The Investor: Invest in a Ponzi Scheme

One of the best lessons any investor could learn is to invest in a ponzi scheme and realize that you have thrown money down the drain.

The Investor

Managing bank balances: Deposits go walkabout

A startup puts idle money through its paces

The Economist

Mauritius: Notice - Appointment of Special Administrator BAI Co (Mtius) Ltd

Notice of appointment of Special Administrators in BAI Co (Mtius) Ltd and any of its related companies under Section 110A(2) of the Insurance Act 2005

Pursuant to Section 110A(2) of the Insurance Act 2005, the Financial Services Commission has appointed Messrs Mushtaq M. O. Noormohamed Oosman FCA and Yogesh Rai Basgeet ACA as Special Administrators of the BAI Co. (Mtius) Ltd and any of its related companies with effect from Friday 1st May 2015.

Financial Services Commission, Mauritius

30 April 2015

Singapore's government says it's not a tax haven, it's a value-adding hub

That is the claim of the island nation's Economic Development Board, the Singaporean government agency that's been charged with attracting business and investment. It has disputed recent claims at the Senate inquiry into corporate tax avoidance that it's being used as a tax haven channelling billions of dollars for Australian companies.

The Sydney Morning Herald

Former GlobalCapital chairman ready to face French court

Dawood Rawat, accused in Mauritius of running Ponzi scheme, says he will answer to accusations in French court

Malta Today

L'Express: Match-fixing

Picture this: you and I are in the middle of playing a football game. Halfway through the game, I decide to change the rules. I don’t exactly sack the guy with the whistle but rather appoint a super referee over his head.

L'Express

Global Citizen: The world's 15 biggest tax havens - Plus one extra one that outranks them all

Corporate tax avoidance, tax dodging, secret offshore tax havens, tiny tropical islands that are the mysterious headquarters of global companies.

Global Citizen

Mauritius: FSC Public Notice - Suspension of Management Licence of Belvedere Management Limited

Notice is hereby given that in accordance with Section 27(7) of the Financial Services Act 2007 (the “FSA”), the Management Licence of Belvedere Management Limited (‘BML’), having its registered address at 7A, 7th Floor, Ebene Mews, 57 Ebene Cybercity, Mauritius has been suspended with immediate effect.

The Financial Services Commission, Mauritius (the ‘Commission’) has taken this decision under Section 27 of the FSA, inter alia, on the following grounds:

BML has failed to:

(i) comply with the specific provisions provided under the FSA;

(ii) comply with the Code on the Prevention of Money Laundering and Terrorist Financing; and

(iii) adhere to its duties as Management Company, Registered Agent, Company Secretary and CIS Administrator.

Furthermore in accordance with Section 27(5) of the FSA, BML shall cease to carry out the activity authorised under its licence but shall remain subject to the obligations of a licensee and to the directions of the Commission unless and until the suspension of the licence is cancelled.

Financial Services Commission, Mauritius

29 April 2015

Belvedere update: Guernsey FSC places three funds into administration

The Guernsey Financial Services Commission (FSC) on Friday successfully applied to place three fund vehicles with ties to Belvedere Management under administration. The Guernsey court granted the application to place the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited under the care of an independent administrator.

Moneyweb

EIU: How to evaluate and assess cross-border credit and financial risks in both emerging and developed markets

John Bowler, Director of the Country Risk Service, guides you through how the service allows you to assess and compare cross-border credit and financial risk in 128 markets worldwide. The service ranks countries in order of riskiness and enables you to swiftly identify countries which are experiencing a deterioration or improvement in creditworthiness. The service can therefore help your organisation to optimise its country credit limits. The session runs through our approach to analysing credit and financial risk and then showcases the rating model which generates the scores. The session offers insight on questions such as:

• How we use a blend of qualitative and quantitative indicators to calculate our country credit ratings.
• How the service can provide you with timely updates on risks affecting your country exposures.
• How changes in the political scene or policy will affect a country's creditworthiness.
• How changes in the scores for particular indicators affect the overall score and rating for categories such as sovereign and banking sector risk.

Watch webinar / Download PowerPoint presentation

Expatriation: le top 10 des paradis fiscaux

L’île Maurice, est très prisée des français qui apprécient l’usage de la langue française et la faible taxation du pays. L’imposition sur les revenus des personnes physiques y est de 15 %.

La procédure d’obtention de la résidence y est « simple », selon Bradley Hackford. Elle consiste notamment à acheter un bien immobilier sur l’île d’une valeur minimale de 500.000 dollars américains. Ce programme, baptisé «  IRS » pour « Integrated Resort Scheme », a été lancé par le gouvernement mauricien en 2002 afin d’encourager la construction et la vente de villas de luxe à des étrangers dans des emplacements particuliers. Ces acheteurs internationaux ont le statut de « résidents mauriciens » tant qu’ils sont propriétaires des villas agréées par le programme.

LesEchos.fr

Île Maurice — Parlement: une compagnie mauricienne potentiellement impliquée dans un Ponzi de $ 16 milliards

Une compagnie mauricienne pourrait être impliquée dans un Ponzi Scheme de portée internationale à travers lequel auraient transité pas moins de $16 milliards.

L'Express

World Policy Journal: The New Face of Tax Havens

...the most formidable tax havens are not necessarily those distant islands, but rather major Western cities—from New York to London. The infograph below examines builds upon this new reality—first explored by Andres Knobel in "The Next Rising Tax Haven"

IFC Review: In the Chair with Roger Wilkins AO, President of the Financial Action Task Force

In a Q&A with FATF President, Roger Wilkins, we consider the relationship IFCs have with the Financial Action Taskforce and the impact the organisation's recommendations have had on IFCs.

