No 13



Khalifa Group Status Unclear After Receiver Appointed For Banking Operations

The status of Algerias Khalifa Group remains unclear after the Algerian Government, in a move which some said was long overdue, appointed a receiver on 3 March to manage El Khalifa Bank. The banking operation is reported to account for 55% of the companys turnover, with Khalifa Airways and other interests making up the remainder. The bank was alleged to be illegally channelling money...