Moroccan Real Estate Scandal Leaves Banks with $8 Million in Doubtful Debts

According to the daily Al Ahdath Al Maghribia, the kingdom’s treasurer questioned the lack of reaction from banking operators, especially after the outbreak of the case last November. The amount of debt is over 80 million dirhams.

The newspaper adds that pending the judicial development of the trial, the banks in question have been classified in the category of financial institutions with doubtful receivables.

In total, 7 individuals were prosecuted in this case that has been the talk of the media. These include the President of the Bab Darna group, Mohamed El Wardi, the financial and administrative director and a notary, all indicted for fraud, embezzlement, forgery and use of forgeries.