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A French court put Cevital’s Brandt into receivership, testing Issad Rebrab’s cross-border bet and putting 750 French jobs under court protection.
Rebrab was reportedly arrested on May 17 by agents of the Algerian Central Office for the Fight against Organized Crime.
Rebrab is the seventh-richest man in Africa, with a net worth of $5.1 billion.
Rebrab is the founder and owner of Cevital, the country’s leading private group.