Algerian minister's offshore activities reportedly frozen

Staff Writer
Columbus CEO

ALGIERS, Algeria (AP) — A company that manages the finances of Algeria's industry minister says he's linked to an offshore firm created in Panama, but says its activities are frozen while he's in government.

The existence of the Panamanian company was revealed amid the leak of thousands of names of people who conducted offshore financial activity via a Panamanian law firm.

Abdessalam Bouchouareb was among them. French newspaper Le Monde reported he runs a Panamanian company called Royal Arrival Corp., prompting accusations he is hiding assets abroad and evading taxes.

Reached by The Associated Press, Bouchouareb declined to comment.

His Luxembourg-based financial management company, CEC, says it created Royal Arrival Corp. to manage Bouchouareb's assets, but when the minister learned about the new company, he ordered its activities frozen while he's in government.