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Former Afrepi steelworks owner Mr Rebrab arrested in Algeria

Steel News - Published on Thu, 25 Apr 2019

Image Source: wikipedia
Algeria's richest man Mr Issad Rebrab, CEO of Cevital, former owner of Piombino steelworks Afrepi, has been detained in jail on the public prosecutor's orders, a day after his arrest as part of a corruption probe. Mr Rebrab, 74 year old, was placed in detention. He is suspected of having made fake statements concerning the transfer of funds to and from abroad. 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.

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.

Cevital, which he founded, employs 12,000 people and is active in electronics, steel and food, and in recent years acquired businesses in France. Forbes magazine lists Mr Rebrab as Algeria's richest man and the sixth-wealthiest in Africa, with a net worth of USD 3.38 billion in 2019.

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Posted By : Ratan Singh on Thu, 25 Apr 2019
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