The South African government’s support for a political movement some 7000 kilometers away could complicate a $1.1 billion deal. Moroccan billionaire Othman Benjelloun on Tuesday spoke out against Sanlam’s acquisition of insurer Saham Finances SA, saying South Africa has chosen the wrong side in a territorial dispute. South Africa supports a group called the Polisario Front, which has been seeking self determination in the Western Sahara territory since 1991. “We end up with a South African investor, owning a company that was Moroccan, on our own territory,” the financial services tycoon told reporters in Casablanca on Tuesday. "We will applaud the fact that Saham stays South African" when Pretoria changes tack regarding Western Sahara, he said.

Source: The North Africa Journal April 03, 2019 06:11 UTC