CASABLANCA, Morocco--(BUSINESS WIRE)--The president of the Commercial Court of Casablanca ruled today in favor of Omar Belmamoun, CEO of Platinum Power. The company will not be put in bankruptcy. As such, the judge dismissed the US shareholder Michael Toporek. The request has therefore been closed.
The chief executive officer of Platinum Power has indeed presented the necessary guarantees required by the president of the court in order to definitively eliminate the risk of dissolution.
"We have made every effort to ensure that the shareholder conflict does not impact the company and its activities. This work has been achieved thanks to the implementation of a new unified governance, "said Omar Belmamoun, CEO of Platinum Power.
This decision marks the end of a period of uncertainty. The General Meeting held on February 5, 2019, marked the continuation of the activities of the company and also appointed a new board of directors. Omar Belmamoun has been reappointed CEO of Platinum Power with the mission of restoring the social situation of the company with regard to strategic projects on which it is engaged in Africa.
"Our main objective during this period of turmoil was to preserve the company and sustain African projects on which we are committed," said Omar Belmamoun.
Belmamoun added: "We are indeed fully aware that Platinum Power is a national flagship in the field of renewable energy and more specifically the hydroelectric sector. Our responsibility goes beyond Platinum Power because we have a duty to carry the Moroccan flag in this sector at the continental level and we will do everything to live up to this mission. "
Platinum Power is therefore in a new dynamic that will now be supported by a strong desire to put the company in a cycle of growth and the continued development of its strategic projects both in Moroccan and sub-Saharan markets.