After causing the bankruptcy of “Samir” and the dismissal of its workers… Al-Amoudi demands a “fantastic” amount

After causing the bankruptcy of the company and deliberately hindering the process of its liquidation in a systematic manner, the Saudi-Ethiopian businessman Mohammed Hussein Al-Amoudi, owner of the “Coral Petroleum” group, is demanding exorbitant compensation for the majority of the capital of “Samir”, an oil refinery.

Al-Amoudi demanded financial compensation of 27 billion dirhams ($2.7 billion) from the Moroccan state, claiming to have suffered harassment and practices that led to the company’s bankruptcy.

Al-Amoudi, who led to the dismissal of hundreds of employees of the company by carrying out irregularities in its management, began by delaying the modernization of the refinery, a fact established by a report of experts investigating the fire that occurred in the refinery facilities in 2002. The report pointed out that the causes of the fire were attributable to the dilapidated state of the facilities of the “Samir” company and the lack of regular maintenance of the refinery after its privatization.

Al-Amoudi refused to inject the necessary capital to ensure the continuity of the refinery and deliberately obstructed the liquidation process, in addition to presenting fictitious offers to purchase the refinery to unknown persons, with the aim of exploiting the situation to outbid the International Centre for Settlement of Investment Disputes (ICSID), in order to unjustifiably and unreasonably exaggerate the compensation it is claiming.

It is worth noting that the State has granted significant tax incentives to the Al-Amoudi group, including exempting the value added tax to support the financial balance of the “Samir” refinery and encouraging banking institutions to provide advantageous loans to the company. Morocco has also ensured in recent years the sustainability of the industrial infrastructure of “Samir”, considered a strategic value for the kingdom, thus supporting foreign investment as an essential lever for development.

It is worth noting that Al-Amoudi, who has resumed his practices of blackmail, deception and manipulation, had previously spent approximately 14 months behind bars in Saudi Arabia, as part of an anti-corruption campaign, before being released by Saudi authorities in early 2019.

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