2023-05-19 09:16:55
Companies of the Geneva entrepreneur Abdallah Chatila had accumulated several tens of millions of francs in unpaid debts, reveals the Geneva Grandstand, leading in some cases to prosecution. These have all been settled this week, as well as hundreds of invoices, replies the businessman. At the head of the m3 group (165 companies and 1,400 employees, active in particular in real estate, hotels and restaurants or banking), Abdallah Chatila says he sold works of art for 15 million francs and a plot worth several tens of millions. And specifies in the article of our colleagues that his group, valued according to him at more than one billion francs, “has never been in danger”.
At the beginning of the year, the businessman launched a fundraiser of 100 million francs, in order to consolidate the real estate division (his main activity, which would weigh 700 million francs); this operation should be “100% effective from the end of June”.
The amounts due to the prosecution office are around 3 to 4 million, according to Abdallah Chatila. Some invoices have not yet been paid, adds the entrepreneur: those which are the subject of litigation and those for which a payment schedule has been negotiated. The creditors of its companies range from local SMEs to public authorities (State of the City of Geneva), via a German-speaking investment fund.
Difficulties in the hotel and catering industry
The hotel and restaurant business seems to be going through a complicated situation, says the Geneva Grandstand. This division has also launched a fundraiser of 25 million francs. Stakes in the companies concerned will be put up for sale next week, further specifies Abdallah Chatila, who adds that he has waited to clean up these companies.
The pandemic had hit this sector hard, the closures of hotels and restaurants cost nearly 26 million francs in empty rents over three years, the entrepreneur had quantified in a previous interview with the magazine. With. Its diversification in the field of health following the arrival of covid would also have cost it tens of millions, according to the Geneva Grandstand. Abdallah Chatila had brought masks from China and opened screening and vaccination centers.
Read also: Abdallah Chatila: why I bought Sberbank Switzerland
In September 2022, the businessman had acquired the Swiss subsidiary of the Russian banking group Sberbank, active in the trading of raw materials from Zurich. The establishment, whose sale price has not been disclosed, has been renamed TradeXbank.
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