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By Omar Bihmidine
Morocco World News
April 25, 2012
According to the daily newspaper Al Massae, Morocco’s minister of communications, Mustapha El Khalfi, has expressed his concern about the deplorable financial situation of 2M channel. On the verge of insolvency, 2M once had capital valued at 302 million DHs. That number has dramatically decreased to 21.7 million DHs, representing an unprecedented 93 % loss of capital.
In an attempt to rescue 2M, the Moroccan government, according to the minister, has provided 2M with a fund estimated at 215 million DHs. The minister also pointed out that despite 2M’s 6.5 million DHs in profits, it has been revealed that the channel lost 121 million DHs.
Minister El Khalfi added that banks are now hesitant to offer 2M its usual loans now that the channel is deeply mired in a financial crisis. An additional concern for Banks is that 2M has not fulfilled its legal obligations under previous contracts. This current controversy has led the channel to raise its expenditures by 10%.
Abd Allah Bouanou, a PJD member, accused 2M of lacking transparency in dealing with private projects related to production. In this regard, Bouanou called for closer scrutiny of 2M’s general finances. Mr. Bouanou did not hesitate to also call out certain personalities behind the opposition to Minister El Khalfi’s proposed reforms, namely Salim Sheikh, 2M’s director, Samira Staitail, news director, and Faisal El Araichi, SNRT head. Mr. Bouanou expressed his readiness to take to the street and put an end to the scheming of these personalities.
Edited by Hisham El Koustaf
