30 January 2015

ActionAid: Standard Chartered publicised tax avoidance strategy for use in some of the world’s poorest countries

One of Africa’s most high-profile banks – Standard Chartered – publicised the advice of a Mauritius-based financial company on how to avoid tax in some of the poorest countries in the world, a new ActionAid report states.

The FTSE-100 bank which operates in 15 African countries published the advice in its Standard Chartered Insights 2013/2014. The publication is aimed at company treasury departments.

The tax avoidance advice – which is entirely legal – can be used to avoid potentially hundreds of millions of dollars in tax in some of the poorest countries in Africa. It suggests structuring investments through Mauritius in order to avoid capital gains tax and withholding tax.

The OECD estimates that developing countries lose three times more to tax havens than the amount they receive in aid each year. According to ActionAid research, almost half of all investment into developing countries goes through tax havens.

This is money that otherwise can be used to build schools and hospitals and reduce aid dependency.

The need for African nations to improve revenue collection is widely recognised. On 31 January the heads of states of the African Union will discuss a report from the High Level Panel on Illicit Financial Flows chaired by former president of South Africa Thabo Mbeki which examines how African nations can prevent the loss of billions of dollars of tax revenue – which could otherwise be invested in vital services. 

ActionAid is not suggesting that the use of the investment structure described in Standard Chartered Insights 2013/2014 is unlawful or would constitute an “illicit financial flow”.

Standard Chartered state the inclusion of the strategy in a chapter authored by an external Mauritius-based company does not constitute the bank’s own advice or opinion.

ActionAid International Africa Advocacy Co-ordinator Henry Malumo said:

Tax avoidance by large corporations means poor countries lose billions of dollars in revenue.

Standard Chartered does lots of good work in Africa providing financial services that help grow local economies that help reduce poverty.

But by publishing this tax strategy – albeit the advice of an outside firm and not their own – they are contributing to a culture whereby companies are exploring ways to dodge tax in very poor countries.

Among the countries that could be affected by the strategy is Mozambique – where the tax advice published suggests capital gains tax could be reduced from 32 percent to 0 percent if the corporate “structuring possibilities” described in the advice are utilised.

Other countries that could be potentially affected either now or in the future include Kenya, Nigeria, Uganda and Zimbabwe.

ActionAid International Director of Policy, Research, Advocacy and Campaigns Ben Phillips said:

We want to see developing countries able to fund the critical services required to reduce poverty. And tax revenue is an important way of doing this.

Attacking Low-Tax Jurisdictions Will Not Help Africa’s Growth

The new millennium has brought unprecedented growth and prosperity to much of the developing world.

It would be a pity if increased fiscal burdens – such as higher corporate tax rates – were to put sand in the gears of that growth and undermine this happy period of economic expansion. Unfortunately, a toxic combination of government overreach and advice by well-meaning but misguided NGOs might accomplish exactly that.  


Controversy over OECD changes to permanent establishment rules

Multinational corporations are opposing new international proposals that would lower the threshold for finding that a company has a permanent establishment in a particular jurisdiction.

29 January 2015

IRS to tax cheats: Stop hiding your money offshore

The IRS has been cracking down on tax cheats trying to hide money in offshore accounts. But it's still one of the top tax scams out there.


The era of offshore bank secrecy is dead

By 2018 Canada will join an agreement with 85 other countries including traditional tax havens such as Liechtenstein, the British Virgin Islands, and the Cayman Islands. The information being exchanged includes account balances, interest payments, and beneficial ownership

The entry into force of the Nairobi Convention on Wreck Removal: is it a big deal?

The Nairobi Convention will come into force in April 2015. It provides a strict liability regime for the removal of hazardous wrecks in Exclusive Economic Zones, with states able to pursue owners for compensation when forced to carry out remedial measures themselves. Direct action against insurers is also permitted but the relevant states’ powers are curbed by the requirement to ensure that measures taken are proportionate to the hazard. The immediate impact of the Convention is likely to be limited but it nonetheless represents a step towards global uniformity in this currently inconsistent area of law and practice.

India's largest firm Amarchand splits as brothers battle over equity stake

When Indian firm Amarchand Mangaldas Suresh A Shroff & Co splits in two on 1 April this year it will bring an end to the history of one of India’s oldest and best-known law firms

Risky Business: The Prosopography of Corporate Tax Planning

We trace the history of corporate tax planning from a compliance-focused activity to a profit-enhancing endeavor to a risk management center. Tax directors of U.S. multinational corporations face unprecedented global pressures from taxing jurisdictions seeking to increase their share of the enterprise’s worldwide taxes. Increasingly, corporations must consider the risks that a tax strategy will impose on them, not only in terms of potential lost revenue, but also in terms of reputation and market share. We discuss the components of tax risk management in today’s global environment and speculate how future corporate tax planning will change in light of the Organisation for Economic Co-Operation and Development Base Erosion and Profit Shifting project.

The Traveller (January 2015): Go Ara in Mauritius


China Offshore: Hong Kong Banks Shut Down U.S. Accounts Rather Than Deal with FATCA

The costs of locating, monitoring and reporting on a U.S. held or controlled account must be weighed against the benefits of serving the client. In short, it is often easier and more cost efficient for Hong Kong institutions to simply shut down the accounts of, or reject applications from, American clients, rather than shouldering the costs of complying with FATCA or the penalties for not doing so.

