Algeria Freezes Business Dealings with Cevital Heir Omar Rebrab amid Financial Investigation

Watan-The Central Bank of Algeria has ordered a suspension of all financial and commercial dealings with businessman Omar Rebrab, in response to a judicial order amid investigations into allegedly unlawful business practices. Omar is the son of billionaire Issad Rebrab, the founder of the Cevital Group, who has also faced legal troubles in the past, including imprisonment and restrictions on his corporate dealings.

On July 9, 2025, the Bank of Algeria issued a formal memo to all bank directors instructing them to cease any financial or trade operations with Omar Rebrab, in accordance with a court order issued by the investigative judge of the third chamber of the Economic and Financial Judicial Pole.

The memo, signed by the General Director of Foreign Exchange, cited notification from the General Directorate of National Security dated July 3, 2025, enforcing a ruling that prohibits Omar Rebrab from engaging in any form of business activity, including serving as manager, director, or board member of any related company.

Accordingly, the Bank of Algeria directed all banks to halt any transactions initiated by Omar Rebrab until further notice, emphasizing strict compliance with the judicial order. Any correspondence or inquiries regarding the matter must be addressed directly to the relevant judicial authorities.

Rumors had circulated days earlier that Omar Rebrab, a board member at Cevital, had been questioned by security services and banned from leaving the country via an airport. However, he denied those claims to local media, stating he was never summoned or stopped by the General Directorate of Internal Security.

These rumors stemmed from an article published by Africa Intelligence, which reported on his alleged interrogation and a family dispute over the estimated $4 billion fortune of his father, Issad Rebrab, according to Forbes. Omar dismissed the report, accusing the outlet of anti-Algerian bias and attempting to destabilize the Cevital conglomerate.

This move against Omar mirrors an earlier action taken against his father in May 2023, when a judge banned Issad Rebrab from engaging in any activity related to Cevital S.p.A. or its subsidiaries. A directive from the National Chamber of Notaries required notaries to comply with the ruling, forbidding them from authorizing any related contracts or transactions.

Previously, the Sidi M’Hamed court had placed Issad Rebrab under judicial supervision, restricting his travel amid a preliminary investigation into illegal foreign transactions conducted by Cevital. In 2022, Issad Rebrab stepped down as chairman and retired, passing the reins to his eldest son. He also shut down Liberté, a leading French-language daily known for its criticism of the government and support for Rebrab during his legal battles.

Rebrab spent nearly 10 months in prison in 2019 over financial misconduct charges and was released in January 2020 after conviction.

Notably, current Algerian authorities appear to favor Malik Rebrab, another son of Issad, who now leads Cevital and enjoys strong backing from Algeria’s most influential business organizations. President Abdelmadjid Tebboune has even entrusted Malik with spearheading the launch of a new domestic sugar refinery to reduce costly imports. Tebboune had previously criticized Algeria’s heavy reliance on imported sugar, a market largely dominated by Cevital.

In recent years, reports have surfaced about internal tensions within Algeria’s wealthiest family. Issad Rebrab has maintained a low public profile, with his last known appearance being at the funeral of Lounis Hamitouche, a prominent figure in the country’s food industry.