Yemen's Kamran Company warns of Houthi attempts to confiscate its assets, exploit its brand in suspicious dealings

The Yemeni company Kamran for Industry and Investment warned against the Houthi's attempts to seize the company's assets and funds through an illegal assemble called "General Assembly".

"Such assemble aims to embezzle the company's revenues, which are one of the main sources of funding for the state's public treasury, and to harness them for carrying out illegal business activities and money laundering, exposing the company and its famous brand to international economic sanctions". The company said in a statement on Thursday.

The statement confirmed the illegality of the meeting held on September 30, 2024, and all actions taken during it, as it lacked the legal quorum, was held unilaterally, in the absence of the majority of the capital, in violation of the law and the company's bylaws and its 2014 amendments, and without an invitation from the board of directors.

"One of the arbitrary steps taken by the Houthis is seeking to seize the company's funds and assets, including properties and lands, and changing shareholders through pressure and intimidation, with the aim of Houthizing the company and taking control of it, or dropping it in favor of companies that have been established and have a special law to support them over others to establish future factories. They are now engaged in smuggling cigarettes of brands "Shamlan, Manchester". The statement added.

"On the other hand, the Houthis, especially after the reopening of the port of Hodeidah, exploited the company's activity and its commercial reputation that was built over 61 years of leadership and building trust with banks and financial institutions, deviating in the company's activities, importing raw materials in a mysterious way, and preventing the export of products to the company's branches in the liberated provinces, in order to dry up any revenues for the Yemeni legitimate government, and open the way for smuggling and counterfeiting cigarettes". The statement further said.