Agadir 24 | Agadir24
The Supreme Council of Accounts entered the line of violations of the integrated program for supporting and financing enterprises “Intilaaqa”, as judicial files were opened related to serious imbalances, concerned in particular with tampering with the course of loans, bribery and forgery.
In this context, the judges of the Fourth Chamber of the Board of Accounts decided to complete the ongoing audit at the level of the banks that managed the program, in coordination with the interests of the Bank of Morocco, after it became clear that there were suspicions about the involvement of bank officials in the aforementioned imbalances.
The same sources reported that the judges requested documents from the legal departments in a group of banks, in order to collect the largest possible amount of data about the imbalances and violations identified in the management of the “Intilaaqah” program, while the inspectors moved to focus on the points of direct contact between the financing applicants and the banks.
The ongoing investigations have focused on the processing of loan application files at the level of direct banking agencies and loan committees at various levels, and the extent to which they respect the procedures and standards for managing credit risks, despite the guarantees granted by the state for the financing of the aforementioned program.
Accessing judicial files and tracking their progress enabled representatives of the Board of Accounts to monitor gaps in the management of loans, some of which amounted to 120 million centimes in a single file, and bank officials had relationships with a wide network of stakeholders, which included accountants, real estate owners, and collective employees, in addition to employers of companies specialized in… Bill trading.
In addition, the account inspectors heard complaints of blackmail that were registered by applicants for financing against bank officials, which included information about the ambiguity of the process of receiving and processing files, while demanding documents that exceed the conditions of the financing initiative, and mimic the procedures for requesting classic bank loans.
The complaints that mobilized the inspectors, and which were registered with the Banking Broker Corporation, touched on manipulations in renting commercial shops, invoices for furnishing and purchasing equipment, as well as pre- and post-monitoring reports.
This comes at a time when the rate of rejection of applications for loans from the “Intilaaqa” program recently increased to 40 percent, after banking groups participating in the program adopted new conditions when processing files for applications for financing, including excluding cooperatives due to risks and reducing the value of loans. In the direction of 150 thousand dirhams for companies, and to 100 thousand dirhams for natural persons and self-contractors.
These developments and the news circulating about violations of the aforementioned program prompted the judges of the Supreme Council of Accounts to direct requests to the directors of the regional investment centers, to provide them with accurate data about the method of managing the program in their areas of influence, the number of beneficiary companies, the rejected financing files, as well as the contents of the complaints received.
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**Interview with Dr. Amina Bouhaddou, Financial Regulations Expert**
**Interviewer**: Thank you for joining us today, Dr. Bouhaddou. Could you briefly explain the current situation regarding the “Intilaaqa” program in Morocco?
**Dr. Bouhaddou**: Thank you for having me. The “Intilaaqa” program, designed to support and finance enterprises, is currently under scrutiny by the Supreme Council of Accounts due to allegations of severe mismanagement. We’re seeing judicial files opened related to issues like loan tampering, bribery, and forgery, which are deeply concerning.
**Interviewer**: What steps are being taken to address these allegations?
**Dr. Bouhaddou**: The judges from the Fourth Chamber of the Board of Accounts are auditing the banks involved in this program, in collaboration with the Bank of Morocco. They are specifically looking into the roles of bank officials and have requested extensive documentation from various banks to unearth the extent of these violations.
**Interviewer**: It sounds like there are serious implications for how these loans are managed. Can you shed some light on what the audits will focus on?
**Dr. Bouhaddou**: Absolutely. Investigators are concentrating on the loan application processes within the banks, including how they adhere to credit risk management standards. There have been alarming reports of discrepancies, with some loan files showing gaps of up to 120 million dirhams, suggesting a network of complicity involving multiple stakeholders.
**Interviewer**: What do you think this means for the future of the “Intilaaqa” program and for financial governance in Morocco?
**Dr. Bouhaddou**: If these allegations are substantiated, it could lead to a significant overhaul of the program to prevent such malpractices in the future. It underscores the need for stronger regulatory frameworks and more stringent oversight to enhance transparency and accountability in financial institutions.
**Interviewer**: Thank you, Dr. Bouhaddou, for your insights. It’s crucial that these issues are addressed to restore confidence in the financial systems supporting entrepreneurs in Morocco.
**Dr. Bouhaddou**: Thank you for shedding light on this important issue. It’s essential for the sustainability of Morocco’s economy.