The Commercial Court of Casablanca has issued a ruling authorizing the continuation of operations at Samir Company, which has been subject to a judicial liquidation procedure since March 21, 2016.
The court will continue to maintain existing contracts with the company, especially employment contracts, and will continue to seek offers to acquire the assets of the currently idle refinery, free from debts and registered mortgages.
“The new extension comes after the International Centre for Settlement of Investment Disputes (ICSID) ruled that the Moroccan government must pay $150 million to the former investor in Samir company,” emphasized Hussein El Yamani, the General Secretary of the National Petroleum and Gas Union within the Democratic Confederation of Labor and President of the National Front for Saving the Moroccan Petroleum Refinery, in a statement to Hespress Ar.
He questioned whether the government would resume actual production at the refinery and recover all related rights and interests soon.
The decision to allow Samir to continue operations for an additional three months comes amid a years-long legal battle that has seen several developments.
Since the beginning of the lawsuit, the Commercial Court of Casablanca has rejected the company’s defenses and allowed the possibility of extending the judicial liquidation procedure to members of the board of directors.
This includes Mohammed Hussein Al Amoudi, the former chairman and major shareholder of the Corral group, and Jamal Baamer, the former general manager of the company, holding them accountable for the company’s financial troubles.
As a result, several properties belonging to the managers and the company have been seized and put up for public auction.
The National Front for Saving the Moroccan Petroleum Refinery in Mohammedia has expressed its rejection of the International Centre for Settlement of Investment Disputes (ICSID) ruling that obliges the Moroccan government to compensate the Corral group, the main shareholder in Samir.
The Front has reaffirmed its support for Morocco’s efforts to seek all means of appeal to annul the decision.
Meanwhile, Nadia Fettah Alaoui, Minister of Economy and Finance, stated in a recent declaration in Washington that the international center rejected most of the Swedish group’s claims, which amounted to $2.7 billion, and granted it compensation of only $150 million, less than 6% of the amount it had demanded.
The government official further highlighted that Morocco, having taken note of this decision, has decided to explore all avenues of appeal against it.
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