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Prosecutors seek year-long jail term for Algeria’s richest man

Issad Rebrab is accused of tax, banking and Customs offences

Algerian prosecutors on Tuesday sought a one-year prison sentence for the country’s richest man, Issad Rebrab, who went on trial accused of tax, banking and Customs offences.

The 74-year-old, who heads Algeria’s biggest private conglomerate Cevital, was one of several tycoons arrested in April as part of a corruption investigation.

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The probe followed the resignation of president Abdelaziz Bouteflika after weeks of mass protests against his 20-year rule.

Rebrab is being tried along with two companies, Cevital’s subsidiary Evcon and the Housing Bank for Trade and Finance in Jordan, national news agency APS reported.

They are charged with breaking laws on foreign exchange and fund transfers, forgery and false Customs declarations.

Mr Rebrab has denied the accusations.

Forbesย magazine lists him as Algeria’s richest man and the sixth-wealthiest in Africa, with a net worth of $3.9 billion (Dh14.3bn) in 2019.

Cevital employs 18,000 people. It produces electronics, steel and food, and in recent years has acquired businesses in France.

While his businesses flourished under Mr Bouteflika’s rule, Mr Rebrab backed the protests that ultimately forced the president to resign in April.

His company has said it was “astonished” by his arrest.

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