Ray of Hope for Le Meritt Ellipsis: IBV, South African Bank, Proposed to Invest

A South-African bank, the International Bank Vault Ltd (IBV), has extended a helping hand towards the liquidators of the project of Le Meritt Ellipsis.


The IBV, based in South Africa and in Dubai, with branches in Durban, Johannesburg and Mauritius, wishes to carry out negotiations with the owners of Le Meritt Ellipsis with the aim to bringing the project to its completion.

A meeting was held on the 12th of November at the Clos St Louis, Domaine Les Pailles, where the CEO of the bank, Ashok Sewnarain, explained their intention of investing into the project. He was accompanied by the president and the quantity surveyor of the institution.

The plan would be to complete both the first and second phases of the project: the former entails 150 flats, and the latter is known as the Ellipsis Mall & Services. The second stage is a combination of projects, including residences, commercial buildings, and services like catering.

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