Miloud Chaabi

Ynna Holding and Fives FCB were engaged in a sixteen-year dispute over a cement plant project and the extension of an arbitration award to the parent company. Following numerous decisions in Switzerland, France and Morocco, the Casablanca Commercial Court of Appeal rejected the extension of enforcement recognition to Ynna Holding on 15 May 2025; Médias24 subsequently described the ruling as the Moroccan judicial conclusion of the case.

State of the evidence

Documented

Le Desk documented Miloud Chaâbi as a director of two Panamanian companies: Bagdan SA, established in 2002, and Gladys Finance SA, established in 2010. Their use of Panamanian structures fuelled offshore controversy surrounding several Moroccan businessmen.

State of the evidence

Documented

Attribution

Directly implicated

Following Hosni Mubarak's downfall, the Chaabi family's investments in Egypt became caught up in investigations into financial relations with figures from the former regime. Hespress reported that the Prosecutor General had ordered the freezing of assets belonging to Moncef Chaabi, Miloud's son, in an investigation concerning financial corruption and misuse of public funds; an Egyptian political official publicly linked the group's difficulties to relations maintained with former regime officials.

Miloud Chaâbi publicly denounced public support and land-access arrangements that he considered favourable to certain competitors, notably Addoha, while also criticising ONA and CDG. The debate escalated into a public confrontation over relations between major corporate groups and the state.

State of the evidence

Documented

Legal status — source text

Not applicable

Attribution

Directly implicated

A US diplomatic cable described Ynna Holding as an opaque group and relayed perceptions of close ties to political and royal circles, while analysing Miloud Chaâbi's populist and political stance.

Legal status — source text

Not applicable

Attribution

Directly implicated