By Taher Hazam
A source in the Yemeni and British Tobacco and Sulfur Company revealed that a Yemeni court has dropped the case filed by Tawfik Saleh, the son of the former president’s brother “Ali Abdullah Saleh”. The case was filed against the Yemeni and British Tobacco and Sulfur Company because the of cessation of Tawfik Saleh’s salary by Nabil al-Faqih, the new manager of the company’s Board of Directors and the Minister of Tourism.
According to the same source, the Yemeni court dropped the case because Tawfik Saleh didn’t retire but was fired by President Abed Rabbo Mansour Hadi on 6 August 2012 by presidential decree No. 106. Tawfik was accused of corruption in the company, but denies that, saying “Any accusations against him lack validity unless issued by a court ruling.” Moreover, his sacking was from the government’s stake in the company, depriving Tawfik of his salary which was given to him as an incentive because he is an employee in another government body and receives a salary.
Since Nabil al-Faqih has taken over the Yemeni and British Tobacco and Sulfur Company’s management, the company has begun diversifying its investments in projects such as medicine, water, and real estate, rather than traditional investment such as treasury bills. Al-Faqih is also interested in the training and advancement of employees who wish to pursue academic qualifications.
The Yemeni and British Tobacco and Sulfur Company was founded in 1963 as a Yemeni-British joint venture. Domestically, the Yemeni government owns 27.81% of the company’s capital, the Yemeni Bank for Reconstruction and Development owns 13.66% and the IPO is valued at 33.53%, while internationally, the British Tobacco Company owns 25%. The company’s capital is about YER 7 billion.