China Offshore: Pudong Fuels Offshore Financial Pilot Zone, Cross-border Wealth Management Promising

The Shanghai District of Pudong announced at the Shanghai International Hedge Fund Summit that it will set up an ‘offshore-finance pilot zone’ to carry out cross border wealth management. This statement is backed by a recent decision from the State Council Executive Committee to expand certain Shanghai FTZ features to all of Pudong. Details are still being worked out, but the Director of the Pudong Financial Services Bureau Private Fund Industry Development Office revealed that the intention is to accommodate 20 to 30 of the top international asset managers in the pilot zone.

27 January 2015

FSC Mauritius issues Circular Letter on Competency Standards for Insurance

The Competency Standards issued by the Financial Services Commission, Mauritius (the "FSC Mauritius") came into force on 01 January 2015. In this respect, the FSC Mauritius would like to remind all insurers and insurance brokers of their obligations under the Competency Standards.

1. Obligations of insurers

1.1. Upon application for registration of an insurance salesperson, the insurer shall submit to the FSC Mauritius a Statement of Declaration attesting that: 
   1.1.1. Relevant training has been provided to the Insurance Salesperson;
       1.1.2. A Certificate of Character has been submitted by the Insurance Salesperson.

1.2. Upon application for a licence by an insurance agent, the insurer shall submit to the FSC Mauritius a Statement of Declaration attesting that:
       1.2.1. Relevant training has been provided to the insurance agent or to the designated officer(s) of the insurance agent (Company);
       1.2.2. A Certificate of Character has been submitted by the insurance agent or the designated officer(s) of the insurance agent (Company).

1.3. Insurers shall notify the FSC Mauritius of any proposed training to be provided to insurance salespersons and insurance agents in accordance with Annex 4 of the Competency Standards. The notification shall be provided to the FSC Mauritius at least 5 working days prior to the commencement of the training.

1.4. Insurers shall have the ultimate responsibility to ensure that the training cover the appropriate technical competency requirements prescribed under the Competency Standards.

1.5. Insurers shall maintain the records of any relevant training attended by insurance salespersons and insurance agents, including an attendance sheet of the participants.

1.6. Insurers shall keep records of the structured CPD activity completed by insurance salespersons and insurance agents acting on their behalf. Such CPD records must be made available for inspection by the FSC Mauritius, at any time, upon request.

2. Obligations of insurance brokers and re-insurance brokers

2.1 Insurance brokers and re-insurance brokers licensed prior to 01 January 2015 shall seek the approval of the FSC Mauritius for the appointment of at least one designated officer by 01 January 2016.

2.2 Upon appointment of a broking staff, insurance brokers and re-insurance brokers shall submit to the FSC Mauritius, a Statement of Declaration attesting that:
     2.2.1 The broking staff meets the minimum competencies and is deemed competent;
       2.2.2 A Certificate of Character has been submitted by the Broking Staff.

2.3 Insurance brokers and re-insurance brokers shall keep records of the structured CPD activity completed by their designated officer(s) and their broking staff. Such CPD records must be made available for inspection by the FSC Mauritius, at any time, upon request.

Criminal Capital - How the Finance Industry Facilitates Crime

In the first book to expose the role played by the international financial services industry in facilitating crime and laundering criminal property, one of the world's leading anti-financial crime specialists scrutinises the vulnerability of banks, brokerages, trust companies, and investment funds to criminal abuse.

Discover:
  • How the finance industry enables corruption, drug trafficking, terrorism, human trafficking, proliferation, piracy, and tax evasion
  • Why extreme and dangerous industry behaviour correlates with the risk taking that toppled the global economy in 2008 
  • What measures can be taken to prevent criminals from compromising the legitimacy of the global financial system 
Examining the role of the traditional powerhouse financial centres as well as offshore centres and rapidly emerging international financial centres in the Middle East, Africa, and Asia, this highly informative book challenges the reader to consider whether following the 2008 crisis, sufficient steps have been taken to address toxic behaviours in financial services; or whether radical reform is needed.

About the Author

Stephen Platt is a highly respected practitioner of financial crime prevention and the conduct of related regulatory investigations. He is an English Barrister and an Adjunct Professor at Georgetown University in Washington D.C. Over the past 20 years he has been engaged in several high profile matters involving money laundering, corrupt public officials, drug trafficking, terrorism, piracy, proliferation, sanctions, and fraud. Stephen has trained several national and supranational law enforcement and regulatory agencies. He was co-opted by the World Bank into both the Stolen Asset Recovery Initiative (StAR) and the Illicit Financial Flows from Somalian Piracy study. Stephen consults for the regulatory investigation specialists, Stephen Platt Associates LLP.

Table of Contents
  1. Harmful Practices
  2. Money Laundering Models 
  3. Onshore/Offshore Dichotomy 
  4. Drug Trafficking
  5. Bribery and Corruption 
  6. Piracy 
  7. Human Trafficking / Smuggling of Migrants 
  8. Terror Financing
  9. Sanctions
  10. Tax Evasion 
  11. Causes and Solutions


26 January 2015

Praxis and IFM to merge

Guernsey-based Praxis Group and Jersey-based IFM Group have announced plans to merge and create one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands.

