Moroccan Real Estate Executives Jailed in Al Hoceïma Development Scandal
The former Director General of the Caisse de Dépôt et de Gestion (CDG), Anas Houir Alami, and that of the Compagnie Générale Immobilière (CGI), Mohamed Ali Ghannam, were sentenced by the Chamber of Financial Crimes of the Court of Appeal to one year in prison and a 5,000 DH fine each. This is the sentence they were given for their involvement in the Madinat Badis d’Al Hoceïma real estate complex case.
In addition to these two convictions, the same court acquitted the twenty-five other individuals prosecuted for "misappropriation of public property and fraud, forgery and use of forgeries, criminal conspiracy".
This case led to a trial, following numerous complaints reporting major discrepancies between the CGI’s commitments, the real estate arm of the CDG, and the goods delivered to clients as part of the Madinat Badis d’Al Hoceïma complex, which covers 50 hectares.
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