Morocco’s financial watchdog, the Moroccan Capital Market Authority (AMMC), is investigating Maghreb Titrisation, a major player in securitization and trade debt purchases.
The probe will focus on how the company manages its assets and the institutions that hold them.
Sources familiar with the investigation told Hespress Ar that the AMMC has instructed Maghreb Titrisation to cooperate fully. This includes granting investigators access to company facilities and all relevant documents.
The company boasts a prestigious clientele including the national water and electricity utility, banks, and commercial groups.
The investigation aims to ensure that Maghreb Titrisation’s financial dealings comply with market regulations and promote fair practices. It will cover the company’s activities over the past three years, with investigators scrutinizing documents related to asset securitization and trade debt purchases for clients in both public and private sectors.
The AMMC has the authority to conduct investigations and impose penalties on market participants who violate regulations or fail to meet operational standards.
The process follows legal guidelines that ensure the rights of the parties involved are protected. These investigations can also encompass collective investment securitization funds.
According to sources, investigators will also examine the audit reports of Maghreb Titrisation’s statutory auditors for recent fiscal years.
By law, the company is required to appoint auditors who are obligated to promptly report any irregularities or inaccurate information discovered during their audits to the company’s management and the Securities Council.
Securitization involves a collective investment fund purchasing mortgage debts. The purchases are funded by issuing shares backed by mortgage debts.
The government reportedly relies on Maghreb Titrisation for its “innovative financing” plans included in the national budget.
The Treasury recently paid the company MAD 140 million (approximately 1.4 billion centimes) to lease assets belonging to regional education and training academies.
This is a leaseback operation where the government sells assets and then leases them back, allowing immediate access to funds while postponing repayment obligations.
The AMMC routinely inspects market participants, including securitization firms. They have the right to examine all relevant documents and records related to a company’s operations and conduct analyses.
In specific cases, they may also perform on-site inspections and directly investigate the parties involved and their business partners, following established legal procedures.
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