Subject to regulatory approval, the new group will be known as PraxisIFM to reflect the merger of two existing businesses of a similar size with strong performance, proud histories and solid reputations. With combined revenues of over £23 million, assets under administration of more than $30bn, nine offices around the world and over 200 people, PraxisIFM will offer private and corporate clients an increased range of services and a global footprint.

‘As long-standing, independently-owned and managed businesses, Praxis and IFM share similar values and culture. Both businesses strive to offer excellent client service, added value and continuity of teams. These will remain at the heart of the PraxisIFM Group,’ said Brian Morris, who will become the merged group’s executive chairman.

PraxisIFM will continue to focus on delivering outstanding private client services, fund administration, corporate and trade services including cross-border trade facilitation, asset finance, pensions and treasury operations. PraxisIFM’s offices will be located in Guernsey, Jersey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius and Dubai, with representation in the UK. Nearly two-thirds of the group’s people are professionally qualified or working towards qualification.

It will be led by a group-wide board of directors, headed by Mr Morris and chief executive officer Simon Thornton.

Mr Morris said the group would be genuinely independent, something which was important to many lawyers, accountants and other advisers and their clients.

‘Both businesses are enjoying strong growth. With an increasingly global market, this merger means that the new PraxisIFM Group can significantly increase the range of products, services and jurisdictions offered to all clients. We will continue to focus on our core strengths whilst at the same time increasing our overall service offering, investing in clients’ future needs, and providing more career opportunities for our people,’ he said.

‘Unlike many other businesses in our sector, we will remain truly independent – something which many clients and their professional advisers really value.’

Dr Thornton said the wealth of talent within PraxisIFM would strengthen its client offering.

‘At the heart of our merger are our clients. At the heart of any client relationship are our people. This merger will enable us to maximise the potential of our people for our clients’ benefit, add to our existing specialisms and services, and create exciting new opportunities,’ he said.

‘Both existing businesses are dynamic and enterprising. That is the very nature of them. PraxisIFM will be even more so – building on strong foundations laid down over the past 40 years and with exciting opportunities ahead.’

Wyvern Partners have assisted with the transaction.

25 January 2015

Many companies opt for arbitration in Mauritius to meet norms

Several foreign companies routing their investments to India through Mauritius have opted for arbitration in the island country to satisfy the "substance" requirement.


The challenge from the Indian perspective is that once GAAR (General Anti-Avoidance Rule) is implemented in India, merely having an arbitration clause in the constitution documents might not protect these GBC1 companies. However, having a full-time employee or an office in Mauritius, or incurring expenditure within Mauritius might provide them better protection against GAAR.

24 January 2015

Le Portugal, nouvel eldorado pour les retraités français ?

Le site retraite-etranger.fr vient d’établir son traditionnel classement des pays les plus attractifs. Lauréat 2015, le Portugal ! La Thaïlande et le Maroc détrôné complètent le podium. En quatrième position, on retrouve l’Île Maurice (sur le podium en 2014) et son climat favorisant l’héliotropisme. Cinquième du classement, l’Espagne, essentiellement pour sa proximité avec l’Hexagone. Suivent, Bali, la République dominicaine, la Tunisie, le Sénégal et le Brésil. Autant de destinations pour lesquelles les notes sur le coût de la vie, (critère pesant le plus dans la note globale, suivi du climat) ont été fixées sur la base d’un panier de 30 produits et services communément consommés par un couple achetant local (alimentation, habillement, hygiène, loisirs, carburant, etc.). Couple à qui il ne restera plus qu’à faire ample provision des vertus de la retraite !

Foreign investment in Africa: A sub-Saharan scramble

Private-equity investors are getting hot for Africa. Businesses there need all the capital on offer, and more

BIZweek Edition 29 – Samedi 24 Janvier 2015

  • Nishith Desai: “Mauritius Helped India When It Was Bankrupt
  • Percy Mistry - How Can An Economy Like Mauritius Expect To Grow?
  • Westminister Financials - La FSC a bouclé son enquête

23 January 2015

UK: Win a week in beautiful Mauritius

Enter this fantastic competition to win a week’s holiday for two in a tropical paradise, including return British Airways flights

The Prize Draw closes at 23:59 on 30 April 2015

STEP - Scam Alert: Hotel Room Reservations Services from Exhibitor Housing Services (EHS)

A third-party company, Exhibitor Housing Services (EHS), is contacting our Mauritius conference speakers and exhibitors, introducing themselves as the official ‘housing bureau’ for the event or as a representative from the InterContinental Resort Mauritius or STEP and offering room rates lower than those quoted on our website.  This is not the case. EHS is not affiliated in any way with STEP or with the InterContinental Resort and we believe they will charge you an undisclosed booking fee in addition to the rates they are quoting.

We would strongly recommend that you do not give any personal information, including credit card details to EHS or any other unknown vendor.  If you receive an e-mail from EHS, please forward to it to events@step.org

In order to guarantee your hotel reservation, please go to the venue page on the STEP Mauritius Conference website http://www.step.org/venue-mauritius for full details of rates and how to book.

22 January 2015

US $26M disinvested from Mauritius Stock Exchange in 2014: statistics

At least 26 million U.S. dollars was disinvested by foreign investors from the Mauritius Stock Exchange in 2014, statistics released Wednesday by the Bank of Mauritius have shown.

During the year, foreign investors bought shares worth 176 million dollars at the Mauritius Stock Exchange, but sold shares worth 202 million dollars.

