Mrinal Roy: Crisis management, BAI Saga and India - Calling a Spade a Spade

It is obvious that India will never turn down a call for a helping hand from Mauritius. While finding a solution to end the hardships and anguish of the victims of BAI remains a priority, this unprecedented initiative of seeking help from India to resolve domestic problems of our own making raises a series of questions of principles… India cannot be the panacea for our blunders. By doing so the government is exposing its inability to manage the affairs of the country competently…

The recent flagrant lapses in respect of licences granted to Alvaro Sobrinho shows that the regulatory bodies have not yet learnt the lessons of the BAI debacle. Politicians must also learn to stay clear of political meddling in the strict application of rules and regulations by regulatory bodies. Going forward, urgent steps must also be taken to inculcate a culture of supervisory rigour among regulators and strict compliance with rules and regulations among operators to prevent any risk of crisis in our financial services sector. It is only then that we will prevent hiccups in the future and truly establish the standing and repute of Mauritius as a clean and vibrant financial services centre.

Mauritius Times