Tunisian Olive Oil Baron Granted Bail amid Export Industry Concerns

A Tunisian court has granted bail to Abdelaziz Makhloufi, a notable olive oil exporter, on charges related to the mismanagement of state-owned agricultural land. The decision comes amid industry pressures to avoid destabilizing the country's burgeoning olive oil exports, with production expected to surge this season.

A Tunisian court has released prominent olive oil exporter Abdelaziz Makhloufi on a substantial bail amount of $17 million. Makhloufi, founder of the leading olive oil company CHO Group, was arrested last year for allegedly mismanaging a state-owned agricultural property in Sfax, home to around 400,000 olive trees.

The court's decision comes after months of pre-trial detention. Makhloufi's legal team claims the charges have caused significant industry concern over potential disruptions in Tunisia's vital olive oil export sector. However, the export magnate's spokesperson was unavailable for comment on the allegations.

Amidst the legal proceedings, Tunisia anticipates a remarkable 50% rise in olive oil production this season. This increase, forecasted by the Olive Producers Chamber, is expected to bring the national output to a record 500,000 metric tons, providing a crucial boost to the country's economy.

(With inputs from agencies.)