Most of the sales occurred towards the end of the year, the bank said, adding that most share purchases happened in the month of May.

Statistics released early this year showed that Mauritius Stock Exchange posted record transactions in 2014, with total volumes of over 623 million U.S. dollars.

The figure represents a 30 percent increase when compared to the volume of transactions in the previous year which reached 476 million dollars.

21 January 2015

Goût de France / Good France : un dîner pour célébrer la gastronomie autour du monde (19 mars 2015)

Le jeudi 19 mars 2015, 1500 dîners seront proposés dans les restaurants et ambassades de 150 pays répartis sur les 5 continents, afin de célébrer la gastronomie française en invitant le public à partager un « dîner français ». Dans chaque restaurant participant, l’évènement rendra hommage à une cuisine vivante, ouverte et innovante, tout en restant fidèle à ses valeurs : partage, plaisir, respect du bien-manger et de la planète.

Goût de / Good France est organisé à l’initiative d’Alain Ducasse et du ministère des Affaires étrangères et du Développement international.
Laurent Fabius a déclaré lors de la présentation du projet : « Le patrimoine de la France, c’est la cuisine, ce sont les vins, (…) le repas à la française est inscrit depuis 2010 au Patrimoine mondial de l’UNESCO, mais c’est un patrimoine qu’il ne faut pas seulement contempler ou glorifier ou savourer, c’est un patrimoine qu’il faut faire fructifier et mettre en valeur ».

Pour Alain Ducasse : « La cuisine française est l’interprète d’une cuisine qui a évolué vers la légèreté dans l’harmonie avec son environnement (…) le point commun c’est la générosité, le partage, l’amour du beau et du bon, il s’agira d’une parenthèse enchantée, l’occasion de fêter la cuisine française partout dans le Monde ». 

S’inspirant d’Auguste Escoffier qui initiait en 1912 « les Dîners d’Épicure » — le même menu, le même jour, dans plusieurs villes du monde et pour le plus grand nombre de convives — Goût de / Good France reprend cette belle idée avec la volonté d’associer des restaurants aux quatre coins du monde.

Les chefs proposeront dans leurs établissements un menu « à la française » avec un apéritif de tradition française, une entrée froide, une entrée chaude, un poisson ou crustacé, une viande ou volaille, un fromage français (ou une sélection), un dessert au chocolat, des vins et un digestif français, tout en restant libres de mettre en valeur leur propre tradition/culture culinaire.

Une cuisine accessible à tous, du bistrot aux tables d’exception, réalisée à partir de produits frais de saison et issus du terroir local, avec moins de graisses, de sucres, de sel et de protéines. 

Le prix du menu est à la discrétion du restaurant et chacun est encouragé à reverser 5% des ventes à une ONG locale oeuvrant pour le respect de la santé et de l’environnement.

Un voyage gastronomique

C’est une véritable invitation au voyage que la France adresse au monde : réunir plus de 1500 chefs des 5 continents qui s’approprieront les atouts de la gastronomie française pour exprimer leur talent à travers 1500 menus. 

Dès le 21 janvier 2015, l’ensemble des restaurants participants est présenté sur le site goodfrance.com. 

Sur les 5 continents, chacun pourra identifier les participants situés dans sa ville / son pays et réserver en contactant directement le restaurant de son choix.

De nombreux chefs ont d’ores et déjà intégré leur menu sur le site internet permettant à tous d’imaginer le dîner qu’ils savoureront le 19 mars.

Un comité international de chefs

Les restaurants du monde entier - de la haute cuisine à la cuisine de bistrot - ont été invités à candidater sur le site www.goodfrance.com, en proposant un menu valorisant la tradition culinaire française.

Un comité international de chefs, présidé par Alain Ducasse, a validé la liste des chefs participants, parmi eux Paul Bocuse (France), Raymond Blanc (Royaume-Uni), Thomas Keller (Etats-Unis), Kiyomi Mikuni (Japon), Paul Pairet (Chine), Joël Robuchon (France), Nadia Santini (Italie), Guy Savoy (France)…

Une occasion unique de savourer et faire savourer la France
Ce voyage gastronomique illustre parfaitement deux éléments importants de la culture française : la mise en avant des terroirs et l’ouverture sur le monde.

L’occasion de partager avec le plus grand nombre des valeurs qui sont chères aux Français et qu’il faut continuer à défendre avec ardeur : la convivialité, le respect de la planète et des ressources qu’elle porte. Et très important : le plaisir.

Plus que jamais, la gastronomie est un élément phare de la France et de sa culture. 60 % des touristes visitant l’hexagone en font une véritable motivation.

Au delà des restaurants participants, les ambassades françaises relaieront également l’opération en organisant de leur côté des dîners dans les résidences des ambassadeurs. « Ce sera la parfaite illustration du classement au patrimoine culturel de l’humanité par l’Unesco du repas gastronomique des Français », a déclaré Laurent Fabius. « C’est aussi un moyen de rendre plus attractive la destination France » précise de son côté Alain Ducasse.

