Featured Mauritius

Mauritius bank SBM says unit’s India operations hit by cyber fraud

Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million. SBM said that no loss had been caused to customers and that the Indian business operations would continue as… Read More

Mauritius freezes funds linked to Angola’s sovereign wealth fund

Mauritius has frozen bank accounts and suspended business licenses linked to Quantum Global Investment Management, a firm through which Angola’s sovereign wealth fund invests much of its cash, according to a court document and a regulatory source. Quantum Global, which said it was cooperating with authorities, is run by Jean-Claude… Read More

Africa’s only female leader Gurib-Fakim refuses to quit

Africa’s only female head of state, Mauritian President Ameenah Gurib-Fakim, is refusing to quit over an expense scandal, just days after it was announced she would resign. Ms Gurib-Fakim denies any misconduct after allegations emerged she made tens of thousands worth of personal purchases on a charity bank card. Her… Read More
11th March 2018
Mauritian President Ameenah Gurib-Fakim, Africa’s only female head of state, is to quit over a financial row. She has been accused of using a bank card provided by a charity to make personal purchases worth tens of thousands of dollars. She is to step down after ceremonies to mark the… Read More
22nd December 2017
An offshore firm connected to the Paradise Papers has been ordered to pay almost €53m after a court ruled it had “manufactured” correspondence in a deliberate attempt to help a mother hide money from her estranged daughter. Appleby Mauritius, an offshore services firm owned by the law firm Appleby until… Read More
26th September 2017
A Mauritian whistle-blower withdrew allegations of money laundering that forced Attorney General Ravi Yerrigadoo to step down this month. Husein Abdool Rahim, who made the allegations earlier in September, said he’d been pressured by Port Louis-based newspaper l’Express and former Financial Services Minister Roshi Badhain into making claims that Yerrigadoo… Read More
14th September 2017
Mauritian Attorney General Ravi Yerrigadoo stepped down to allow an investigation into allegations of money laundering, Prime Minister Pravind Jugnauth said. Yerrigadoo quit at Jugnauth’s request to “ensure the investigation is conducted in a transparent manner,” the premier told reporters Wednesday in the capital, Port Louis. Read More
16th August 2017
A global mining giant seeking public funds to develop one of the world’s largest coal mines in Australia has been accused of fraudulently siphoning hundreds of millions of dollars of borrowed money into overseas tax havens. Indian conglomerate the Adani Group is expecting a legal decision in the “near future”… Read More
24th May 2017
One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More
20th November 2016
All the accused have denied the allegations against them by the investigating agencies and all of them have moved bail pleas in the case. Read More
4th November 2016
The Enforcement Directorate (ED) is probing a Rs 300-crore money-laundering racket involving a former chief minister and an NRI builder, who is developing a luxury residential project in central Mumbai. Sources told TOI that the politician is believed to have diverted Rs 300 crore from accounts maintained in tax havens… Read More
28th September 2016
The Senate on Tuesday resolved to investigate allegations of $13.92 billion illicit financial flow involving telecommunications company, MTN, four banks and the Minister for Trade and Investment, Okechukwu Enelamah. The resolution followed a motion by Dino Melaye (APC-Kogi West) who said MTN connived with “some influential and unpatriotic Nigerians” to… Read More
28th September 2016
In a double blow to beleaguered business tycoon Vijay Mallya on Monday, the Enforcement Directorate (ED) in Mumbai lodged a money laundering case and the Debt Recovery Tribunal (DRT) in Bengaluru barred British liquor giant Diageo from paying him anything till a case against him was disposed off. The tribunal… Read More