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Brookstone Partners Morocco: Belmamoun retains his position as CEO

Omar Belmamoun wins a round in his legal battle against Michael Toporek. The Court of Appeal has just confirmed the Moroccan businessman in his position as CEO of Brookstone Partners Morocco (BPM). Doubt persists over the survival and future of the company.

The Commercial Court of Appeal has just confirmed him in his status as CEO of Brookstone Partners Morocco. A position from which he had been dismissed following an ordinary general meeting held on May 20, 2019.

The Commercial Court of Appeal quashed the minutes, deliberations and decisions of this meeting. It also decided to remove them from the trade register. The decision also recorded the dismissal of Luminy Invest from his post as director. This company is represented by the same Belmamoun, together holding half of the capital of BPM.

The decision is recent. We will wait until we can consult a copy to identify the motivations of the judges. One thing is certain, this judgment goes against the judgment, now reversed, pronounced in January 2020 by the first commercial court. The latter had rejected the request of Omar Belmamoun who wanted to obtain the cancellation of the revocation taken at the initiative of Michael Toporek, American shareholder of Brookstone Partners Morocco.

For nearly two years, the two partners have been engaged in a legal battle that has been played out on several fronts, including criminal, where they accuse each other, and in separate cases, of breach of trust.

A conflict between shareholders that froze the activity of BPM, whose future remains uncertain. As a consequence or symptom of this freeze, the company has still not had its accounts approved for the 2018 and 2019 financial years. This venture capital investment management company nevertheless has the approval of the Moroccan Authority of capital market as well as Casablanca Finance City status.

According to our information, BPM was recently convened by an ethics committee within CFC. Was it a matter of ruling on a possible withdrawal of CFC status from which BPM has benefited since 2012? So far, we have not been able to verify this.

In an email sent this Tuesday, November 9, Omar Belmamoun specifies, supporting document, that he himself requested the withdrawal of BPM’s authorization as a management company. In this sense, the AMMC was seized by a letter dated June 3, 2019. The CEO explains his referral, among other things, by “the lack of human and financial resources of the company BPM, which results from a blockage of the governance and a breach of trust between BPM shareholders”.

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