IFC Review: The Growing Role for IFCs in a World of Increasing Transparency

Geoff Cook examines the crucial role IFCs play in a world of increasing transparency.

Mauritius: The Financial Services Sector: Lapses and Opportunity for Redress

The Mauritian Financial Services Sector (FSS) has been in the limelight over the past weeks for ‘bad reasons’. What is happening to the FSS may be assimilated to an earthquake with dual epicenters bearing the names British American Insurance Co Ltd (BAI) and Belvedere Management (BM). 

Le Mauricien

Schillings - Reputation Resilience: Safeguarding Corporate Reputation

The way a company protects its reputation will have a direct bearing on how analysts & investors determine the value of the business and how they will treat its stock. This is one of the headline findings from Schillings’ Reputation Resilience report; how the people who value companies value reputation. To learn more, download this special feature as detailed in The Lawyer

BVI: Final Report Released On Financial Services Sector

The final report on ‘Building on a thriving & sustainable Financial Services sector in the British Virgin Islands’ has been released.

The three month effort was commissioned by Government and facilitated by global consultants McKinsey with involvement of the industry and other stakeholders. The aim was to lay out a pragmatic strategy and implementation plan to ensure a thriving and sustainable Financial Services sector. 

Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, stated, “For three decades we experienced tremendous growth in our Financial Services industry, became one of the largest domiciles for company incorporations, and established a global brand that reached through the Americas, into Europe, and across the Asia Pacific Region.  Financial Services directly account for over 60 percent of our government revenues, and likely upwards of 80 percent of indirect sources are included.   Financial Services fuel our economy, create our jobs, and fund public services such as education, healthcare, roads and other infrastructure.”

The Premier added that the jurisdiction is at a critical point in its history and solving the issues at hand is vital to it longevity and the livelihood of our community.  He said that it will require all of us – the people of the BVI, government and industry – to band together and prioritise our long-term future. Premier Smith gave his commitment to seeing through the implementation of the efforts, and that Government has already started acting on some of the recommendations. He added that he hoped that the report serves as a roadmap for the Territory.

Bloomberg: Britam Kenya Assures Investors Over Mauritius Regulatory Action

Mauritius’s central bank on April 3 revoked Bramer Banking Corp.’s license and the Indian Ocean island nation’s Financial Services Commission appointed conservators for BAI Co., an insurer owned by the same company that controls Bramer.

Bloomberg

Mauritius: Chinatown Food and Cultural Festival 2015

The 11th edition of Chinatown Food and Cultural Festival will be held on Saturday 2nd and Sunday 3rd May in Port Louis Chinatown. The artists performing for the Festival are the Meizhou Folk Songs Cultural Troupe of Guangdong Province, China and Theatre Arts Troupe of Singapore at the conference. Two cooks from Meizhou will also be present.

Guernsey Financial Services Commission moves to protect investors

The Guernsey Financial Services Commission, acting to protect the interests of investors and pursuant to powers granted to it under the Protection of Investors (Administration and Intervention) (Bailiwick of Guernsey) Ordinance of 2008, today made an application to the Court to have administrators appointed to a number of Guernsey authorised investment schemes.

As a result of that application, the Court appointed Grant Thornton Limited as the Administrator of the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited.

As part of the same proceedings, applications were also made for the appointment of administrators to the Trinity Global Fund and Lancelot Management Limited. These applications will be determined by the Court at a later date.

Mauritius - FSC: Revocation of the Investment Adviser (Unrestricted) Licence of Westminister Financial Ltd.

Public Notice

Revocation of the Investment Adviser (Unrestricted) Licence of

Westminister Financial Ltd.

The Financial Services Commission, Mauritius hereby gives public notice that the Investment Adviser (Unrestricted) Licence of Westminister Financial Ltd. has been revoked pursuant to sections 52(3) and 7(1)(c)(vi) of the Financial Services Act 2007.

The Financial Services Commission Mauritius

FSC House

54 Cybercity, Ebene

Republic of Mauritius

Tel: +230 403-7000

Fax: +230 467-7172

Email: fscmauritius@intnet.mu

24 April 2015

Mauritius Financial Services Commission: Reconstitution of the Board

Reconstitution of the Board of the Financial Services Commission with Mr Dharam Dev Manraj, GOSK, Financial Secretary, as Chairperson.

Members:

(a) Mr Akilesh Deerpalsingh, Adviser on Financial Services, Ministry of Financial Services, Good Governance and Institutional Reforms;

(b) Mr Rajesh Sharma Ramloll, Acting Deputy Solicitor General;

(c) Mr Antoine Domaingue, Senior Counsel;

(d) Mr Vishwanaden Soondram, Lead Analyst, Ministry of Finance and Economic Development; and

(e) Mrs Warda Dulmar Ebrahim, Bar-at-Law

Mauritius: Government to refund Ponzi scheme victims

BAI—CONFÉRENCE DE PRESSE —SAJ: « Mon gouvernement a sauvé le pays d'un désastre financier »

« Je maintiens qu'il y a eu un Ponzi de très vaste proportion »

http://www.lemauricien.com/article/bai-conference-presse-saj-mon-gouvernement-sauve-pays-dun-desastre-financier

BAI : «Les investisseurs du Super Cash Back Gold sont des victimes», dit SAJ

http://www.lexpress.mu/article/261641/bai-investisseurs-super-cash-back-gold-sont-victimes-dit-saj

Super Cash Back Gold : les solutions de sir Anerood Jugnauth aux souscripteurs

http://www.defimedia.info/live-news/item/71703-super-cash-back-gold-les-solutions-de-sir-anerood-jugnauth-aux-souscripteurs.html