Ile Maurice restaurants/chefs participants:

La Rose Des Vents, Labourdonnais Caudan Waterfront - Port Louis
Chef: Nizam Peeroo 
Le Château De Bel Ombre, Domaine de Bel Ombre, Chef: Ravi Kanhye 
Le Courtyard Restaurant, Port Louis, Chef: Mootoosamy Vasoo Alankalee 
Le Whatever Tamarin Mauritius, Chef: Alain Guinaudeau 
Beach Rouge LUX Belle Mare, Belle Mare, Chef: Vincent Rodier 
Château Mon Désir Maritim – Balaclava, Chef: Eric Poutot, 
La Clef des Champs Floréal , Chef : Jacqueline Dalais,
La Goélette , Royal Palm - Grand Baie, Chef: Michel De Matteis


Château Mon Désir
Chef : Poutot Eric

Menu

Entrée froide :

Carpaccio de coquilles St Jacques marinées avec une vinaigrette à l’huile d'olive AOC de Menton parfumée avec son jus de coriandre et citron, croquettes de saumon et son caviar de poisson. 

Entrée chaude :

Crème de Polenta à la truffe d’hiver servie avec son oeuf de caille frit parsemé de dés de foie gras. 

Soupe 

‘Valérie Giscard d’Estaing’ de Paul Bocuse 

Poisson ou crustacé :

Bar de la Méditerranée flambé au fenouil servi avec une ratatouille provençale accompagné de sa cassolette de moules marinière 

Viande ou volaille :

Tournedos de filet de bœuf ‘Rossini’ servi avec pommes de terre façon Venassienne, endives caramélisées et ses jeunes carottes fondantes, sauce Pommerol 

Fromage :

Assortiment de 5 sortes de fromage français affinés par un maître fromager servis avec des tranches de pain aux fruits confits 

Dessert :

Soufflé au chocolat ‘Callebaut’ servi avec sa crème glacée à la vanille faite maison 

Prix du menu :
Rs 4700

La Clef des Champs
Chef : Jacqueline Dalais

Menu

Entrée froide :

Calisson fondantde langouste 

Entrée chaude :

Cappuccino d'oursins de nos mers, Tuille de pain à l'ancienne grillée aux herbes 

Poisson ou crustacé :

Pavé de saumon aux noix de St Jacques & girolles, Sauce crémée 

Viande ou volaille :

Epaule d'agneau confite, tranches d'aubergines et artichauts frais 

Fromage :

Bleu du Queyras, Pyrénées Brobis (Fromage au lait de Brebis), Beaufort Réserve (au lait de vache), Brie de Melun, Vieux conté Extra 

Dessert :

Succès Praliné 

Prix du menu :
Rs 3000 TTC

La Goelette
Chef : Michel De Matteis

Menu

Entrée froide :

Marbré de foie gras de canard au thon Albacore et fruits exotiques 

Entrée chaude :

Mousseline de crevettes tigrées, biscuit de cocotier 

Poisson ou crustacé :

Petit salé de la mer de la créole 

Viande ou volaille :

Croquant d’agneau aux céréales, endives caramélisées aux épices 

Fromage :

Sélection de notre maitre fromager Hervé Mons 

Dessert :

Dome vanille passion, sorbet noix de coco 

Prix du menu :
Rs 4200


La Rose Des Vents
Chef : Nizam Peeroo

Menu

Entrée froide :

Rouelle de Coeur de Palmier Pochée, Tartare de chair de crabe FaiFai, Sauce emulsionnée au Combava 

Entrée chaude :

Poêlé de Foie gras de Canard de Terracine au suc de mangue 

Poisson ou crustacé :

Filet de Vieille Rouge cuit au four accompagé de son Maki de pomme d'amour, Filament de piment craquant de pois mange tout, beurre blanc parfumé au feuille de carri poulée 

Viande ou volaille :

Longe de cerf cuit en basse température, mousseline d'Arouille, étuvé de brède malabar et son jus de cuisson relevé au baie rose 

Fromage :

Rôti de Camembert cerneaux de noix, Miel organique Niaouli 

Dessert :

Sphère au chocolat, chiboust de banane figue caramélisée au sucre de muscovado et flambé an rhum brun de chamarel 

Prix du menu :
Rs 1800 (Inc.Vat) (45 Euro)


Le Château De Bel Ombre
Chef : Ravi Kanhye

Menu

Entrée froide :

Cuisse de canard en rillettes, copeaux de magret fumée et salade d’asperges croquantes 

Entrée chaude :

Bisque de langouste et sa mousse au caviar 

Poisson ou crustacé :

Filet de saumon mi-cuit au sel noir, sauce champagne et jeunes légumes confits à la truffe 

Viande ou volaille :

Tournedos de « Bœuf Rossini » et sauce madère 

Fromage :

Assiette de fromages affiné ; Reblochon fermier, Tomme de Savoie et Vieux comté 

Dessert :

Mille-feuille au chocolat 

Prix du menu :
Rs 3500

Le Courtyard Restaurant
Chef : Mootoosamy Vasoo Alankalee

Menu

Entrée froide :

Cœur de Palmier frais en salade, dés de thon Albacore Mesclun et sa vinaigrette aux agrumes 

Entrée chaude :

Escalopés de foie gras poêlé, Crème de Cassis réduite, salsa d’avocats 

Poisson ou crustacé :

Noix de St Jacques poêlé et scampi grillé sur un lit forestier Emulsion de jus de crustacés 

Viande ou volaille :

Magret de canard poêlé à la fleur de sel ou Carrée d’agneau rôti Panachés de pommes de terre sautées Julienne de mangetout 

Fromage :

La ronde de la vachère (Camembert AOP, Crottin de Chavignol, Bleu d'Auvergne) 

