Financial Crime World

Market Share in Occupied Territories: A Quarter of Loans and Deposits

A recent report has shed light on the significant market share held by international companies in the occupied territories of Western Sahara. According to the report, these companies have collectively secured a quarter of the loans and deposits in the region.

Banking Giants

Two Moroccan banks, Attijariwafa Bank and BMCE Bank, have reportedly provided significant financing to companies operating in Western Sahara. Attijariwafa Bank has given loans to develop the Aftissat wind farm near Boujdour, while BMCE Bank has established a presence in eight offices across the region.

Energy Firms

  • Vinci Group, a French company, has been contracted by the Moroccan government to construct a 400 kV transmission line between El Aaiún and Hagounia.
  • The company has also carried out onshore oil drilling operations in Western Sahara on behalf of Irish oil company San Leon Energy.

Financial Institution

  • The Agence Française de Développement (AFD), a French public undertaking, has signed an agreement with OCP to finance the construction of a desalination plant dedicated for the basic processing of phosphate rock at the Phosboucraa installations.
  • Despite repeated inquiries from WSRW, AFD has failed to respond to questions about its policies on avoiding funding projects on occupied land.

Other Companies

  • Wartsila OYJ ABP, a Finnish company that has struck agreements with the Moroccan government for the production of diesel-generated power plants in Western Sahara.
  • BW Epic Kosan Ltd, an Oslo/ Singapore-based company that has transported butane to Western Sahara.
  • ThyssenKrupp AG, a German company that has been awarded a contract for the construction of a cement factory in El Aaiún.

Travel Companies

  • Booking Holdings Inc and Expedia Group Inc market travels to and accommodation in Western Sahara as destinations in “Morocco”.

Kosmos Energy

  • Kosmos Energy Ltd, an American company, has maintained a website on which it describes its approach to the Western Sahara conflict.
  • The company’s first engagement in Western Sahara began in 2004, and although it terminated its interest in the Boujdour Maritime licence in 2017, it has left the door open to return to the region.

Conclusion

The report highlights the significant market share held by international companies in the occupied territories of Western Sahara, despite the ongoing conflict over the territory’s sovereignty. The involvement of these companies raises serious concerns about their compliance with international law and human rights principles.