Morocco regulator halts trading in property group CGI, source says
CDG, the state-run investment company which owns CGI has a large portfolio which including holdings in insurance and telecoms
Morocco's market watchdog CDVM has suspended trading in property developer Generale Immobiliere (CGI) after the country's king ordered an investigation into the state-run business over customer complaints, a regulatory source said on Thursday.
"CGI asked us to suspend its trading and its request has been approved today," said the source from CDVM.
Officials CGI and from Caisse de Depot et de Gestion (CDG), Morocco's state investment vehicle which owns CGI, did not answer calls seeking comment about the trading halt or the investigations.
CDG, the government's financial arm which manages the state's pension funds, has a large portfolio that includes holdings in paper making, tourism, real estate, insurance, banking, telecoms and agrobusiness.