SOLID PRINCIPLE OF ITS AUTHOR Alankabout – Lebanon News – Australia News

The price of the action of Solidere on the day of its creation was 10 dollars, closing yesterday at 7.22 dollars for clbad A and 7.12 euros for clbad B. The stock lost about one third of its value 24 years after the creation of the company. 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. The use of business funds with the goals of a bra.

Embezzlement

There are many corruption and spending methods of the company, the most recent being the agreement between Namir Qurtas' company, directly related to 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,. 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 research is still ongoing and requires more time to complete, but the administration has allocated $ 4 million in grants to cover the expected loss on this issue."
In its 2017 annual report, the Department repeated its description of the order as a "fiscal year", noting that it had found a shortage of registered shares and awarded it $ 4 million. of dollars.
Solidere refuses to review the order for not disclosing What has actually happened? 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.

Shama's Influence and Favor
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 work of the villa built by Nbader al-Shamma on land in central Beirut and keeping his house in Sidon at the expense of from 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 in the company.
Abdulghani al-Shamma is an engineer who also works in the company. Karim Nbader al-Shamma was trained in the company and handed over a project before leaving for Spain. Rasha Al-Nawam also maintains close relations with Al-Shamma and works in commercial markets with Maher Al-Nakib. 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 project manager 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 month [19659015] Jumana al-Shamma al-Naqib. 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 "Beirut Historic Road!"
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.

$ 800 Million Debt
In addition to corruption, repeated misappropriation and employment, banks were giving favors against the company's money. 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.

The distribution of millions of dollars … And other benefits
In 2017, the value of salaries and 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 data are presented in paragraph 24 of the financial report, but paragraph 29 on transfers to related parties indicates that the benefits of the officers and directors of the corporation, including their salaries, allowances, bonuses and other, s & # To $ 2.7 million.
There are several forms of executives and board members benefiting from company funds. 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 member of the Board of Directors of BankMed and MedSwiss, noting that the company manages the current account and the deposit accounts for cash. 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 registered the price investment in another company on the one hand, and the loan on the other hand did not pay anything .

Under the name of Solidere International there are many transactions and hidden brokers, Cost
President Nbader Al-Shamma is the chairman of the board of directors of Solidere International Holdings, represented by the vice-chairman 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 deals and brokers, including the sale of properties at cost, which raises big questions about these deals.
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.

Day of expropriation of property [Licences]
Solidere was established, whose ownership was determined by "the owners and real estate departments specified in the regulations annexed to Decree No. 2236 of 19 / 02/1992 and the 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 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 charged with guessing the properties of the 65,000 rights holders and were given instructions to unify prices at one place and speculate on spot instead of spot only on a property, a huge compensation has been paid to these committees and price indices have been pbaded to show that the conjectures were made in four walls and without detection in the field in most cases, as well as 39, adoption of norms 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.
Thus, the capital of the company is made up of real estate badets worth $ 1170 million and the owners received Clbad A shares. The company issued Clbad B shares and raised $ 650 million in cash. This amount is currently distributed to 165 million shares