VOL. XLVII

No 14

05-April-2004

REGIONAL BANKING

Khalifa Group Owner Sentenced In Absentia To Five Years In Prison

The founder and owner of the bankrupt Algerian Khalifa Group, Rafiq 'Abd al-Mumin al-Khalifa, has been sentenced in absentia to five years in prison with a fine of AD90mn ($1.27mn) by the criminal court of Sidi M'hamed in Algiers. According to a report in Le Quotidien d'Oran of 28 March, the decision followed the demands of the representative of the general prosecutor, who called for a...