SAJ ANNONCE EN DÉBUT D’APRÈS-MIDI : Un Package du GM pour le Super Cash Back Gold

http://www.lemauricien.com/article/saj-annonce-en-debut-d-apres-midi-package-du-gm-super-cash-back-gold

[Radio Plus] Réécoutez la conférence de presse du Premier ministre sir Anerood Jugnauth

http://www.defimedia.info/live-news/item/71702-radio-plus-reecoutez-la-conference-de-presse-du-premier-ministre-sir-anerood-jugnauth.html

Affaire BAI-Bramer Bank : les points saillants de la conférence de sir Anerood Jugnauth

http://www.defimedia.info/live-news/item/71701-live-affaire-bai-bramer-bank-les-points-saillants-de-la-conference-de-sir-anerood-jugnauth.html

Mauritius to accede to the Sixth African Regional Cooperative Agreement of IAEA

Mauritius will accede to the Sixth African Regional Cooperative Agreement (AFRA) of the International Atomic Energy Agency (IAEA) for the period 2015 to 2020.

The AFRA regional programmes cover six thematic areas, namely, Human Health, Food and Agriculture, Water Resources, Sustainable Energy Development, Industrial Applications, and Nuclear and Waste Safety and Security.

It seeks to maximise the use of available infrastructure and expertise in Africa. It also assists Member States to move towards regional self-sufficiency using peaceful applications of nuclear techniques.

The African Regional Cooperative Agreement for Research, Development and Training related to Nuclear Science and Technology (AFRA) is an intergovernmental Agreement established by African Member States to further strengthen and enlarge the contribution of nuclear science and technology to socio-economic development on the African continent.

The scope of AFRA activities covers a wide range of peaceful applications of nuclear techniques that contribute towards the achievement of national and regional development goals.

The AFRA Agreement is renewed by its Member States every five years. This renewal is achieved by notifying the Director General of the IAEA of the AFRA Member States’ acceptance of the extension of the Agreement, and of their desire to continue participating in the Agreement.

The International Atomic Energy Agency is not party to AFRA, but provides technical and scientific backstopping as well as financial and administrative support, in accordance with the IAEA’s principles, rules and procedures applicable to the Agency’s technical cooperation programme.

BVI: Remarks By Premier Smith - Building On A Thriving And Sustainable Financial Services Sector

Ladies and Gentlemen of the Media, Good Morning.

On March 12, 2015, I laid a report in the BVI House of Assembly titled “Building on a Thriving and Sustainable Financial Services Sector in the British Virgin Islands”.

At that time, I explained that my Government commissioned the internationally respected consulting firm of McKinsey and Company to develop a pragmatic strategy and implementation plan that would chart a new direction for our financial services industry.

This was in direct response to the challenges threatening our core financial services business, rising international pressures and growing competition.

I am pleased today to share a copy of this Report with you and set out how my Government will implement its recommendations which are critical to the future of this industry and our Territory.

I should also mention at this time that copies of the report are available from the Premier’s Office and will be posted to the Government’s Web site.

I would like to spend a few minutes explaining how we will be implementing the recommendations set out in the report.

As I explained in the House of Assembly, 10 top priority initiatives were agreed for timely implementation from among 40 initiatives identified to further develop and enhance the BVI Financial Services industry.

The report recommended that each of the ten priority areas should have a sponsor. That is, someone at a senior level who is responsible and accountable for developing the specific plans and identifying the actions required to implement each priority initiative.

Some of those sponsors are present here with us this morning and will be able to answer questions you have during the question and answer session.

Let me briefly summarise the ten initiatives and introduce you to the respective sponsors.

1. The first initiative is to revamp the International Finance Centre (IFC) and make it a focused, highly skilled unit that operates in line with international best practice. You would be aware that we have already re-branded the IFC to BVI Finance and are well on the way with this initiative with other measures already on the way. Permanent Secretary Mr. Brodrick Penn is the sponsor of this initiative.
2. The second initiative is to build on the strengths of the Financial Services Commission by strengthening the service culture and organisation to improve process transparency, response time and help provided to customers.  Managing Director of the FSC, Mr. Robert Mathavious is the sponsor of this initiative.
3. The third initiative is to offer Value-Added Services to our product offering by identifying and incentivising top priority companies to attract those services to the jurisdiction in collaboration with the private sector. Mr. Neil Smith, Financial Secretary is the sponsor of this initiative.
4. The forth initiative on Immigration seeks to bring Immigration and labour policies and processes in line with international best practices to attract and retain the necessary skilled labour that will be needed to broaden into and sustain a substantive offering. Attorney Mr. Gerard Farara Q.C. of Farara-Kerins is the sponsor of this initiative.
5. The fifth initiative seeks to Build Local Capability and Talent by strengthening education at the secondary and tertiary levels, developing the Financial Services Institute (FSI) and overhauling internships and scholarship programmes to bolster BVIslander talent to sustain the industry in the long term, and create opportunities for BVIslanders. Mrs. Lorna Smith, Chair of the Financial Services Business Development Committee, is the sponsor of this initiative.
6. The sixth initiative on Business Development is to establish dedicated business development capability to generate new product and customer ideas and strengthen the mandate of the Financial Services Business Development Committee. Permanent Secretary Mr. Brodrick Penn is the sponsor of this initiative.
7. The seventh initiative focuses on Infrastructure and is to help accelerate critical infrastructure projects such as telecommunications and transportation needed to support the development of the economy. Financial Secretary Mr. Neil Smith is the sponsor of this initiative.
8. The eight initiative, Engage the Population is to identify current perceptions of financial services and educate and build awareness and understanding of the importance of financial services to BVI, its impact on our daily lives and its critical role in transforming the prosperity of the Territory. Mrs. Lorna Smith is the sponsor of this initiative.
9. The ninth initiative on Tax Initiatives is to roll out FATCA requirements and lobby France and the Organisation for Economic Co-operation and Development (OECD) to improve compliance ratings and the jurisdiction’s reputation in the international financial services. Mr. Neil Smith is the sponsor of this initiative.
10. The tenth initiative is to establish a dedicated unit staffed by world-class talent reporting at the highest level of government to co-ordinate and drive implementation of the Report’s recommendations across the financial services sector. Mr. Brodrick Penn is the sponsor of this initiative.

