Iconic Marrakech Asian Restaurant "The Red Sun" Faces Auction Amid Debt Crisis

The "The Red Sun" restaurant specializing in Asian cuisine in Marrakech is going up for auction. The operation will be held on June 22 under the judicial supervision of the commercial court of the ochre city. The starting price has been set at 70 million dirhams, but the starting bid for the auction was less than 70 million dirhams (6.7 billion cents), reports Aljarida24. The restaurant is built on an area of 818 m².

The inability of the owners - a Moroccan and his associates of Dutch and Chinese nationalities - of the "The Red Sun" restaurant to repay their debts is the reason for this auction. They had taken out loans from Bank Al Amal, a subsidiary of Banque Populaire, which aims to lend to Moroccans residing abroad, but they were unable to honor their repayment.