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Algerian President orders immediate termination of contracts with Moroccan companies

DR
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Algerian President Abdelmadjid Tebboune has ordered the «immediate termination» of all agreements between Moroccan companies and public and private groups in Algeria.

His orders target in particular the Algerian Insurance and Reinsurance Company and the National Insurance Company. The telephone and internet company, Djezzy, 51% owned by the Algerian state, is also ordered to end these contracts with «companies close to the enemies of Algeria».

Mesure anti-marocaine décid... by Yabiladi

Tebboune has instructed the Minister of Finance to stop dividend transfer operations linked to these contracts. In a threatening tone, the president warned that any non-compliance with his orders will be dealt with «in accordance with the legislation in force».

The president demanded that Algerian companies show «responsibility in their relations with foreign partners, while ensuring in all circumstances the preservation of the superior interests of the State».

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