Ruling on liquidating the property of the Saudi investor Mohammed Al-Amoudi

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The Moroccan Commercial Appeals Court upheld the extension of the judicial liquidation of the “Samir” refinery to the private property of the managers (officials) who contributed to the deterioration of the status of that refinery, which led to its closure on August 5, 2015.

Support for the liquidation of the managers ’property came after they were found guilty of wrongdoing, as it comes at the head of those who will include liquidating their private properties and denying them the practice of trading for five years, Saudi CEO Mohamed Al-Amoudi, Saudi General Manager Jamal Muhammad Baamer, and the directors Lars Nelson, and in the name of Felix Abordin, Jason Milazzo, and George Salem.

However, questions raised by observers after the approval of the preliminary ruling issued a year ago, about its implementation, where it is assumed that the authorities concerned with liquidation track their property in Morocco and abroad. This is what drives an informed source to stress the necessity of investing in the agreements concluded by Morocco with some countries in which the liquidation holders have property.

On August 5, 2015, the only oil refinery that Morocco has was closed, and after four and a half years, the situation remains as it is, and she did not return to work, despite calls for the rescue of the refinery, which was established by Morocco, and which has no oil in 1960s, to avoid being dependent on price fluctuations on the international market.

In the last four years, the Commercial Court decided the judicial liquidation of the company, with the search for a new buyer to succeed Al-Amoudi. The financial offers submitted by four companies ranged between two billion and three billion dollars, but they coupled with conditions that make these offers endless.

And estimated 14 experts commissioned by the Judicial Guard, the value of the group up to $ 2.16 billion, where the value of the refinery alone was set at about 1.49 billion dollars.

In the last four years, calls from workers and political and human rights organizations have continued to the government to intervene to save the company, but the government stresses that it cannot interfere in the shadow of the judicial liquidation series, which is what the defenders of the refinery consider to be an unfortunate position, given that the company’s failure By the Commercial Court, it must be preceded by guarantees for any potential investor, about the future of refining in the Kingdom and the market.

Al-Hussein Al-Yamani, coordinator of the National Front for the Salvation of Samir Refinery, which wants to turn into an association in order to follow up on those involved in closing Samir judicially, stressed that the current trend is to strive with the parliamentary teams to develop a law proposal to nationalize the refinery, especially as the state has funds in Samir edema.

Al-Yamani holds, in a statement to Al-Arabi Al-Jadeed, the first responsibility for dropping the Samir refinery for Al-Amoudi, considering that it violated the company’s previous privatization in 1997, which gives the government the justification to nationalize it, which calls on it to assume its responsibility in preserving refining.

And he confirms that Al-Amoudi was committed when the company sold him an investment of $ 420 million in order to rehabilitate it, but he did not accomplish that until the 2002 fire broke out, so that everyone would discover the enormity of living with the refinery.

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