As I mentioned before, the sponsors present will be able to answer questions you have regarding the initiatives for which they are responsible.

I mentioned that initiative ten is the establishment of a dedicated unit to drive the implementation of the recommendations of the report.  This is perhaps one of the most critical recommendations as it has responsibility for overseeing the execution of the others.

To initiate this recommendation, my Government has established the Financial Services Implementation Unit (FSIU) under the Premier’s Office.

This unit will be overseen by a Steering Committee chaired by me as Premier and will report directly to Cabinet. The Steering Committee will consist of the initiative sponsors I have mentioned before: Mr. Neil Smith, Mr. Brodrick Penn, Mr. Gerard Farara Q.C., Mrs. Lorna Smith, Mr. Robert Mathavious, Mr. Humphrey Leue and Mr. Michael Riegels, all experienced and highly skilled persons in the financial services area.

The unit will be staffed by six talented professionals and specialists dedicated to the efficient implementation of the output of the various initiatives led by sponsors.

The unit will need a strong, strategic, experienced and dedicated manager to lead the implementation of the plans submitted by the sponsors.

I think I have found such a person in Mr. Kedrick Malone and I am pleased to announce that he will be heading up the Financial Services Implementation Unit. I will formally introduce Mr. Malone shortly and ask him to say a few words.

My Government highly values the work Mr. Malone has started at BVI Finance in helping to set it on a new path. The unit will ensure that there is continuity for that important agency of the financial services family.

I am therefore pleased to announce today that Mr. Julien Johnson, currently the Chief Operating Officer at the Financial Investigation Agency (FIA) with assume the role of Executive Director of BVI Finance immediately to replace Mr. Malone. Mr. Johnson comes with industry experience having worked with the Financial Services Commission.

To ensure a smooth transition and in recognition of the close association between the FSIU and BVI Finance, Mr. Malone and Mr. Johnson will share office premises for the next few months as the unit staffs up its operation

I take this opportunity to congratulate both Mr. Malone and Mr. Johnson and to thank them for taking on these important roles at such a critical time for our financial services industry.

Let me close off my remarks by reminding you of my government’s commitment to this industry this directly accounts for over 60 percent of our Government revenue and upwards of 80 percent if indirect sources are included.

My Government’s commitment to this industry is firm and unwavering.

I am pleased at the bipartisan manner in which it has developed in the Territory and trust that this would continue as we move to implement the recommendations of the Financial Services Consultancy Report.

Solving the issues at hand is vital to the future and longevity of our financial services industry and the livelihood of our community. 

It will require all of us – public and private sectors, government and opposition, local and expatriate practitioners, local and international stakeholders and the entire BVI community – to work together to build a brighter and sustainable future for the Virgin Islands.

Let me end by thanking all of those who have participated in this process. Most of them are listed at the end of the report you will receive.

Let me introduce Mr. Malone and invite him to say a few words after which we will have a question and answer session.

Mr. Malone is no stranger to us and or to public service. He returned to the Territory in November 2014 to take up the role of Executive Director at BVI Finance after serving five years as the Director of the BVI London Office.

My Cabinet felt that his vast experience and talents would best serve the Territory by heading the FSIU and he has agreed to do so.

Mr. Malone is also a former Director of Tourism, former Film Commissioner, and former Deputy Secretary in the then Chief Minister’s Office.

He was a Senior Lecturer in marketing at HLSCC, chaired the BVI Chamber of Commerce and Hotel Association and has chaired a number of national commemorative celebrations in the Territory. His early career included 12 years with the IBM Corporation in New York in management, marketing and systems.

He holds an MBA from the Zicklin School of Business, Baruch College of the City University of New York. I now invite his to say a few words.

Thank you.

India Unties $6.4 Billion Tax Knot That Rattled Investors

India said foreign portfolio investors can use tax treaties to reject demands on past capital gains, seeking to defuse a row that cast a cloud over the $48 billion poured into stocks and bonds from overseas.

Bloomberg

Italian bid for Global Capital

A company owned by two Italians has come forward to make a bid for the 48.5 per cent Mauritius shareholding in Global Capital, just days after the Malta Financial Services Authority suspended for 10 days the listing and trading of the shares.

Times of Malta

L'Express: Whiter than white

As policyholders, more and more dubious about the fate of their money, are taking to the streets; as more and more employees of the various companies of British American Investment (BAI) are starting to lose sleep over their jobs and their future and as moroseness and fatalism descend over our towns and villages, public opinion is now looking for a target to take out its anger, sadness and frustration on...

L'Express

Ernst & Young 2015 Worldwide Corporate Tax Guide

Governments worldwide continue to reform their tax codes at a historically rapid rate. Taxpayers need a current guide, such as the Worldwide Corporate Tax Guide, in such a shifting tax landscape, especially if they are contemplating new markets.

The content is straightforward. Chapter by chapter, from Afghanistan to Zimbabwe, we summarize corporate tax systems in 161 jurisdictions.

