Barran Press
On Thursday, October 3, 2024, the Board of Directors of Kamaran Company for Industry and Investment accused the internationally designated terrorist group, the Houthis, of attempting to hijack the company’s decision-making and seize its assets and funds.
In a statement reviewed by Barran Press, the board condemned an illegal meeting of what the Houthis referred to as the "ordinary general assembly," held in Sana'a on September 30. They asserted that the meeting lacked legal validity due to insufficient quorum and the absence of majority shareholders' representatives, as stipulated in Article 45 of the company’s bylaws and amendments made in 2014.
The board noted that representatives from the Yemeni government, British American Tobacco (BAT), and the Yemeni Construction and Development Bank were absent from the meeting, which was conducted unilaterally without the board’s invitation.
The statement expressed concerns that the meeting aimed to "draw the company into political disputes," violating presidential directives and the resolutions of high-level ministerial committees that have worked to maintain the company’s operations over the past seven years as a leading national entity in cigarette manufacturing. The board deemed the Sana'a meeting and its outcomes entirely illegitimate.
The board further reported that the meeting resulted in the endorsement of an individual outside the shareholder list to be elevated within the board, calling this move "illegal and arbitrary," and indicative of an attempt to control the company’s decisions and assets.
In response, Yemen’s internationally recognized Minister of Information, Muammar Al-Eryani, condemned the Houthis’ actions against Kamaran Company, asserting that the assembly meeting aimed to loot the company’s revenues, which are vital for the state’s treasury, and to funnel these funds into illegal business activities and money laundering. This, he noted, could expose the company and its renowned brand to international economic sanctions, especially given the Houthis' terrorist designation.
Al-Eryani highlighted that the Houthis are also attempting to confiscate the company’s assets, including properties and land, and are pressuring and intimidating shareholders to facilitate their control over the company, thereby "Houthi-fying" it or handing it over to newly created companies with special legal support.
He pointed out that the Houthis are currently involved in smuggling cigarettes of brands such as "Shamlan, Manchester, and Modern," alongside counterfeiting the trademarks and products of local companies.
The minister stressed that the meeting held on September 30 and its resulting actions were illegal due to the lack of quorum and the unilateral nature of the proceedings, which violated the company’s laws and bylaws established in 2014.
Al-Eryani emphasized that the internationally recognized government has sought since the Houthi coup to ensure the continued operation of the country’s leading cigarette manufacturing company, founded in 1963. This effort is supported by ministerial committee resolutions to preserve the company and its reputation at local, regional, and international levels, thereby protecting national revenue-generating companies from economic disputes.
He accused the Houthis of exploiting the company’s activities and reputation, built over 61 years, by diverting the company’s operations and obfuscating the import of raw materials while preventing the export of products to the company’s branches in liberated provinces. This tactic aims to dry up revenues for the legitimate government and facilitate smuggling operations and counterfeiting.
Al-Eryani called on the international community and the United Nations not to remain passive in the face of the Houthi militia’s systematic targeting of commercial enterprises and national capital that have persevered despite challenging circumstances.
He warned that such actions threaten to collapse the economic situation and exacerbate humanitarian suffering. Al-Eryani also urged an immediate move to classify the Houthi militia as a "global terrorist organization," holding its leaders accountable to ensure they do not escape punishment.