Algeria arrests five business tycoons
police on Monday arrested the country’s wealthiest man hours after detaining four other business tycoons from a powerful family with links to ousted president Abdelaziz Bouteflika, state television reported.
Rebrab, it said, was being questioning by an investigating magistrate and would later be referred to court. Cevital, which he founded, employs 12,000 people and is active in electronics, steel and food, and in recent years acquired business in France. In its report, state television said he was also suspected of having imported “used equipment” despite enjoying tax and customs breaks made available by authorities for the purchase of new material.
Prosecutors are investigating “insider influence to obtain undue advantages and misappropriation of real estate”. One of Algeria’s top businessmen and a Bouteflika backer, Ali Haddad, was arrested in late March as he tried to cross the border into Tunisia with two passports and undeclared currency.
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