Dessert :

Coulant au chocolat noir, Crème glacé maison au miel et gingembre 

Prix du menu :
Rs 2150

Le Whatever
Chef : Alain Guinaudeau

Menu

Entrée froide :

Enroulé de feuille de calamar au crabe, palmiste et combawa, bohémienne glacée de jeunes légumes, tuile craquante à l'encre de seiche 

Entrée chaude :

Oeuf parfait, mousseline de giraumon, chantilly au lard boucané et croustillant parmesan-toucmaria 

Poisson ou crustacé :

Pot au feu de vieille laboue en nage de crustacés à la citronelle et légumes fondants 

Viande ou volaille :

Roulade de suprêmes de volaille au foie gras et badames, jus réduit, espuma d'arouille et brède tom pouce laqué 

Fromage :

Tranche crémeuse de brie de Meaux, mesclun bio d'ici 

Dessert :

Tarte fine chocolat guayaquil, sorbet aux goyaves et épices, zéphyr coco 

Prix du menu :
4750 Rs avec champagne, vins et digestif français inclus

LUX Belle Mare
Chef : Vincent Rodier

Menu

Entrée froide :

Gravlax de thon jaune, coeur de palmier croquant, jaune d'oeuf de caille poché au vieux rhum de Chamarel, milkshake d'avocat 

Entrée chaude :

Consommé clair de langouste infusé aux feuilles de Kaffir, ravioles de langouste, perle de bisque au gingembre 

Poisson ou crustacé :

Sacré-chien en croute de gateau piment, émulsion de sauce rougaille, barigoule de chou-chou et chorizo 

Viande ou volaille :

Carré d'agneau façon Rogan Josh gratiné aux fruits moelleux, samoussa d'épaule confite au citron, condiment d'ail 

Fromage :

Gaperon de mes terres affiné par la maison Mons, pétale de litchi confit 

Dessert :

Truffle en duo, fleur de cacao et thé au jasmin 

Prix du menu :

Rs 2000

Goût de France / Good France Menu for Mauritius

Mauritius: Launch of a new Fund - NJ Global Opportunities Fund

NJ Group, a leading player in the Indian financial services industry has launched a new Fund "NJ Global Opportunities Fund" on 21 January 2015 at 3.00 pm at Labourdonnais Waterfront Hotel, Port Louis, in the presence of The Honourable Pravin Kumar Jugnauth - Minister of Technology, Communication and Innovation, The Honourable Sudarshan Bhadain - Minister of Financial Services, Good Governance and Institutional Reforms and Mr Nishith Desai, the Founder and Managing Partner of Nishith Desai Associates.

Cim Global Business which is part of Cim Group is acting as the Management company and has been instrumental in setting up NJ Group GBL1 companies & its subsidiaries in Mauritius.

Goût de France / Good France: a dinner to celebrate gastronomy worldwide (March 19, 2015)

On Thursday, 19 March 2015, in 150 countries around the world, restaurants and embassies will offer 1500 dinners to celebrate France’s gastronomy by inviting the public to share a “French dinner”. In each participating restaurant, the event will pay tribute to a vibrant, open and innovative cuisine, while remaining true to its values of sharing, pleasure, respect for good food and for the planet.

The Goût de France/Good France project is being organized on the initiative of Alain Ducasse and the Ministry of Foreign Affairs and International Development.
During the project’s presentation, Laurent Fabius said: “France’s heritage is its cuisine, its wines, (...). The Gastronomic meal of the French has been on the UNESCO World Heritage list since 2010, but it is a heritage that should not simply be contemplated, glorified and savoured; it is a heritage that should be built upon and showcased.

In the words of Alain Ducasse: “French cuisine is the interpreter of a cuisine that has evolved towards lightness in harmony with its environment... The common point of this event is generosity, sharing and the love of what is beautiful and tastes good. It will be a delightful interlude and an opportunity to celebrate French cuisine worldwide.

Inspired by Auguste Escoffier, who launched the “Dîners d’Épicure” (Epicurean Dinners) initiative – the same menu, the same day, in several world cities and aimed at as many diners as possible – in 1912, Goût de France/Good France reproduces that beautiful idea with the desire to involve restaurants all around the world.

Each chef will offer a “French-style” menu in their restaurant with a traditional French aperitif, a cold starter, a hot starter, fish or shellfish, meat or poultry, a French cheese (or cheeseboard), a chocolate dessert, French wines and digestifs, while remaining free to highlight their own culinary traditions and cultures.

The cuisine will be accessible to all, from bistros to exceptional restaurants, and based on fresh, seasonal and local products with lower levels of fat, sugar, salt and protein.

The menu’s price is at the restaurant’s discretion, and they are all encouraged to donate 5% of proceeds to a local NGO promoting health and the environment.

A gastronomic journey

France is sending the world a real invitation to journey, bringing together more than 1500 chefs from around the world who will take advantage of French gastronomy’s assets to express their talent and expertise through 1500 menus.

On 21 January 2015, all participating restaurants will be presented on the goodfrance.com website.

It will be possible for everyone worldwide to identify participating restaurants in their city/country and to book directly at the restaurant of their choice.

Many chefs have already posted their menu on the Good France website, to enable everyone to imagine the dinner they will savour on 19 March.

