Wednesday, June 19, 2024
BusinessAl Amoudi’s company lodges complaint against Moroccan gov’t

Al Amoudi’s company lodges complaint against Moroccan gov’t

Sheikh Mohammed Al Amoudi’s Corral Morocco Holding AB, a subsidiary of Swedish Petroleum has filed a complaint against Morocco government, The Reporter has learnt.

The complaints were filed on March 14, 2018 at the International Centre for Settlement of Investment Disputes (ICSID) — an arbitration court based in Washington DC.  

It is to be recalled in 2015, the Moroccan government and Corral Holdings were in a court battle following the financial problems of the company in Morocco which pushed the company into liquidation.

At the time, Samir Oil Refinery – in which Corral Holdings has a 67.26 percent stake – failed to settle millions of dollars to creditors. During those years, the Moroccan government claims that it owed USD 1.33 billion in taxes.

As a result of those series of challenges, the company’s bank accounts were frozen and at the same time the refinery was shut down by the Moroccan government.

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In the latest developments, Corral Morocco of which the embattled Ethiopian born, Saudi tycoon, Al Amoudi is at the helm, brought its case to international arbitration in a pursuit to reverse the decision made by a court based in Morocco.

According to a compliant posted in ICSID, an arbitration court affiliated with World Bank; the case referred as Morocco Holding vs. Kingdom of Morroco, calls for Prime Minister, Minister of Foreign Affairs and International Cooperation, and Minister of Justice of Morocco as a respondent to the case.

According to Morocco World News, an e-newspaper outlet which focuses on developments in Morocco, and the whole of Middle East, and North Africa regions; the Saudi investor is expecting “permanent protection” for his existing investments, as well as “compensation” for “expropriation” and all the Samir-related financial losses.

Al Amoudi is still believed to be under detention by the Saudi government following the current regime’s crackdown on more than 200 royals, ministers and business tycoons.

Aside from his multibillion investments in Saudi as well as in Europe, Al Amoudi established an empire investment under MIDROC Ethiopia which currently is believed to employs over 70,000 people.

Months after the corruption crackdown, Saudi billionaires including Prince Alwaleed bin Talal who was also detained are released following a deal with government. However, personalities including Al Amoudi are still believed to be behind bars and their current condition is not clear and not made public.

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