The leak abroad of the director general of MEA Finance put in difficulty more than 60 agencies affiliated to this company operating under the Canal M brand and duly approved by Bank Al-Maghrib (BAM). They “find themselves today in bankruptcy, against the backdrop of accusations of massive fraud, breach of trust and an official silence deemed incomprehensible,” reports the daily Al Akhbaradding that the parent company “would retain important amounts from its franchise agencies for over a year. These agencies no longer work normally.
To read: Moroccan banking agencies endangered
This situation deprives hundreds of families of their income. Dozens of young entrepreneurs see the fruit of their efforts collapse like a castle of cards. Without any outcome, more than 40 franchisees seized the Casablanca Criminal Court. They filed collective complaints for scam, breach of trust, contractual failure and false statements for extortion. They also organized sit-in in front of the company’s headquarters in Casablanca as well as in Parliament.
To read: Morocco: trial of the banker accused of having emptied the accounts of his customers
Direct losses are estimated at more than 30 million dirhams, in addition to collateral damage: total cessation of activity, social difficulties and psychological distress for the families concerned … So far, the franchisees have not been successful. The government has made no major decision. Bank al-Maghrib either to unlock the situation. Faced with the impasse, the franchisees require the opening of an exhaustive judicial inquiry, the pursuit of managers, compensation of victims and a deep reform of the regulatory framework governing the sector, in order to guarantee more transparency and legal certainty.
