Algeria’s richest man held in jail over graft probe - GulfToday

Algeria’s richest man held in jail over graft probe

Issad-Rebrab-750

Issad Rebrab, Algerian entrepreneur and CEO of CEVITAL industrial group. File photo/ AFP

Algeria’s richest man Issad Rebrab has been detained in jail on the public prosecutor’s orders, state media reported on Tuesday a day after his arrest as part of a corruption probe.

The crackdown on alleged graft follows the resignation of veteran president Abdelaziz Bouteflika in early April after weeks of mass protests against his 20-year rule.

Rebrab, the 74-year-old chief executive of Algeria’s biggest privately-owned conglomerate Cevital, was placed in detention overnight according to the APS news agency.

Forbes magazine lists Rebrab as Algeria’s richest man and the sixth-wealthiest in Africa, with a net worth of $3.38 billion in 2019.

He is “suspected of having made fake statements concerning the transfer of funds to and from abroad,” APS reported.

He is also suspected of having imported “used equipment” despite enjoying tax and customs breaks made available by authorities for the purchase of new material.

Earlier on Monday, Rebrab tweeted that he had gone voluntarily to a police station to discuss “equipment that has been held up at the Algiers port since June 2018.”

Cevital, which he founded, employs 12,000 people and is active in electronics, steel and food, and in recent years acquired businesses in France.

According to Forbes, Cevital also owns one of the largest sugar refineries in the world with the capacity to produce two million tonnes a year.

Agence France-Presse