Attijariwafa Bank files dispute over failed SAMIR refinery in Mohammedia
What happened
Attijariwafa Bank has taken a dispute regarding the SAMIR refinery in Mohammedia to the International Centre for Settlement of Investment Disputes. The refinery, which was Morocco’s sole oil refinery, ceased production in August 2015 and was placed into liquidation in March 2016. The plant’s failure resulted in debts estimated between 40 and 45 billion dirhams.
From riotimesonline.com
Why it matters
The refinery’s collapse, which occurred after Morocco’s tax administration seized assets, forced the country to import all of its refined fuel. Attijariwafa Bank is a major creditor involved in the long arbitration fight concerning the failed asset.
From riotimesonline.com
Who's involved
- Attijariwafa BankCreditor in the dispute over the failed SAMIR refinery.
- International Centre for Settlement of Investment DisputesInternational organization handling the investment dispute.
- MoroccoSovereign state whose sole oil refinery failed.
- MohammediaCity where the former refinery was located.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Attijariwafa BankSpeculative
Attijariwafa Bank could face increased credit or debt exposure related to the failed refinery.
- MoroccoSpeculative
Morocco might face continued costs related to importing refined fuel due to the loss of its sole refinery.
- MohammediaSpeculative
Mohammedia may see reduced local employment or revenue due to the closure of the major industrial site.
How this reaches others
Each traced step by step, with the reporting behind itKeep exploring
The entities involved
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Attijariwafa Bank
Moroccan bank
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International Centre for Settlement of Investment Disputes
international organization
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