up for sale a palace for 100 million euros, belonging to a businessman from the regime of former President Abdelaziz Bouteflika.

Recovering the wealth of figures associated with the Bouteflika regime

Algeria had also recovered ownership of hundreds of production units that were owned by the same people involved in corruption cases, and transferred them to the public sector, especially those related to the automotive sector, including the factories of businessman Mohieddine Tahkout, Mourad Oulmi, Hassan Arbaoui and others, in addition to other sectors such as construction, oils and others, according to Al Arabiya.

The hotel is the luxurious and historic “El Palace” in Barcelona, Spain, after it was successfully reclaimed in 2023.

Businessman Ali Haddad

The palace was owned by businessman and former head of the Business Leaders Forum, Ali Haddad, who has been in prison since 2019, as a result of the prosecution of several officials and businessmen involved in corruption cases.

Haddad had bought it in December 2011 for 80 million euros, after its ownership was transferred to the National Investment Fund through an agreement between the Algerian state and Haddad, and not within the framework of judicial confiscation.

Prosecuting officials in corruption cases

Following the popular movement (February 2019) and the prosecution of several officials accused of financial corruption, Algeria has since 2022 sent judicial requests to several countries, including Spain, to recover the assets of businessmen close to the former regime.

The Algerian state’s action resulted in the recovery of many properties, including looted real estate, estimated by statistics at nearly $30 billion, including real estate, factories, and liquid funds. In France alone, 58 properties were recovered, most of which are located in the most prestigious neighborhoods of the capital, Paris, in addition to other properties in European countries, such as the recovery of $110 million that were frozen in Swiss banks.

It was visited by famous figures

For its part, the Spanish newspaper “El Confidencial” reported that negotiations have begun with international investment funds to finalize the sale of the hotel.

The hotel was known as “The Ritz” and had 127 luxurious rooms. It even hosted international figures in the fields of art and culture, such as the painter Salvador Dalí and the singer Madonna.