RABAT - An audit court has found evidence of graft, corruption and insider trading in Morocco's state-owned firms and entities, putting to the test a government promise to end such practices.
The Supreme Court of Audit's latest probe revealed that bourse watchdog CDVM had not properly investigated cases of insider trading involving five individuals that netted them gains of close to $30 million between July, 2006 and January 2007.
The report, published late on Wednesday on the official gazette, also revealed that foreign exchange regulator Office des Changes had imposed what the report found were lenient fines on unauthorized outflows of foreign currencies from the North African country, whose dirham currency is not convertible.
It also said mismanagement at some state-run firms, including flag carrier Royal Air Maroc and the National Ports Authority, had reached such a scale that the state was losing tens of millions of dirhams in undue benefits paid to executives and the non-collection of payments.
A copy of the report was submitted to King Mohammed, the gazette said, without mentioning the date.