Sonatrach's former CEO jailed for embezzlement of public funds

Mohamed Meziane was sentenced to two years in prison

The former CEO of Algeria's national oil company Sonatrach has been sentenced to two years in prison - one of which was suspended - and ordered to pay a fine of around US$7,000, for embezzlement of public funds.
 
Mohamed Meziane was suspended from his job in January 2010 while being investigated for corruption.

Several other top Sonatrach officials were also investigated and later fired along with Meziane. Four other defendants in the case, including Abdelhafid Feghouli, Benamar Touati, Mekki Henni and Nechnech Tidjini, were also sentenced to one year in jail. All five men pleaded not guilty.

Meziane was appointed in September 2003 to oversee the running of Algeria's biggest firm. Sonatrach employs 125,000 people and had an annual turnover in 2008 of $80.8 billion.

The ruling came amid rising unrest over lack of progress with reforms as promised by Algeria's President Abdelaziz Bouteflika. 


Sources: WSJ, AFP, Bloomberg, Reuters

For more information, please see the Menas ACCS website, here.