Yemen's Central Bank Orders Banks to Deal Only with Legal Management of Two Pharma Companies Seized by Houthis

Saturday 6 Jul 2024 |3 months ago
Central Bank of Yemen - Aden

Barran Press

The Central Bank of Yemen, based in the temporary capital Aden, issued a directive on Saturday, July 6, 2024, instructing all banks operating in various governorates to conduct financial and banking transactions solely with the legal management of "Al-Hadatha Pharmaceutical Company" and "Global Pharmaceutical Industry Company." This directive comes weeks after the Houthi group seized the companies' headquarters in the capital Sana'a.

The directive, published on the bank's official website and accessed by "Bran Press," confirmed that the legal management of the companies consists of General Manager Walid Mohammed Saeed Al-Shatfa and Financial Manager Anwar Hamid Abdulsalam.

The directive further prohibits the seizure of the companies' assets or accounts, warning banks against "disposing of these accounts based on any orders or requests from an illegal entity." It states, "Adherence to the aforementioned is mandatory, and any violation will be held accountable."

On June 9, the Houthi group, internationally recognized as a terrorist organization, raided a factory belonging to Al-Hadatha Pharmaceutical Company and Global Pharmaceutical Industry Company in Beit Uthran, Sana'a, arresting six managers and employees, including a woman.

According to human rights sources, the group simultaneously raided the companies' branches in the governorates of Amran and Dhamar, following instructions from the new judicial custodian, Saleh Dubish. This entity, established by the Houthis in 2018, aims to seize the property and assets of those opposing the group.

The sources described the raid as a reflection of the harassment and arbitrary actions faced by the private sector in Houthi-controlled areas. They labeled the Houthis' actions under the guise of the "judicial custodian" as a form of theft, highlighting the group's disregard for the law and its reliance on "extortion and plunder."

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