Algeria's richest man Issad Rebrab walks free on time served

Algeria's richest man Issad Rebrab walked free on time served early Wednesday 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, who was one of several tycoons arrested in April as part of a sweeping corruption investigation.

Rebrab was fined 1.383 billion dinars

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, more than his sentence, so he was released by the court. He was fined 1.383 billion dinars (more than $11.6 million, more than 10.3 million euros). Cevital subsidiary Evcon was fined 2.766 billion dinars (20.7 million euros).

Sixth-wealthiest in Africa

Jordan-based Housing Bank for Trade and Finance, which was also prosecuted, was fined 3.169 billion dinars (23.7 million euros). They were convicted of breaking laws on foreign exchange and fund transfers as well as forgery and false custom declarations. Forbes magazine lists Rebrab as Algeria's richest man and the sixth-wealthiest in Africa, with a net worth of $3.9 billion in 2019.

READ | Algeria inaugurates new president rejected by protesters

READ | Algeria's newly elected president names a prime minister

Cevital employs 18,000 people, produces electronics, steel and food, and in recent years it has acquired businesses in France. While his businesses flourished under Bouteflika's rule, Rebrab had backed the protests that ultimately forced the president to resign in April. His company has said it was "astonished" by his arrest.

READ | Algeria buries military chief, de facto ruler amid protests

READ | Algeria’s military chief Gaid Salah dies amid protest crisis