Moroccan Royal Advisor’s Brother Sees Prison Term Cut, Fine Increased in Fraud Case

On Friday, Karim Zenagui’s sentence was reduced from three to one year in prison by the Rabat Court of Appeal. The fine, on the other hand, has increased significantly. It went from 2,000 DH to 96 million dirhams, reports Hespress. The brother of royal advisor Yassir Zenagui was on trial for fraud and breach of trust. The case involves an investment agreement signed with a Qatari businessman with the aim of buying the Palais Namaskar in Marrakech for a value of over 300 million dirhams.

A press release states that the Qatari millionaire transferred an amount of 220 million dirhams to a company owned by Karim Zenagui, Qatari Diar’s representative in Morocco, as part of the acquisition of the "Marrakech palace/hotel". The purpose is to obtain 70% of the shares of the company owning the famous hotel. But the Qatari businessman will discover that the real value of the supposed purchase of this palace does not exceed 190 million dirhams.

Ahmed Belkhayat Zouggari, the financial advisor to Karim Zenagui, is also involved in this case. The Rabat court of first instance sentenced him to one year in prison and a fine of 2,000 DH.