Rabat- Casablanca’s Commercial Court has ordered the seizure of Assawak Asalam group’s shares, a 99% subsidiary of Ynna Holding, owned by Moroccan billionaire Miloud Chaabi.
The President of the Casablanca Commercial Court has ordered the seizure totality of the 3,499,912 shares.
According to news website Media24, the law firm Bassamat & Associates obtained last week a new ruling from the Casablanca Commercial Court for its client FIVE FCB, a French group specializing in cement, against Ynna Holding.
FIVE FCB accused Ynna Asment, a subsidiary of Ynna Holding specializing in cement, of breaching a contract between them. An international arbitrator based in Geneva was approached to resolve the dispute. The Holding and its subsidiary were ordered to pay 292 million Dirhams in fines for the French company.
When Ynna Holding announced that they do not see themselves obliged to pay for their subsidiary, law firm Bassamat & Associates approached the court once again. The court ruled for the auctioning of 65% of the shares held by Ynna Holding in chemical manufacturer SNEP to resolve the long dispute between the Miloud Chaabi group and CPC, Morocco's subsidiary of France's FIVE FCB.
The sale was scheduled for February 25th but was postponed at the last minute by a court decision. It was announced later that the SNEP share will resume trading in the Casablanca stock exchange.
In response, the defense of the French group obtained a new verdict from the Casablanca Commercial Court to auction 99% of Ynna Holding shares in the retail group Aswak Assalam. The judicial sale will be scheduled in the coming weeks, Media24 reported.
Miloud Chaabi’s Ynna Holding develops real estate, operates hotels and supermarkets. Its Aswak Asalam group was founded in 1998 and has 13 hypermarkets in the cities of Rabat, Marrakech, Kenitra, Oujda, Temara, Tangier, Agadir, Casablanca, Essaouira and Meknes.
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