Moroccan Asset Manager Sues Financial Regulator for Alleged Abuse of Power

The complaint was filed by Hynd Bouhia, director of Global Nexus. Having headed the Casablanca Stock Exchange, she knows the Moroccan financial market well. She accuses the AMMC of having abused its powers in a case where the stakeholders had found an agreement on the dispute that opposed them.

The complaint also highlights irregularities following the decision of the Moroccan financial market regulator. The company also pleads for the suspension of a decision forcing it to pay a fine of 1 million dirhams ($100,000).

Global Nexus was accused of several shortcomings, more specifically in terms of governance and rules applicable to management companies. Hynd Bouhia herself was the subject of a complaint by certain clients who claim to have been victims of fraud and breach of trust or even commercial forgery, reports Ecofin.