Analyse : Ponzi Economy

Contrary to a Ponzi scheme that falls outside the formal system, the SCBG has been operating in the official circuit. It was authorised by the regulator, and it has been in existence for many years. The money collected has been invested in assets. This is not so in a Ponzi case. The owners of BAI either made wrong investments or were guilty of embezzlement. On both counts, it would be outrageous that the government should reimburse the policyholders with taxpayers’ money.

What is true is that the state, through its economic and monetary policies, fosters a Ponzi economy...

Defi Media

Mauritius: “The Iron Law of Oligarchy - Foreshock, Shock and Aftershock.”

...a reminder to the ruling parties that perceptions are very important not only to the people but also to the business community. Short-term political gains should not win over long-term development benefits...

Defi Media

FSC Mauritius issues Communiqué - Judgment of the Judicial Committee of the Privy Council: Rainbow Insurance Company Limited (Appellant) vs. The Financial Services Commission and others (Respondents)

COMMUNIQUÉ

Judgment of the Judicial Committee of the Privy Council

Rainbow Insurance Company Limited (Appellant) vs. The Financial Services Commission and others (Respondents)

The Judicial Committee of the Privy Council delivered judgment on 20 April 2015 upholding the judgment of the Supreme Court of Mauritius dated 18 October 2010, which set aside Rainbow Insurance Company Limited's (“RIC’s”) application for Judicial Review and confirming the decision of the Financial Services Commission, Mauritius (“FSC Mauritius”) to suspend with immediate effect RIC's registration for both its general and long term business.

The Judicial Committee of the Privy Council concludes that RIC has not succeeded on any of the points raised in its appeal and that the FSC Mauritius did not act unfairly towards RIC in the period of over six months between 01 March 2007 and the eventual suspension of its registration on 27 September 2007.

The public is informed that the Bankruptcy Division of the Supreme Court had, on 10 December 2007, appointed Mr. Louis Clensy APPAVOO, FCCA, as Provisional Liquidator of RIC. All queries relating to RIC should be addressed to the Provisional Liquidator at:

      Appavoo Business Centre,

      29, Bis Mère Barthélémy Street,

      Port Louis

A copy of the judgment is available on the Financial Services Commission Mauritius website.

Financial Services Commission, Mauritius

21 April 2015

Carmol ponzi victims still on tenter hooks

Worried investors in the Carmol Distributors ponzi scheme have yet to receive any money nearly two months after the Reserve Bank (Sarb) ordered it to repay them.

The Citizen

Hua Lien: Hakka Night & Laureates Dinner 2015

• Dinner (menu including 2 dishes prepared by 2 chefs from Meixian)
• Entertainment: Songs and Dances

1. Meizhou Folk Song Cultural Troupe from Meixian
2. Theatre Arts Troupe from Singapore

MENU

1) MEIXIAN BONELESS SALT BAKED CHICKEN

2) HOMEMADE STEAM PORK BALLS

3) GRANDMA CHICKEN SOUP IN RED WINE & GINGER

4) TRADITIONAL FOONG MOON WITH BEAN CURDS

5) STEAMED NIOK PIANG WITH MUSTARD VEGETABLES

6) PROSPERITY FISH FILLET IN RICE WINE

7) DOUBLE HAPINESS BEEF WITH TURNIP

8) RICE

& Dessert 
Soft drinks
Mineral water 
+ 1 bt wine per table.

Mauritius Revenue Authority (MRA): Registration for US Foreign Accounts Tax Compliance Act (FATCA)

The MRA informs Mauritius-based Financial Institutions registered with the US Internal Revenue Service (IRS) for FATCA reporting that information in respect of the year 2014 will have to be reported to the MRA by 31st July 2015 for onward transmission to the US IRS.

Financial Institutions are hereby requested to register with MRA in order to use the MRA e-Services for submission of the FATCA information. The facility for registration in respect of FATCA is now available on the MRA’s Website: http://www.mra.mu under “e-Services”. After registration, the MRA will issue a password by post to each registered Financial Institution.

It is to be noted that FATCA reporting will only be possible through MRA’s e-Services platform available on our Website, using a Username and a Password provided after the registration process.

For further query, please phone the FATCA Unit at the MRA Headoffice on 2076000 or email us at fatcaunit@mra.mu

JCPC: Mauritius - Rainbow Insurance Co Ltd (Appellant) v The Financial Services Commission and others (Respondents) (Mauritius)

Rainbow Insurance Co Ltd ("RIC") was a registered insurer under the Insurance Act 1987 until the suspension of its registration by the Financial Services Commission ("FSC") (with the support of the Minister, required under the Act) on 24 September 2007, following an investigation process which began with an inspection in August 2004. The FSC suspended RIC’s registration because it considered that RIC failed to meet various liquidity and solvency requirements under the Act. The Co-Respondent is the proposed liquidator.

RIC says that the FSC’s decision (and consequently the Minister’s decision) was unreasonable and in breach of the rules of fairness and natural justice. Its complaints include that the FSC had made up its mind in advance, failed to consider RIC’s representations, relied on incomplete information such as an inspection report containing accounting errors, and treated RIC differently from other insurance companies. It also says that the FSC failed to give reasons and failed to disclose a crucial report. The FSC denies that it acted unreasonably or in breach of the rules of fairness and natural justice and says that it gave RIC ample time to comply with its recommendations.

The Board concludes that the FSC did not act unfairly towards Rainbow in the period of over six months between 1 March 2007 and the eventual suspension of its registration on 27 September 2007.

