OpenLux Investigation Maps Cross-Border Corporate Structures Linked to Moroccan Royals and Business Elites in Luxembourg
BY Dr. Hana Saada
ALGIERS — A cross-border investigative project has published new findings on offshore corporate structures and financial holdings associated with members of Morocco’s royal circle and several prominent business figures, bringing renewed attention to the international management of private wealth through Luxembourg-based entities.
The investigation, carried out by Moroccan investigative platform Hawamich Media as part of the international OpenLux project, in collaboration with the Organized Crime and Corruption Reporting Project (OCCRP) and French newspaper Le Monde, examines official corporate records and financial statements filed in Luxembourg through the 2024 and 2025 reporting periods.
Drawing on publicly available company registries and financial documentation, the investigation details a network of Luxembourg-registered companies linked to princes, billionaires, and leading Moroccan businessmen. It highlights complex ownership arrangements, significant fluctuations in corporate assets, companies reporting minimal banking activity despite managing substantial assets, and financial positions that raise broader questions regarding corporate governance, capital structures, and the economic function of certain investment vehicles.
OpenLux Focuses on Companies Linked to Royal Adviser Mehdi Jouahri
Among the principal cases examined is that of Mehdi Jouahri, Director of the Office of Prince Moulay Rachid—brother of King Mohammed VI—and son of Abdellatif Jouahri, Governor of Bank Al-Maghrib.
According to the investigation, Mehdi Jouahri appears as the principal owner of two interconnected Luxembourg entities sharing the BELERE name.
The first company, BELERE S.A. (RCS B240862), was incorporated in 2020, while BELERE International Investments (Luxembourg) SCS (RCS B264704) was established in February 2022 under registration number RCS B264704. Corporate filings indicate that BELERE S.A. serves as the sole managing partner of the second entity.
Financial statements reviewed by the investigation show that BELERE S.A.’s total assets increased from €24,323 in 2020 to €29,478,987 by 31 December 2021. The balance sheet comprised approximately €18.1 million in receivables, €6.7 million in investments and €4.6 million in cash and bank balances. The following year, total assets declined to €6,471,941, while investment holdings were reported as zero.
Financial Position and Auditor’s Notice
The investigation further reports that, by December 2024, the company had accumulated liabilities exceeding its equity, resulting in negative shareholders’ equity of approximately €1,665,037.
According to the published documents, auditing firm GK Contrôle S.A. issued a formal legal notice in July 2025 indicating that the company’s net assets had fallen below one quarter of its subscribed capital, a threshold that, under Article 480-2 of Luxembourg company law, requires shareholders to consider the company’s future status.
The investigation also notes that BELERE S.A. and audit firm GK Contrôle S.A. share the same registered business address at 12C Rue Guillaume Kroll, L-1882 Luxembourg, observing that this arrangement brings into focus the independence requirements established under Luxembourg’s 2016 statutory audit legislation.
Royal Investment Structures Beyond Morocco
The OpenLux investigation also examines investment vehicles linked to other members of Morocco’s royal family.
One case concerns Moulay Idriss El Filali, son of Princess Lalla Meryem, who has owned LOUPUS MAGNUS S.A. since 2009.
According to the investigation, the company’s financial statements show no recorded operating revenue throughout its years of activity despite possessing broad investment powers. The company relied principally on shareholder loans, which stood at approximately €692,000 in 2024, leading the investigators to describe it as a corporate structure with limited operational activity.
Another case involves Prince Moulay Abdallah Ben Moulay Ali Alaoui, whose name was previously associated with the Talsint oil discovery controversy. The investigation states that his real estate company, MEDIMMO S.A., established in 1999, reported identical annual turnover of €138,600 in 2010, 2019 and 2022. Company accounts also indicate limited liquidity, with bank balances reported at zero in certain years and reaching only €197 in both 2022 and 2024, while liabilities exceeded €1 million.
Business Leaders and International Investment Structures
Beyond royal-linked entities, the investigation reviews Luxembourg corporate structures associated with several of Morocco’s leading business figures.
Real estate entrepreneur Anas Sefrioui is reported to own Atlacem S.à r.l., incorporated with share capital of approximately US$14,000. According to the investigation, the company’s liabilities increased from around US$23,000 in 2022 to more than US$5.3 million by 2024—equivalent to approximately 380 times its share capital—primarily through shareholder financing for investment in a Mexican subsidiary. The report states that the company’s management maintained the investment’s accounting value despite the subsidiary’s reported losses.
The investigation also examines the Luxembourg corporate network of banker and businessman Othman Benjelloun, identifying five active companies, four of which reportedly share the same registered address on Rue Joseph II in Luxembourg, including FCOMI, L Global Capital, and Africa Investments Holdings.
Corporate records further indicate that Auburn Equities was transferred from the British Virgin Islands to Luxembourg in 2021. Meanwhile, financial statements for Global Strategic Holdings reportedly show continuous losses between 2009 and 2024 while maintaining fixed financial assets valued at €6,353,188 throughout much of that period.
Former Minister of Industry and Trade Moulay Hafid Elalamy is also referenced through a Luxembourg company incorporated with the minimum statutory capital requirement of €12,000. According to the investigation, the company is wholly owned by Saham Investments Limited, registered within the Dubai International Financial Centre (DIFC) in the United Arab Emirates.
Broader Questions Over Cross-Border Capital Flows
The investigation concludes by placing these corporate structures within a broader discussion surrounding international capital allocation and investment practices.
According to the published findings, a number of prominent Moroccan business and financial figures have established investment vehicles and special purpose entities (SPVs) in jurisdictions including Luxembourg, Dubai and the British Virgin Islands. The investigation argues that these arrangements reflect the growing internationalisation of capital management by major investors and contribute to ongoing debate regarding offshore financial structures, taxation, investment governance and the relationship between international asset management and domestic economic development.
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