Ex-CEO Of Algeria's Sonatrach Sentenced To 10 Yrs In Jail
Date
12/29/2022 3:08:20 PM
(MENAFN- Kuwait News Agency (KUNA)) ALGIERS, Dec 29 (KUNA) -- The Court of Algiers on Thursday sentenced Abdelmoumen Ould Kaddour, the former CEO of the state-owned energy giant Sonatrach to 10 years in prison and a fine of one million Algerian Dinars (some USD 7,284).
He was convicted of corruption in Sonatrach's takeover of the Italian 'Augusta' refinery in 2018 from the US ExxonMobil Corporation for nearly USD 800 million, according to Algeria Press Service (APS).
The mega deal triggered a heated controversy among the Algerian politicians and media, and prompted the then prime Minister Abdelaziz Djerad to open in investigation in 2020.
The Algerian judiciary issued a red notice (international arrest warrant) for Ould Kaddour as the main culprit in the case.
Accordingly, he was extradited from the United Arab Emirates to Algeria in August 2021.
Today's ruling awarded Ould Kaddour's advisor Ahma Mazigyi a four-year prison term and a fine of one million Algerian Dinars, and Kaddour's to 18-month suspended jail term.
Kaddour's real property and assets have been confiscated by virtue of the verdict. (end)
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