Judgment

US topples Mauritius to become top FPI provider to India

The United States of America (USA) has toppled Mauritius to become the top jurisdiction from where India is receiving the highest amount of foreign portfolio investment (FPI) into the equity markets.Mauritius lost out due to  the uncertainty over the double tax avoidance treaty (DTAA) between India and Mauritius and constant threat of  them being  reviewed. 

Deccan Chronicle

Bloomberg: Mauritius Ponzi probe risks extending Africa's worst stocks rout

Mauritius may be best known as a tourist trap, but it has been caught in a Ponzi scheme that's going to push it even deeper into a fiscal hole

Bloomberg

stuff.co.nz

The Economist: Offshore finance - Trouble in paradise

Investigations are focused on various entities connected to Belvedere Management, a Mauritius-based group that claims to administer around 100 hedge funds and run several finance-related companies.

The Economist

BIZweek Édition 41 – Samedi 18 Avril 2015

• BA Investment et GlobalCapital PLC: Les hommes clés partis en toute discrétion
• FSC: Clairette Ah-Hen a fait ses adieux hier
• BA Investment – BAI Co (Mtius) Ltd: Quelle est la responsabilité de l'actuaire?

BIZweek Édition 41

Firstpost: We are not a rock-island offshore financial centre, says Mauritius

In response to Pranay Gupte’s story on a story published by Firstpost, the Secretary to the Mauritius cabinet, S Seebaluck, has rebutted some of the points made in the story titled: "Mauritius cracks whip on Muslims, not a’ role model of democracy' as PM Modi said after all."

Firstpost

RICERCATA DALL'INTERPOL, ARRESTATA PER RICICLAGGIO UNA 45ENNE DELLE MAURITIUS

TV Parma: Wanted by Interpol, 45 year old Mauritian arrested for money laundering

RICERCATA DALL'INTERPOL, ARRESTATA PER RICICLAGGIO UNA 45ENNE DELLE MAURITIUS

TV Parma

Mauritius: FSC issues Notice:Termination of the Management Licence of COPEX Management Services Limited

The Financial Services Commission, Mauritius (the “FSC Mauritius”) wishes to inform the public that COPEX Management Services Limited, bearing licence number MC00006209 and having its registered address at Level 4, Shenaz Tower, 30 Louis Pasteur Street, Port Louis, has surrendered its Management Licence in accordance with Section 28 (5) of the Financial Services Act 2007 (the “Act”) with effect from 02 April 2015.

Pursuant to Section 28 (9) of the Act, the public is hereby notified of the termination of the Management licence of COPEX Management Services Limited. Please note that COPEX Management Services Limited no longer holds a valid Licence from the FSC Mauritius.

You may contact the FSC Mauritius for any further information.

Financial Services Commission, Mauritius

17 April 2015

Previous FSC Public Notices

Mauritius: FSC Public Notice - Cancellation of suspension COPEX Management

Mauritius: FSC Public Notice - Suspension of COPEX Management Services Limited

OPÉRATION « DAYLIGHT ROBBERY »: La banque BCBG mise à l’index !

Des soupçons de “window dressing” contre cette banque commerciale qui a avancé un découvert bancaire aller/retour de Rs 3,6 milliards au groupe BAI le 31 décembre 2009

Le Mauricien

Le Mauricien: L'éclipse du Feel-Good

“Ponzi”, c'est la marque sous laquelle on va vendre tout l'argumentaire pour justifier le retrait de la licence de la Bramer Bank. Sauf que “Ponzi” désigne des modes opératoires spécifiques que les professionnels du secteur ont du mal à reconnaître.

Mauritius: Ms. Clairette Ah-Hen stepping down as Chief Executive of the FSC

Ms. Clairette Ah-Hen officially joined the Financial Services Commission (‘FSC’) as Chief Executive on 1st August 2011

FSC: le contrat de Clairette Ah-Hen pas renouvelé 

L'Express

CENTRES FINANCIERS INTERNATIONAUX : Maurice enlevée de la liste noire de l’Italie

Maurice a été enlevée de la liste noire fiscale de l’Italie, a annoncé le ministère de Finances. L’État italien s’aligne ainsi sur la position de l’Organisation de coopération et de développement économiques (OCDE) qui avait déjà enlevé Maurice il y a plusieurs années déjà de sa liste noire de pays considérés comme des paradis fiscaux.

Le Mauricien

Eighty percent of senior lawyers say their health is being damaged by long-hours culture

More than a third of Legal Week survey respondents say they work 60 hours or more and 22% work every weekend The majority of lawyers in private practice have grown to expect long working hours, but more than 80% of senior professionals believe their health is being negatively affected by the time demands, according to new research by Legal Week.

L'Express: The Mauritian inquisition

Whatever our shortcomings, we used to pride ourselves on being a country with functioning – though not always independent – institutions and the rule of law. What we have today are silent institutions and super ministers on the loose. I fear that we may have set some very dangerous precedents.

L'Express

FSC Mauritius issues Public Notice - Disqualification of Officers

FSC Mauritius issues Public Notice - Disqualification of Officers:

Public Notice - Disqualification of Officers 

Disqualification on officers

The FSC Mauritius has disqualified five officers, namely Messrs:

1. Feroz Aslam Dahoo;
2. Miheeranand Nunkoo;
3. Subudh Caussy;
4. Jean-Francois Laurent Dominique; and
5. Kam Young Li Fap Kien

for a period of five (5) years pursuant to sections 52(3) and 7(l) (c) (iv) of the FSA 2007 with effect from 07 April 2015 for Feroz Aslam Dahoo, Muheeranand Nunkoo, Jean-Francois Laurent Dominique and Kam Young Li Fap Kien and with effect from 16 April 2015 for Subudh Caussy. 

