The wealth illegally acquired by Tunisia’s ousted president and his cronies must be traced and reclaimed in order to avoid economic paralysis, a top anti-corruption official said. The vast network of ill-gotten holdings once controlled by former president Zine el Abidine Ben Ali ‘touches all sectors of the economy,’ Mohamed Adel Ben Ismail, who heads a commission tasked with confiscating the old regime’s hard and liquid assets, told AFP.
Tunisia’s ruling clique reaped gains from 150 businesses, had massive valuable real estate holdings and stored funds in 342 bank accounts, according to Ben Ismail. Ben Ali and his clan may have controlled one third of all wealth in Tunisia, according to estimates published in local media. “It is to avoid economic paralysis,” Ben Ismail said, explaining the urgency of the work. “The assets usurped and diverted are numerous and important.” Ben Ali’s inner circle ran businesses in every sector, including, “commerce, international transport, import-export, agriculture and the banking sector,” Ben Ismail said. Ben Ismail, also a judge, cited Carthage Cement as a particularly crucial holding, suggesting that ruling party cronies stashed roughly 30 percent of their capital with the company. In confiscating the ousted regime’s assets, the first priority is to “safeguard the smooth running of the businesses and their sustainability” Ben Ismail said. “They must first of all protect the jobs and pay their creditors and debtors.”
“More than 150 businesses are concerned, some of which employed more than 200 workers,” the judge explained, citing in particular one construction company controlled by a nephew of Ben Ali’s wife. He said the holdings already confiscated are being managed by government-appointed administrators. “The commission is proceeding well on the real estate component. So far, we have submitted 400 deeds to the state,” he said, adding that investigations to locate more hard and liquid assets will continue. Ben Ismail did not disclose the number of Tunisian bank accounts already frozen, suggesting it could undermine the ongoing investigation. While the commission hopes to further untangle this massive network of wealth, Ben Ismail conceded the task is arduous. “It is a large operation,” he said, noting the web of shady and lucrative holdings grew intricate during Ben Ali’s 23 years in power.
The commission, which must report its findings to the government before September 14, is not yet concerned with Ben Ali’s foreign wealth, which is thought to be significant, and includes assets stored on several continents. A conference slated to take place in Tunis next month involving a Swiss delegation will discuss ways to block some of this overseas wealth.
Switzerland has already frozen 60 million francs ($67 million/48 million euros) in assets belonging to Ben Ali and his associates. Ben Ali fled and his wife fled Tunisia to Saudi Arabia on January 14 following a popular uprising. Tunisian officials continue to lobby for their return to face several charges, including those related to corruption.
