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Tycoon released from jail

Publish date: 13 January 2020
Issue Number: 855
Diary: IBA Legalbrief Africa
Category: Algeria

Algeria's richest man, Issad Rebrab, has walked free after a court sentenced him to six months for tax, banking and customs offences. Prosecutors had sought a one-year prison sentence for the 74-year-old head of Algeria's biggest privately-owned conglomerate, Cevital. He was one of several tycoons arrested in April as part of a sweeping corruption investigation. A report on the News24 site notes that the probe followed the resignation of President Abdelaziz Bouteflika after weeks of mass protests against his 20-year rule. Rebrab had already spent eight months in custody awaiting trial, a period longer than his sentence. He was also fined $11.6m. The report notes that Forbes magazine lists Rebrab as Algeria's richest man and the sixth-wealthiest in Africa, with a net worth of $3.9bn in 2019.

Issad Rebrab profile

Full report on the News24 site