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Is the Michel Catalogue racist?

Wolfgang Maier once more presents us with a puzzle. As we reported recently (see Michel update) he is more than happy to pronounce stamps illegal that have been issued under a legal contract.

We have obtained a copy of another contract issued to the notorious Impressor S.A. and signed by the same official who issued the contract to our source.

Contract page 1 Contract page 2
Contract page 3

Mr. Maier seems to find this contract perfectly acceptable as the basis for the legality of the stamps produced by Sako Khatchikian of Impressor and happily includes them in his dreadful catalogue.

What is the difference between our source and Sako Khatchikian?

Is it all about which country they were born in?

Can Mr. Maier show any other reason why he would differentiate between stamps issued under exactly similar contracts with the Chad Post Office?

The philately trade has enough to contend with, without racist attitudes affecting the way the business is conducted.