Under Section 2 of the Financial Services Act 2007, an “officer” means a member of the board of directors, a chief executive, a managing director, a chief financial officer or chief financial controller, a manager, a company secretary, a partner, a trustee or a person holding any similar function with a licensee.

Emphasis of Matter Paragraph in an Auditor’s Report

If an auditor considers it necessary to draw users’ attention to a matter presented or disclosed in the financial statements that, in the auditor’s judgment, is of such importance that it is fundamental to users’ understanding of the financial statements, the auditor shall include an Emphasis of Matter paragraph in the auditor’s report provided the auditor has obtained sufficient appropriate audit evidence that the matter is not materially misstated in the financial statements. Such a paragraph shall refer only to information presented or disclosed in the financial statements.

When an auditor includes an Emphasis of Matter paragraph in the auditor’s report, the auditor shall:

1. Include it immediately after the Opinion on Financial Statements paragraph in the auditor’s report;
2. Use the heading “Emphasis of Matter,” or other appropriate heading;
3. Include in the paragraph a clear reference to the matter being emphasized and to where relevant disclosures that fully describe the matter can be found in the financial statements; and
4. Indicate that the auditor’s opinion is not modified in respect of the matter emphasized.

The inclusion of an Emphasis of Matter paragraph in an auditor’s report does not affect the auditor’s opinion. An Emphasis of Matter paragraph is not a substitute for either:

1. The auditor expressing a qualified opinion or an adverse opinion, or disclaiming an opinion, when required by the circumstances of a specific audit engagement; or
2. Disclosures in the financial statements that the applicable financial reporting framework requires management to make

L'Express: Super cash machine

25 000 familles sont dévastées par la décision de l’État d’ignorer une catégorie de clients lésés par la fermeture de BAI Co (Mauritius). Cet événement a entraîné pourtant, pour un grand nombre des laissés-pour-compte, la perte des économies d’une vie.

L'Express

Mauritius removed from the Tax blacklist of Italy

Mauritius is no longer part of the tax blacklist of Italy following the entry into force of the Italian Stability Law 2015. This development follows the efforts undertaken by Mauritius to raise the standards of transparency and governance in its financial sector.

Italy has also taken this decision in recognition of the effectiveness of the Mauritius tax exchange information system. Another factor is that the provisions of information exchange between the two countries in terms of taxes are considered robust and effective in preventing the risk of tax evasion in business transactions.  

With this decision, Italy has aligned itself with the Organisation for Economic Cooperation and Development who had already removed Mauritius from its black list since long.

In a statement, the Minister of Finance and Economic Development, Mr Vishnu Lutchmeenaraidoo, underlined that the decision of the Italian government bears testimony to Mauritius being a transparent financial centre of good repute. He further stressed that Mauritius has also taken several measures to strengthen its jurisdiction.

This development, Minister Lutchmeenaraidoo pointed out, will enable Mauritius to consider new opportunities for trade and investment with Italy. Mauritian exports to Italy may now onwards benefit from a more favorable tax system hence making it more competitive, he added. He further said that more Italian investors as well as enterprises are expected to invest in Mauritius owing to the favorable tax regime.

Twenty-eight English clubs are now owned overseas, increasing the risk of tax avoidance

Research by the Guardian and the Tax Justice Network reveals 28 English clubs with substantial shareholdings overseas, opening up the football leagues to criticism for allowing ownership structures that could be used for tax avoidance

Mauritius - Ministry of Financial Services, Good Governance and Institutional Reforms: Press Conference - BAI

• Creation of new insurance company – People Insurance Company Limited to take over the 135,258 recurring premium policy holders.
• At 06 April 2015, 24,690 policies for the SCBG contributing for MUR Billion 19.23. Where has that money gone?

BAI Presentation

National Commercial Bank fully operational

The National Commercial Bank (NCB) Ltd, a wholly state-owned entity, set up to take over the assets and liabilities of the former Bramer Bank, is fully operational as from today.

Following the issue of a banking Licence by the Bank of Mauritius, the NCB Ltd, which is operating at all the 20 places of business of the former Bramer Bank, is providing full-scale banking services to all its customers.

The Signing of Agreement for the transfer of accounts and operations of the former Bramer Bank was held on Saturday 11 April between the Receivers of Bramer Bank (In Receivership) and the National Commercial Bank in Port Louis.

The signatories were the Receivers of the former Bramer Bank, Mr André Bonieux and Mr Mushtaq Oosman, and members of the Board of Directors of the NCB, namely the President Mr Said Lalloo and Mr Patrick Yip.

Dan Maraye (ancien gouverneur de la BOM) : « La pagaille dans le secteur financier »

Notre invité de ce dimanche est Dan Maraye, ancien gouverneur de la Banque de Maurice. Dans l'interview qui suit il donne son opinion sur la crise suscitée par la révocation de la Bramer Bank et de la BAInsurance. Dan Maraye partage également ses vues sur le mauvais fonctionnement des institutions chargées de réguler le système financier, cause principale de la crise actuelle.

