An Algerian public prosecutor has officially communicated the facts in the corruption case related to the SOVAC company, the exclusive representative of Volkswagen in Algeria, which resulted in the sending of little known yet one of the country’s biggest fortunes, Mourad Oulmi, to a prison in an Algiers suburbs. The Sovac case concerns the automobile assembly plant based in Relizane, and the import of assembly kits. The examining judges have scrutinized the case since the signing in 2017 of the partnership between the Sovac Group and CPA Bank, which resulted in a financial arrangement between the two parties, involving the financing of DZD 5 billion by CPA and DZD 1.5 billion from Sovac’s own funds. As a reminder, the Oulmi brothers were arrested last Thursday in Algiers, by investigators of the Research Section of the National Gendarmerie.