An international committee of chefs

Eateries around the world – from haute cuisine restaurants to bistros – are currently encouraged to apply on the goodfrance.com website, proposing a menu that showcases France’s culinary traditions.

An international committee of chefs, chaired by Alain Ducasse, has approved the list of participating chefs, including Paul Bocuse (France), Raymond Blanc (United Kingdom), Thomas Keller (United States), Kiyomi Mikuni (Japan), Paul Pairet (China), Joël Robuchon (France), Nadia Santini (Italy) and Guy Savoy (France).

A unique opportunity to enjoy and share the taste of France

This gastronomic journey is a perfect illustration of two important aspects of French culture: promoting local specialities and openness to the outside world.

It will be an opportunity to share values that are dear to the French people – and which we need to continue defending ardently – with as many people as possible: conviviality and respect for our planet and its resources. And, most importantly, pleasure.

Now, more than ever, gastronomy is a leading aspect of France and its culture. It is a genuine pull factor for 60% of tourists visiting the country.

In addition to the participating restaurants, French embassies will also be taking part in the event, organizing dinners in the residences of Ambassadors. “This will be a perfect illustration of UNESCO’s World Heritage listing of the Gastronomic Meal of the French”, said Laurent Fabius. “It is also a way to make France more attractive as a destination”, added Alain Ducasse.

Participating restaurants/chefs in Mauritius

La Rose Des Vents, Labourdonnais Caudan Waterfront - Port Louis, Chef: Nizam Peeroo 
Le Château De Bel Ombre, Domaine de Bel Ombre, Chef: Ravi Kanhye 
Le Courtyard Restaurant, Port Louis, Chef: Mootoosamy Vasoo Alankalee 
Le Whatever Tamarin Mauritius, Chef: Alain Guinaudeau 
Beach Rouge LUX Belle Mare, Belle Mare, Chef: Vincent Rodier 
Château Mon Désir Maritim – Balaclava, Chef: Eric Poutot, 
La Clef des Champs Floréal , Chef : Jacqueline Dalais,
La Goélette , Royal Palm - Grand Baie, Chef: Michel De Matteis

UK: BoE bows to pressure to reveal barrister’s fees for forex inquiry report

The Bank of England has bowed to pressure from MPs to reveal how much taxpayer money it spent on instructing a top barrister to investigate whether Bank officials knew about alleged manipulation of the foreign exchange market.

Becoming Irresistible: A New Model for Employee Engagement

The employee-work contract has changed, compelling business leaders to build organizations that engage employees as sensitive, passionate, creative contributors. Two years of research and discussions with hundreds of companies conducted by Bersin by Deloitte suggest five major elements and underlying strategies that work together to make organizations “irresistible" to employees

Becoming Irresistible: A New Model for Employee Engagement [Deloitte Review, Issue 16, January 2015]

19 January 2015

Open Data Barometer highlights the need for governments to increase open data efforts

The second edition of our Open Data Barometer, released today, shows that hard work lies ahead if Open Government Data (OGD) is to live up to its full potential and deliver truly transformative impacts. Governments worldwide have acknowledged the potential of OGD to reduce corruption, increase transparency, and improve government services, yet over 90% of the 86 countries surveyed in this edition of the Barometer do not publish key datasets in open formats. Despite pledges by the G7 countries to boost transparency by making government data “open by default”, almost half of the G7 countries are still not publishing the key datasets they promised to release in 2013, while fewer than 8% of the countries surveyed worldwide publish datasets on government budgets and spending, public sector contracts, and company ownership in open formats and under open licenses.

The 2014-15 edition of the Open Data Barometer examines open data readiness, implementation, and impact across 86 countries, and provides a country ranking based on scores in each of these three categories. The findings from the newly released report point to a growing divide between those countries able to establish and sustain open data programmes, and those countries where open data activities have stalled, moved backwards or not yet begun. The UK once again earned the top spot in the Barometer’s global rankings this year, followed by the US, Sweden, France and New Zealand. Among developing nations, Indonesia, Nigeria and Brazil all were praised for strong progress.

Commenting on the report’s findings, Sir Tim Berners-Lee, Web inventor and founder of the Web Foundation, noted that “governments continue to shy away from publishing the very data that can be used to enhance accountability and trust” and highlighted the power of open data “to put power in the hands of citizens”.

As data becomes ever more important in shaping policy debates, the importance of citizens having effective access to data grows; yet without dedicated efforts, the unfolding “data revolution” risks leaving many behind. In order to increase the availability of OGD and amplify the power of citizens to use this data effectively, the report highlights certain factors common among successful open data initiatives:
  • High-level political commitment. Implementing the requirement to disclose and regularly update OGD in law or policy as part of a wider right to information ensures that data is available, open and accurate. At the same time, governments must work to ensure that strong privacy protections are in place and respected.
  • Consistent and sustained support for both national and city-level open data programmes. This support must be sustained beyond initial open data efforts.
  • Enhance the ability of government, civil society and entrepreneurs to understand and use data effectively. Resources dedicated to building the capacity of data users both inside and outside the government is critical to maintaining a supply-demand data balance and an increase in this understanding and ability can be accomplished through trainings and adapting open data tools to local needs.

Transparency: Cracking the shells

Under the new rules, countries will have to set up central registers of companies’ “beneficial” owners—that is, the real people behind firms or the ownership structures that sit atop them.

