Tuesday, October 20, 2020

Algeria’s auto industry tycoon sentenced to 16 years in prison for corruption

-

A former car industry boss who swiftly amassed riches under Algeria’s ousted president Abdelaziz Bouteflika was sentenced Wednesday to 16 years in prison on corruption charges.

In the country’s fourth major post-Bouteflika era corruption trial, Mahieddine Tahkout was convicted over “privileges, advantages and (access to) public markets” in violation of Algerian laws. Tahkout, who also served as a minister, held a number of industry concessions and ran an assembly plant of the giant South Korean manufacturer Hyundai.

A court in the capital’s Sidi Mhamed district also found him guilty of money laundering, along with his two brothers and a son, each handed seven-year jail terms. Defence lawyer Khaled Bourayou said two former premiers, Ahmed Ouyahia and Abdelmalek Sellal, both of whom have already been slapped with heavy jail sentences in other graft trials, received 10-year terms.

Ouyahia and Sellal, not in court for the sentencing, were in hospital for unspecified medical reasons. Tahkout, who has been in detention since June 2019, was a small trader who made a fortune by building a bus company and winning concessions in towns and universities.

- Advertisement -

On July 1, prominent tycoon Ali Haddad, a construction firm chief, was among several former Bouteflika allies handed heavy prison sentences on corruption charges. Ailing Bouteflika, who was Algeria’s longest-serving president, was forced to resign in April last year after losing the backing of the army amid enormous street protests against his decision to seek a fifth term.

Following his departure, authorities launched a string of graft investigations which have seen his powerful brother Said and two former intelligence chiefs jailed. While some have welcomed the trials of figures in his entourage, many fear they amount to little more than a power struggle between regime “clans”.

- Advertisement -
- Advertisement -

MUST READ

Ex-managers of Security firm pleads guilty in Santa Clara County concealed gun permit bribery scandal

Two former managers of a Silicon Valley international security firm pleaded guilty Monday to charges related to a bribery scheme to obtain concealed firearms...

Ohio former House Speaker Larry Householder to stand for reelection amid bribery charges

Republican Rep. Larry Householder’s name will be on the ballot Election Day as the disgraced Ohio lawmaker intends to serve his district for another...

Billionaire Robert Smith to Pay $140 million after admitting to tax evasion

Billionaire Robert Smith will pay about $140 million and acknowledge wrongdoing to end a four-year U.S. tax investigation involving assets held in offshore tax...

Mexico’s ex-army chief arrested in US on charges of drug trafficking, money laundering

Former Mexican Defense Secretary Gen. Salvador Cienfuegos, who led the country’s armed forces for six years under then-President Enrique Peña Nieto, has been arrested...

Texas billionaire Robert Brockman charged in $2 billion tax evasion case

Robert Brockman, the Houston billionaire and CEO of a software company, has been charged with taking $2 billion through a scheme to evade taxes,...
Advertisement
Advertisement

Latest News

This Week

German prosecutors fine Deutsche Bank $15.9m, drops money laundering probe

German prosecutors said on Tuesday they were dropping a money-laundering investigation against managers at Deutsche Bank DBKGn.DE, over its relations with Danske Bank's DANSKE.CO Estonian subsidiary, citing...

Trial of bitcoin launderer Alexander Vinnik begins in Paris

The trial of a Russian man alleged to have used ransomware in a 135 million euros ($157 million) bitcoin fraud will begin Monday. Alexander Vinnik, who...

U.S appeal court upholds conviction of former Senator Jon Woods in bribery case

The 8th Circuit Court of Appeals upheld the conviction of former Republican Sen. Jon Woods for a bribery and kickback scheme. That decision also upheld the...

Rapper Nuke Bizzle charged with COVID-19 relief aid fraud after bragging in music video

A rapper who bragged about defrauding the government’s unemployment program in a music video has been arrested on federal charges of carrying out the...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks