The verdict on appeal in the Karim Zenagui case during the week

The Rabat Court of Appeal is expected to render a judgment shortly in the case of fraud and breach of trust, involving Karim Zenaguibrother of the royal adviser, Yassir Zenagui.

In detail, the case concerns an investment agreement signed with a Qatari businessman with the aim of buying a Palace in Marrakech, the Palais Namaskar, for a value of more than 300 million dirhams. The case is under advisement in court and the decision should be rendered within the week. It is rumored that it will probably be February 2.

According to a well-informed source, who confided in MoroccoLatestNews, under the agreement signed between the two parties, and to obtain 70% of the shares of the company that owns the famous hotel, the Qatari millionaire transferred an amount of 22 billion centimes to the account of a company owned by Karim Zenagui, for the acquisition of a Palace in Marrakech.

Karim Zenagui was the representative of Qatari Diar in Morocco and is linked to a company called Holt Capital Enterprises Limited, which controls the very luxurious Palais Namaskar in Marrakech, Holt Capital, 70% owned by the businessman and boss of Qatari Diar, of which Karim Zenagui is the representative in Morocco.

Our source added that the Qatari businessman was later surprised that the real value of the supposed transaction to buy the Palace of Marrakech did not exceed 19 billion centimes. The agreement to sell had been signed between Karim Zenagui and the owner of the said hotel, before the creation of the company to whose account the Qatari investor had transferred an amount of 22 billion centimes.

The first instance decision of the TPI of Rabat was handed down in October 2021. Karim Zenagui was sentenced to a prison term of three years (36 months), accompanied by a fine of 2000 dirhams while the second accused, his adviser financier, chartered accountant Ahmed Belkhayat Zouggari, was sentenced to one year (12 months) imprisonment, together with a fine of 2,000 dirhams.

With regard to the subsidiary civil action, the claim for compensation relating to the value of the civil party’s share in the value added tax to be paid to the tax authorities following the procedure of waiver of debt, had been accepted. It was also decided that the accused, Karim Zenagui, pay compensation of 96 million dirhams to the plaintiff. The second defendant had to pay compensation of 10 million dirhams for the benefit of the same applicant.

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