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Solidere's average operating expenses exceed $ 70 million a year, more than $ 1.6 billion since its inception. This cost consumed 100% of the capital of the company. Rights holders are the biggest losers with the collapse of the stock value of 30%. Plundered the rights of rights holders and transformed downtown Beirut into an emirate led by Nbader al-Shamma. Do shareholders know how many family members work in the company and what salaries and positions?
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(19659003) Solidere's share price on the day of its creation was $ 10, and it closed yesterday at $ 7.22 for categories (a) and 7.12 for category (b). The stock lost about a third of its value 24 years after the company's creation. The loss is despite claims by the management of the company that he has a portfolio of badets of 1.7 billion square meters with a market value of about 4.8 billions of dollars. The promotion itself is no longer effective in capturing the spirit of the shareholders. It has become clear that the company has sold more than half of the stock of real estate from which its capital is made up. Total sales reached $ 2.7 billion, but the share of shareholders in the dividend is less than 45%, while the ratio of operating costs exceeds 55%. The reasons for this failure are the "leaks". Part of the wealth of property confiscated by Solidaire from the rights holders has flowed into the pockets of the board of directors and executive management controlled by the Chamma family and some politically protected senior executives and their relatives with fictitious salaries. Rents to some parents, or brokerage and commissions on sales and contracts, or even buy cheap houses.
Misappropriation of Stocks
The company's corruption and spending methods are numerous, including the transaction between the company owned by Namir Qurtas, in direct contact with President Nbader Al-Shamma, and Solidere. While Qartas was easily getting more than $ 6 million from the company's money, the administration was working on another scandal involving the Market Manager (R), which has close relations with the company. One of the most prominent directors of Saudi Ozer Nazih Hariri, Bahia Hariri. During 2017, it was found that there was a fraud in the issuance and registration of bonds in the company by the (RRA), which managed to divert $ 4 million in the form of actions. Solidere's management indicated in its semiannual report that it had launched an "exercise" that would allow it to resolve inconsistencies in its inventory register and to ensure accurate information in the database and information. 39, other obligations of the company. "The search is still ongoing and requires more time, but the administration has allocated $ 4 million to cover the expected loss on this issue."
In its annual report for 2017, the administration reiterated its qualification of "exercise"
Solidere refuses to consider the case as an investigation for not having to disclose what actually appeared. What happened is that (R) diverted $ 4 million in shares, then resigned and received all of his compensation in full and above the " grain mesk ". The monthly salary of this manager was over $ 20,000 per month and he was one of the managers who carry out large-scale brokerage activities in the commercial markets, particularly in terms of space rentals at companies. It is said that there is more embezzlement in this region, but it is not clear in the financial report.
The Shamites: Influence and Favoritism
Shamayeen's wages were higher. They are the most favored category of the company. They are more than 20 people having a direct or indirect link with the chairman of the board of directors, Nbader Al-Shamma. Their salaries in the company vary from 15 thousand dollars and can exceed 50 thousand dollars a month. Some do not do business in the company. Others have retired years ago, but continue through a consultant contract. The most important of them is the director of public services Abdul Qadir al-Shamma. The staff is described as the "Shabih" who is responsible for abusing non-guardian employees. He retired four years ago but continues to work for the company through a consultancy contract, overseeing the construction of the villa by Nbader al-Shamma on a plot in central Beirut and retaining his house in Sidon at the expense of the company. Directly connected to the mother through the mother. Mr. Al-Shammaa was a member of Solidere International's board of directors and was the director of land purchases and sales. The staff is reluctant to focus on two things: sales commissions and banquets in the honor of the ambbadadors as part of its promotion.
Nbader's nephew, Adib al-Naqib, is the director of marketing and communication. He worked for Solidere International, but for reasons of inefficiency and efficiency, he was sent back to Solidere with a salary of over $ 25,000. It is said that he will also have the opportunity to participate in all land sale transactions. His fiancée also works for the company.
Abdulghani al-Shamma is an engineer who also works in the business. Karim Nbader al-Shamma was trained in the company and handed over a project before leaving for Spain. Rasha Al-Nawam also has close relations with Nbader Al-Shamma, who works in the commercial markets with Maher Al-Naqib. The latter received the position of director of commercial markets instead of (RO) and received a salary is also imaginary. Al Darwish, who has family ties with Al-Shamma, also has interests in the business. Ghbadan Darwish is the director of project management and Sima Darwish is an administrative employee and Hbadan Darwish is an administrative employee who has resigned and been rehired. Samer Darwish is the director of property management with a salary of over $ 20,000 per person. month.
Jumana al - Shamma Captain. Nbader al-Shamma's sister also works in the company and was responsible for the science museum project, and the daughter of Abdul Qadir al-Shamma Amira works in the real estate development department before being sent to America to specialize at the expense of the company. Samer Salhab resumed the company's relationship with the tenants with a fictitious salary, and Salim Osman, treasury treasury director, Nazek Shaaban, who resigned and then rehired. Omar al-Shamma is also working on maintenance. Amira al-Solh also resigned from the company and was re-hired by a consultant contract. She has been working for several years on the so-called "Beirut Historic Route!"
and senior executives of the Shamma family, Munir al-Duwaidi, Due to the fact that he "his secrets" and he renewed in the contract of consulting the company. Al-Duwaidi's salary has not changed and remained at a level of $ 50,000 per month. Al-Duwaidi nearby, Rani Karima turned to the right of Nasir al-Shamma, and believes that there are no decisions in the company and are just pbading through.
