“Regulators are not alone to ensure safe and sound management of finance companies in the ‘public interest’ however. There’s also the finance company’s board, its specialised board committees such as the Corporate Governance Committee, Credit/Investment Committee, the Audit Committee, the Risk Management Committee, Internal Audit as well as External Audit. All are accountable and expected to apply the brakes when necessary. Then, the question arises as to why, despite a plethora of such controls, a finance group like the BAI has ended up with such a huge financing gap…”
“The BAI mess and consequent turmoil will not be put to rest any time soon. It’s the taxpayer who will have to pay the price for it to the tune of several billions of rupees. The taxpayer has the right to know how it all came about, whether there had indeed been failures at the level of the regulatory bodies, company boards and auditors – internal and external – and also political interference to sap the functioning of the public bodies, which might have allowed mischief to happen for a long number of years…”
Mauritius Times
Mauritius Times
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