The Geneva company M3 is on the brink of collapse, as reported by the Tribune de Genève.
At one point the company had interests in everything from properties, health and banks. In 2022, it employed 1,500 people. Now it has 150.
The group is headed by the businessman, Abdallah Chatila. It thrust itself into the limelight during the pandemic by sourcing thousands of masks from China, before setting up its own manufacturing plant. It also ran covid test centres.
But the company borrowed CHF 70m to acquire a Russian bank. The investment hasn’t worked out and now the loan’s been called.
It’s reported that’s not the only lawsuit the company faces.
A court has frozen its assets.
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