The Prime Minister, Sir Anerood Jugnauth, reassures the population that his Government will take necessary actions for the safeguard of the interest of all those concerned with the new mega financial scandal “Ponzi Scheme” involving Bramer Banking Corporation Ltd (BBCL) and associated companies of the BAI group.
He was speaking at a press conference this morning in Port Louis following the decision of the Bank of Mauritius (BOM) to revoke the banking licence of the Bramer Banking Corporation Ltd in the public interest under section 17 of the Banking Act 2004. The BOM considers that conditions prevailing at BBCL pose serious systemic risks to the domestic financial system.
Sir Anerood Jugnauth underlined the urgency in treating this matter which he qualified as a mega Ponzi scheme scandal of over Rs 25 billion concerning some 23 000 people and another 160 000 policyholders. He added that a full investigation is ongoing to look into the matter as the BOM is in the presence of proofs that BBCL has been operating at the expense of the interest of its customers and the public.
He announced the setting up of special desks at the BOM and the Financial Services Commission (FSC) to assist those concerned by this scandal by registering their complaints and to provide information to the public. He appealed to the population to demonstrate comprehension and to collaborate with these institutions and that his Government is taking this matter very seriously and will act with all diligence.
In the light of the situation, the PM further said that the BOM has designated PricewaterhouseCoopers to take over the control of the BBCL and that the FSC has also appointed the said firm to safeguard the interest of policyholders in pursuance to section 106 of the Insurance Act 2005.
The designated firm shall take charge of the business of BAI Co (Mtius) Ltd and all of its property, books, records, and effects and shall exercise all powers necessary to preserve, protect and recover any of the assets of the insurer, collect all monies and debts due to it, assert causes of action belonging to the insurer and file, sue and defend suits on its behalf and shall have such powers and duties as provided under the Insurance Act 2005.
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