Saudi conglomerate Al-Mouhaidib Group, which includes the Giant stores supermarket chain and owns 51 percent of the United Company for Central Markets (UCCM), is currently reviewing this week’s report from international auditor Deloitte & Touche, after exposure of the Co-Op’s unexpected debts.
UCCM has been managing the Co-Op on a six-month trial basis since November 2000 when Al-Mouhaidib Group signed a Memorandum of Understanding entailing the management of the Co-Op with the option of extending the deal to 15 years depending on the outcome of the auditor’s report. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)
