Al-Badia Cement Company, located in Abu al-Shamat, Rural Damascus, was licensed in 2006 with a capital of 1.97 billion Syrian pounds (approximately 200 million USD at that time). The company was a joint venture between Syrian, Saudi, and Dutch investors. Production ceased for a considerable period due to the ongoing war. However, in 2019, the company was listed on the Damascus Securities Exchange for the first time after the factory resumed production. This official document from the Ministry of Internal Trade and Consumer Protection reveals that the company's ownership has recently undergone a change. It now includes a French company called "MINAF S.A.S." alongside new Syrian investors.

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These developments appear to contradict the provisions of the Caesar Act, which explicitly seeks to prosecute those involved in rebuilding efforts in areas under the regime's control (Section 103/C). This is particularly relevant as many areas undergoing reconstruction are built on land that has been directly or indirectly expropriated, as seen in the projects of Basilia City and Marota City.

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Clarification (April 28th): 
Our earlier claim that MINAF S.A.S. had recently joined the Syrian cement market was incorrect. In fact, it was one of the founding members of the company in 2006.

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The reason for our mistake lies in our visit to al-Badia Cement's official website. The French company's name was absent, which contradicted the new company statutes, which were approved last year and can be found below. This led us to assume that MINAF S.A.S. was a new partner. It has since been confirmed, by both the economic journal al-Iqtisadi's publication in 2018 and our friend Jihad Yazji, that the French company sold its stake in 2018.

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Despite the company's claim of withdrawing in 2018, the new internal regulations of al-Badia Cement indicate that it remains a shareholder.

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Which information is accurate?