Khaberni - The lawyers Ziad Sabbagh and Tareq Madua'in, representing the former assistant general manager of Social Security Yasser Akroush, issued a legal notice on July 2, 2025, through a notary public at the Amman Court of First Instance.
The legal notice was filed against the Social Security Corporation, the Social Security Investment Fund, a representative of the corporation on the board of directors of Jordan Cement Factories Company, engineer Mohammad Hashem, and Rama for Investment and Savings, wholly owned by the Social Security Corporation, and its representative Ahmed Mutlaq.
Sale of lands in Fuhais
According to the legal notice, the Social Security Corporation, the Social Security Investment Fund, and Rama for Investment and Savings collectively own more than 20% of Jordan Cement Factories Company.
The notice indicated that the company's board of directors, with the approval of Social Security representatives and the insolvency trustee, agreed to sell lands owned by the company covering an area of about 420 dunams located in Umm Al-Arayes and Abiyyeh basins in the town of Fuhais.
It clarified that the lands were sold to a number of banks and financial institutions, including Arab Bank, Jordan Kuwait Bank, Arab Banking Corporation, Housing Bank for Trade and Finance, and Societe Generale.
Sold at reduced prices
The notice mentioned that the lands were sold at prices significantly lower than their market value, without following the conventional legal procedures such as public auction or adopting independent market valuation.
The notice also pointed out that the company's board of directors also agreed to pay off a debt to an affiliated company, Lafarge Holcim, through the transfer of ownership of more than 110 dunams of the company's lands.
Losses estimated in tens of millions
The notice estimated the value of mismanagement of the company's assets and shareholders at about 70 million Jordanian dinars, while the losses that may affect the Social Security Corporation are estimated at more than 15 million dinars, according to its share in the company.
The locations of the lands were highlighted as geographically distinctive in Fuhais, and they are considered as high-value investment lands in the region.
Demand to halt procedures
The notice demanded the halting of land ownership transfer procedures, reevaluation of their market value, and explanations about the procedures adopted by the Social Security Corporation, the investment fund, and Rama company when approving the land sales.
The notice also granted the involved parties a 15-day deadline to undertake the necessary legal actions to recover the assets for Jordan Cement Factories Company.
Complaint to the Integrity and Anti-Corruption Commission
In the same context, a formal complaint was filed with the Integrity and Anti-Corruption Commission, requesting an investigation into the case based on the Integrity and Anti-Corruption Law No. 13 of 2016.
The complaint demanded referring the file to the public prosecutor specialized in corruption cases, imposing precautionary measures including provisional seizure of the defendants' assets and travel bans, in addition to recovering the public funds wasted and compensating for the damages to the assets of the Social Security Corporation and its participants.
It should be noted that a lawsuit has been registered at the Amman Court of First Instance against the Social Security Corporation, Social Security Investment Fund, Rama for Investment and Savings LLC (wholly owned by the Social Security Corporation with 100% shares) and Jordan Cement Factories Company (which is owned by the Social Security Corporation with over 23% shares)
and the insolvency trustee of Jordan Cement Factories Company, Rafiq Duweik, concerning the invalidity of the debtor's (Social Security) transactions by selling lands of Jordan Cement Company in Fuhais.
The case is currently being considered by the case management judge, and the defendants are being notified.
The lawsuit demands, after trial and proof, the declaration of inadmissibility of the transactions and cancellation of the sale contracts.