Le Mauricien

British American Investment: Communique

Toute la lumière…

1.    La direction de British American Investment est profondément choquée par les récents évènements qui ont secoué le groupe, le secteur des services financiers, et tout le pays. Avec la révocation de la licence de la Bramer Bank, qui a engendré la mise sous régime conservatoire immédiate de la BAI, et subséquemment la suspension des licences de la Bramer Asset Management, c’est une contribution de 45 années du groupe dans l’économie mauricienne qui est balayée, d’un revers de main injuste et aveugle, ravageant au passage toute la valeur des entreprises.
2.   Devant un tel chamboulement, avec des effets dévastateurs sur l’ensemble de nos opérations, la priorité du Groupe est de se battre avant tout pour la protection de ses 355,000 clients et  8,000 emplois directs et indirects.
3.   Durant ces 45 dernières années, la BAI a toujours honoré ses engagements vis-à-vis de ses assurés. Les activités du groupe ont toujours été respectueuses des lois mauriciennes, ont toujours scrupuleusement respecté les directives imposées par les régulateurs de l’Etat, et cela, dans la plus grande transparence. Tous les comptes de la BAI, de Bramer Bank et de Bramer Asset Management sont audités selon les normes internationales par des sociétés indépendantes d’audit et d’actuaire de renom international. Ces mêmes comptes font également l’objet de contrôles stricts auprès des régulateurs, notamment : la Financial Services Commission (FSC), la Financial Reporting Council, la Banque de Maurice, entre autres. Par ailleurs, tous les actifs du Groupe sont régulièrement évalués et contre-vérifiés par des organismes externes internationaux.
4.     Sans préavis, les sanctions de la Banque de Maurice et de la FSC ont mis fin sèchement à l’implémentation des plans d’action agréés avec les régulateurs pour réduire les «related party exposures» du groupe et pour la mise en conformité de ses institutions, même si on ne partageait pas les avis des régulateurs sur certains aspects techniques.
5.    En ce qui concerne la Bramer Bank, il est confirmé que des retraits massifs sous une inspiration conjuguée (incluant des retraits prématurés des institutions parapubliques) ont sévèrement affecté les réserves de la banque. Les résultats positifs de la banque rendus public n’ont pas empêché de contenir les rumeurs de tous genres. La banque a tenté de rassurer ses clients à travers un communiqué en date du 21 février 2015. En l’absence d’un communiqué de la Banque de Maurice, les rumeurs ont persisté, provoquant des retraits accentués par les clients, aggravant ainsi la situation. La vente massive des actions de la Bramer Bank sur la Bourse de Maurice par des institutions parapubliques n’ont fait qu’alimenter ces rumeurs.
6.     Du coup, la Banque de Maurice, en tant que garant de dernier recours (Lender of Last Resort), a aussi été sollicitée pour une intervention urgente dans l’intérêt des clients de la Bramer Bank, mais en vain.
7.     Le 27 février 2015, la Banque de Maurice a réclamé une injection de capitaux à hauteur de Rs 3.5milliards d’ici la fin de cette année, avec une première tranche de Rs350 millions à être injectée dans la Bramer Bank au plus tard le 31 mars 2015.
8.     Devant cette requête, la Bramer Bank a demandé des explications sur les calculs effectués pour arriver à ces montants. Aucune réponse n’a été donnée.
9.   Ainsi, afin de protéger l’intérêt de ses assurés et de ses investissements indirects dans la banque d’environ Rs5 milliards, la BAI s’est proposée, le 31 mars 2015, d’injecter les Rs350 millions sujet à l’approbation des instances régulatrices, entre autres.
10.    Dans une correspondance en date du 2 avril 2015, la Banque de Maurice a fait part à la direction de la Bramer Bank (BBCL) qu’elle était “willing to make a special accomodation to BBCL to avail of overnight facility up to 30 April 2015 on the understanding that in the meantime BBCL would take necessary steps to inject capital as requested in the Bank’s letter (…) of 27 February 2015.”
11.    A notre étonnement, en dépit de cet engagement de soutien que la Bramer Bank a eu dans la matinée du 2 avril 2015, la Banque de Maurice révoque la licence de la Bramer Bank plus tard dans la même soirée.
12.    Cette révocation provoque des répercussions immédiates et sévères sur les investissements de la BAI à la Bramer Bank, soit un déficit soudain et imprévisible d’environ Rs 5 milliards de ses actifs (à noter qu’au 31 décembre 2014, la BAI avait des actifs à hauteur de Rs 33 milliards), lequel déficit est occasionné par le fait même de la révocation du permis bancaire. La FSC emboite le pas à la Banque Centrale et  nomme des Conservators à la BAI.
13.   Devant cette tournure inattendue des évènements, notre objectif premier est d’assurer que les intérêts de nos clients et collaborateurs soient sauvegardés. Dans cette optique, notre personnel collabore pleinement avec les Conservators.
14.    Nous souhaitons ainsi préserver la valeur des actifs, et ce dans l’intérêt de toutes les parties concernées, particulièrement de nos clients.
15.    Par ailleurs, nous lisons et entendons depuis une semaine des propos totalement non-fondés et diffamatoires qui feront l’objet d’actions futures.
16.     A titre d’exemple, beaucoup est dit sur le produit d’assurance ‘Super Cash Back Gold (SCBG)’, qui n’est qu’une évolution du plan d’assurance « Single Premium Endowment » qui existe depuis plus de 20 ans et dûment réglementé par la FSC. Il est à noter que des produits similaires sont commercialisés à Maurice et ailleurs par d’autres compagnies d’assurance.
17.    Le Groupe a inlassablement été un créateur d’emplois de premier plan, un corporate citizen responsable, et a honoré ses engagements pendant les 45 dernières années. L’excellente qualité de ses services-clients était reconnue dans le monde des services financiers.
18.     Nous continuons de travailler avec nos conseillers afin de considérer tous les moyens pour protéger et préserver les droits de tous nos clients, employés, partenaires ainsi que les membres du public.
19.     En ces moments difficiles, nous remercions nos clients, employés, partenaires et les membres du public pour leur compréhension et leurs nombreux témoignages de soutien.

FIN