South African Insurer Sanlam Faces Backlash Over Moroccan Acquisition Amid Western Sahara Dispute

Two days ago, Othman Benjelloun had clearly indicated that the deal concluded by Moulay Hafid Elalamy with South Africans was a very bad idea. Othman Benjelloun had stated that "Moroccans in general did not appreciate this transfer". For him, South Africa is the African country "that is most associated with the actions of the Polisario". The dean of bankers said several other things, but what we can roughly understand is that selling a large Moroccan company to companies in countries that support the Polisario should, according to him, be absolutely avoided.

And Sanlam, two days later, on Thursday, issued a press release stating: "Sanlam has taken note of articles referring to the remarks of Mr. Othman Benjelloun concerning the acquisition of Saham Finances by Sanlam". In addition, the Sanlam group would, according to the same press release, be confident in the "strength and durability of its partnership with Saham Finances initiated at the beginning of 2016".

The group also designates the only entities that can have decision-making power in this matter, while emphasizing that they agree with the concluded deal: "the board of directors of Saham Finances, Sanam and the executive committee as well as the company’s staff fully support the partnership and our efforts to build a pan-African insurance group".

However, the group indirectly specifies that it is watering down its wine, according to Telquel, which writes: "At the same time, sources close to the group tell us that the map of the continent that Sanlam displayed at its Cape Town headquarters has been changed. While it amputated Morocco of its southern provinces, the borders on this representation of the continent have been erased". And indeed, this is no small matter. It takes little more to be able to affirm that Sanlam recognizes the Moroccanness of the Sahara, against the possible winds and tides of the South African government.