Algerian Former Police Chief Convicted of Money Laundering

Former police chief Abdelghani Hamel (AFP)
Former police chief Abdelghani Hamel (AFP)
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Algerian Former Police Chief Convicted of Money Laundering

Former police chief Abdelghani Hamel (AFP)
Former police chief Abdelghani Hamel (AFP)

Former police chief Major General Abdelghani Hamel was sentenced to four years in prison over money laundering charges.

During the trial in Blida Court, the Public Prosecution charged Hamel with “laundering money that a terrorist organization has benefited from”, and the misuse of police budget funds.

The investigations also revealed that Hamel was linked to extremist groups.

Former Algiers’ police chief Noureddine Berrashdi was also convicted in the same case.

Last May, Algiers’ misdemeanor court sentenced Hamel to 15 years in prison in a corruption case, as prosecutors pursued him on charges, including money laundering and illicit wealth.

Hamel and his family are accused of owning real estate and shops in coastal areas, and his three sons have been sentenced to several years in prison.

Hamel was one of the most prominent figures of the regime of former President Abdelaziz Bouteflika. He has been suggested to succeed Bouteflika who was unfit to rule due to illness.

Meanwhile, the leader of Rally for Culture and Democracy, Mohcine Belabbas, said that the gendarmerie informed him that he was wanted for interrogation on Sunday.

Algiers’ Attorney General issued a statement, stating that the gendarmerie launched an investigation into the death of a Moroccan citizen in a construction site of Belabbas’ house in the southern suburb of the capital.

Investigations have revealed the deceased was working without a permit. Circumstances of his death are still unknown.

The statement also confirmed that the project manager did not obtain the needed building permits, in violation of urban development regulations.

Legally, it is not possible to pursue Belabbas given his parliamentary immunity, but the Justice Minister can lift it if the prosecution proved he committed a crime.

Observers believe that Belabbas’ issues with the authorities began after he described the presidential elections which Abdelmajid Tebboune won, as a “coup”.

The Interior Ministry sent a letter to the Rally warning it against hosting periodic meetings of Democratic Alternative Forces, formed of five opposition parties, which is deemed illegal by the authorities.

Belabbas issued a statement saying the Ministry was asking the Rally to abandon its political activities, warning that it could dissolve the party otherwise. He claimed the correspondence was leaked by the Interior Ministry through the media arms of the "political police."

The government’s warnings are considered a violation of the constitution and the laws that rule political activity of any legitimate party, added Belabbas.

He added that Rally for Culture and Democracy is first and foremost an intellectual movement and a community project that thousands of Algerians believe in.



Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
TT

Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices drifted lower on Thursday after a surprise jump in US gasoline inventories, with investors focusing on the OPEC+ meeting this weekend to discuss oil output policy.
Brent crude futures fell by 14 cents, or 0.2%, to $72.69 per barrel by 0401 GMT, while US West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel.
Trading is expected to be light due to US Thanksgiving holiday kicking off from Thursday.
Oil is likely to hold to its near-term bearish momentum as the risks of supply disruption fade in the Middle East and stemming from the higher-than-expected US gasoline inventories, said Yeap Jun Rong, a market strategist at IG.
US gasoline stocks rose 3.3 million barrels in the week ended on Nov. 22, the US Energy Information Administration (EIA) said on Wednesday, countering expectations for a small draw in fuel stocks ahead of record holiday travel.
Slowing fuel demand growth in top consumers the United States and China has weighed heavily on oil prices this year, although supply curtailments from OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, have limited the losses.
OPEC+ will meet on Sunday. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike that was due to start in January.
A further deferment, as expected by many in the market, has mostly been factored into oil prices already, said Suvro Sarkar, energy sector team lead at DBS Bank.
"The only question is whether it's a one-month pushback, or three-month, or even longer. That would give the oil market some direction. On the other hand, we would be worried about a dip in oil prices if the deferments don’t come," he said.
The group, which pumps about half the world's oil, had previously said it would gradually roll back oil production cuts with small increases over many months in 2024 and 2025.
Brent and WTI have lost more than 3% each so far this week, under pressure from Israel's agreement to a ceasefire deal with Lebanon's Hezbollah group. The ceasefire started on Wednesday and helped ease concerns that the conflict could disrupt oil supplies from the top producing Middle East region.
Market participants are uncertain how long the break in the fighting will hold, with the broader geopolitical backdrop for oil remaining murky, analysts at ANZ Bank said.
Oil prices are undervalued due to a market deficit, heads of commodities research at Goldman Sachs and Morgan Stanley warned in recent days, also pointing to a potential risk to Iranian supply from sanctions that might be implemented under US President-elect Donald Trump.