The Attijariwafa Bank group failed to recover the amounts due for financing of around 500 million dirhams (MDH) granted to a real estate development company.
According to the Assabah newspaper, the banking group had granted several loans to the company to finance the completion of a residential complex project covering an area of 138,804 square meters. The ambitious project was to include 1,376 apartments and 63 stores.
A first loan of MAD 250 million was signed in 2011 for the acquisition of land with a total area of more than 13 hectares. Released in May 2012, the loan was to be repaid in December 2013, but the promoter remained owed more than 196 million dirhams. The company requested a second loan of MAD 100 million at the end of 2013, intended for the construction of 42 buildings including 480 apartments as part of the first phase of the project.
Sources in Assabah confirmed that the real estate actor in question did not pay the agreed amounts when signing the second loan contract, although he had committed to doing so in December 2016, thus becoming a debtor amounting to approximately MAD 176.68 million. However, the same company took out a third loan of MAD 35 million in 2018 to complete the work on certain residential sections planned in the project plan.
As a result, Attijariwafa Bank resorted to the Casablanca commercial court to recover its debts from the real estate company, notes the same source.
