The Malta Independent on 22nd April reported that the 43 year-old Italian businessman is allegedly suspected of laundering mafia funds has been denied bail after he was arrested on a European Arrest Warrant. A court order means he cannot be named. The man is understood to be wanted by the Italian authorities to answer to charges that he laundered cash belonging to the Mafia through his i-gaming company.
Day: April 22, 2019
ALGERIA DETAINS FORMER PRESIDENT BOUTEFLIKA-LINKED BUSINESS MAGNATES
On 22nd April, AA.com reported that authorities have detained 4 business tycoons close to recently-resigned President Abdelaziz Bouteflika – businessmen known locally as “the Coninav brothers”, along with Algerian billionaire Issad Rebrab, on corruption charges. The 4 were reportedly detained for “allegedly misusing their influence and failing to fulfil their obligations as laid down in contracts concluded with the state”. Rebrab, owner of Algeria’s Cevital Group and reputedly Algeria’s richest man (Rebrab is currently worth some $3.8 billion), has been detained to answer allegations that he “made false statements, imported sub-standard equipment, and was exempted from paying custom fees”. Late last month, Ali Haddad, another prominent Algerian businessman and former head of Algeria’s Business Leaders Forum, was similarly detained on corruption charges. The move comes as the army chief announced that members of the ruling elite would soon be prosecuted for corruption.
https://www.aa.com.tr/en/africa/algeria-detains-bouteflika-linked-business-magnates/1459922
US ‘WILL NOT RENEW’ SANCTIONS WAIVERS FOR IRAN OIL CUSTOMERS
Energy Voice on 22nd April reported that the Trump administration will not renew waivers that let countries buy Iranian oil without facing US sanctions. The current set of waivers — for China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — expire on May 2nd. It is expected that other suppliers, including Saudi Arabia and UAE, will offset the loss of Iranian crude on the market. Meanwhile, the Business Standard reports a Bloomberg story that the move threatens to squeeze supplies further in a market that is already facing supply disruptions from Venezuela to Libya and Nigeria.
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