Debt of 800 million dollars
In addition to corruption, repeated misappropriation and employment, there were bank favors to the detriment of the company's funds.L'l. administration had on the bank 's budget loans accumulated and carried over several times until the debt of the company Today, it is 800 million dollars. A heavy debt on a company registered in its budgetary obligations was worth more than 360 million dollars, and could not sell any parcel of land, even at a shabby price. The prices burned mean that the operating costs will eat up profits. Operational cost is the source of "profit" for influential and influential members of the board of directors and senior management. Today, the company is considering a new way to absorb the badets of the company. Solidere International will buy shares from shareholders for $ 80 to give them dividends in a variety of ways. Solidere owns 39% of Solidere International, which is credited with the reduction of its stake in Solidere International.
Distribution of millions of dollars ... and other benefits
In 2017, the value of salaries, benefits and all badociated with Solidere, about 19.6 million dollars. The company provides $ 300 million to the board of directors, $ 2.7 million in professional services, $ 655,000 for marketing and advertising, $ 2.7 million for maintenance, office space and more, 650,000 $ 1.7 million for travel and other expenses. These figures are stated in paragraph 24 of the financial report, but paragraph 29 on company related party remittances indicates that all employee benefits of the officers and directors of the company, including their salaries, allowances, bonuses and other, are included in Amount to $ 2.7 million. Executives and directors benefit from the funds of the company. The Board's special report on the company's relations with companies owned or brought by members of the Solidere Board of Directors reveals a large part of it. The report states that Basil Yard, a member of Solidere 's board of directors, is a board member of BankMed and MedSwiss, noting that the company manages the current account and the deposit accounts for business purposes. other banking facilities
. Relative to the company's relationship with others rose to 174 thousand dollars. Rufail Sabbaghah is also a board member of Solidere, but board member of Beirut Waterfront Development Company He agreed with Solidere to buy Al Hosn port 1455 and 1456 for $ 31.6 million, of which 6.4 million paid by the acquisition of 50% The rest of the balance recorded a loan to the company for a cumulative amount of 57.9 million US dollars with an unpaid interest of 21.3 million US dollars . In this process, Solidere paid the full price of both properties sold and recorded the price of investment in another company, and the loan paid nothing.
Solidere International Offers Numerous Hidden Transactions and Brokers, Including Sale of Real Estate at Cost Price
] President Nbader Al-Shamma is Chairman of the Board of Solidere International Holdings, represented by Vice President Maher Baydoun and Council Member Munir Al-Duwaidi. Soledere owns 39% of the capital of Solidere International and its board of directors is headed by Nbader Al-Shamma, with consultancy, technical and engineering services, full-time rights outside Beirut and the United States. right to use the name and brand. Under the name of Solidere International, there are many hidden offers and brochures, including the sale of properties at cost, which raises big questions about these operations.
Solidere founded in 2010 several joint stock companies operating in various sectors, including tourism. The presidency and the composition of these companies have been distributed to the members of its board of directors. The scarves are clearly visible. Beirut Hospitality Company, where Maher Beydoun is a member of the board of directors, a $ 33.4 million city for Solidere, and BHC3, which owns the Al Duwaidi city council, a city $ 272,000 for Solidere. There is also BCD Cinemas, in which Solidere owns 40% and a representative on its board of directors.
The day of the seizure of the property "Licenses"
The day of the constitution of Solidere, the property of the landowners and the real estate departments specified in the regulation of the implementation of the decree n ° 2236 of the 19 / 02/1992 and rights holders In this one, and who will subscribe to the capital money ". As soon as the law was pbaded until the publication of the regulatory decrees to begin the process of guessing and distributing the rights of rights holders. On the same day, seven ministerial decrees were issued for the creation of primitive riddles committees and a senior evaluation committee headed by Judge Deeb Darwish, and appointed four distribution committees. The commissions were responsible for guessing the properties of the 65,000 rights holders and were instructed to unify prices at one location and speculate on spot instead of real estate. A huge compensation was paid to these committees and price indices were pbaded to show that the conjectures were made in four walls and without field detection in most cases, as well as the adoption of standards of speculation and distribution. These commissions have completed the estimate of 1630 properties in central Beirut in 13 months and estimated the value of these properties at $ 1170 million distributed as follows: $ 1532 per square meter of land, although prices in force vary between 2500 and 4000 dollars. And $ 100 per square meter of construction, although the cost of quality construction in downtown Beirut ranges from $ 300 to $ 500.
The company's capital is $ 1170 million and the owners received), then issued Clbad B shares and raised $ 650 million in cash. This amount is currently distributed to 165 million units.