Vistra Group launches new brand identity

Vistra Group, one of the world’s leading corporate service providers of international incorporations, trust, fiduciary and fund administration services, today announced the launch of a refreshed brand that unites Vistra and OIL, the group’s main internationally operated brands under the same family. The new brand heralds an exciting new chapter in the Group’s strategic development and culminates four years of successful integration and formalises the connections that all the member companies share.

Under the new brand, Vistra and OIL remain as distinct and complementary brands operating separately but with a strong linkage between them symbolising the integrated way in which the group operates. Additional brands joining the Group as a result of various acquisitions will also follow the new brand hierarchy depending on their market position.
  • Following the acquisition of Trinity Corporate Services, the leading corporate services provider in Central and Eastern Europe, in November last year, Trinity becomes integrated with Vistra under this new brand.
  • TAKA will continue to operate under its current name but be brought under the new brand identity.
  • NovaSage, which is also part of the Vistra Group, will continue to operate under its own brand identity and will be identified as “a Vistra Group Company”.
Martin Crawford, Chief Executive Officer of Vistra Group, said, “Coming together at this time helps us to be more than the sum of our parts – for our clients, our people and our investors. Having Vistra, OIL, TAKA and NovaSage under a single Group name reinforces the linkages between our businesses and demonstrates to the industry that Vistra Group is united by one story. Vistra Group now provides a better connectivity between Asia, Europe and the rest of the world. In addition, the Group’s wide access to deep specialist knowledge will help us deliver expert solutions globally and swiftly.

The rebrand comes at a time when the industry is facing an evolving environment where doing business across international borders provides great opportunities, but at the cost of complexity.

While the fundamental role of corporate services, trust, fiduciary and fund administration services in facilitating the global financial supply chain, including international trade, capital efficiency and asset management is being better recognised, recent regulatory changes have also encouraged the industry to embrace tighter regulations, more transparency and a higher degree of professionalism.

Under such context, Vistra Group predicts that industry consolidation among service providers is inevitable, and Vistra Group is well positioned to cement its position as one of the “Big Four”  among global corporate service providers. Rebranding now presents an excellent opportunity to showcase the depth, breadth and power of the combined group as clients demonstrate a real flight to quality.

The Group’s combined synergies in cross industry knowledge sharing and robust compliance structure gives us the ability to flex up our offer to meet the ever increasing demands of doing business across international borders,” Mr. Crawford added, “With a globally recognised and stronger B2B brand, our scale in the industry creates a distinct competitive advantage for us. Through integration, we can now benefit from seamless end-to-end services and the greater global reach, and hence provide an even more competitive offering to clients. Our Group versatility from execution to tailored solutions sets us apart. Under the Vistra Group brand, we are confident that each of our group companies will thrive and together, will deliver consistent growth.” 

16 January 2015

IAASB Issues Final Standards to Improve Auditor's Report

The International Auditing and Assurance Standards Board® (IAASB®) today released its new and revised Auditor Reporting standards, designed to significantly enhance auditor’s reports for investors and other users of financial statements.

"These changes will reinvigorate the audit, as auditors substantively change their behavior and how they communicate about their work," explained Prof. Arnold Schilder, IAASB Chairman. “Informed by extensive research and global outreach to investors, regulators, audit oversight bodies, national standard setters, auditors, preparers of financial statements, audit committee members, and others, the final International Standards on Auditing (ISAs) represent a momentous—and unprecedented—first step. Now, we must study, promote, and plan for the effective implementation of the new and revised standards.”

"The IAASB has responded to calls from investors and others that it is in the public interest for an auditor to provide greater transparency about the audit that was performed," added Dan Montgomery, former IAASB Deputy Chair and Chair of the Auditor Reporting project. "Increasing the communicative value of the auditor’s report is critical to the perceived value of the financial statement audit."

The most notable enhancement is the new requirement for auditors of listed entities’ financial statements to communicate "Key Audit Matters"—those matters that the auditor views as most significant, with an explanation of how they were addressed in the audit. The IAASB has also taken steps to increase the auditor’s focus on going concern matters, including disclosures in the financial statements, and add more transparency in the auditor’s report about the auditor’s work. Information about the enhancements to auditor reporting and the ISAs that are affected can be found in the Auditor Reporting Fact Sheet.

"The introduction of Key Audit Matters for listed entities is a significant enhancement that will change not only the auditor's report, but more broadly the quality of financial reporting—and therefore the informative value to investors and other key stakeholders," said Linda de Beer, IAASB Consultative Advisory Group (CAG) Chair.  "The IAASB CAG, with its diverse membership base, has unanimously supported and encouraged the IAASB’s formidable leadership in effecting these changes."

The new and revised Auditor Reporting standards will be effective for audits of financial statements for periods ending on or after December 15, 2016. "While culminating an intense effort over the past six years, the release of the final standards is by no means the end of the IAASB’s work on the topic of auditor reporting," noted Kathleen Healy, IAASB Technical Director. "It is essential that the board and staff continue to promote awareness of these standards and facilitate their effective implementation."

To this end, the auditor reporting section of the IAASB’s website has been redesigned and updated, debuting the first components of an "Auditor Reporting Toolkit." Additional resources will be subsequently released, so users should visit the website frequently to stay abreast of the latest guidance and resource materials. The IAASB also plans to undertake a post-implementation review, which will be critical in assessing whether the standards are achieving their intended effects and whether further changes to auditor reporting are needed in the public interest.