The Bramer Bank will soon be replaced by a new entity belonging to the government: the National Commercial Ban (NCB). The announcement made by the Minister of Finance, Vishnu Lutchmeenaraidoo, today (07.04.15) at the Parliament received different types of responses.
As explained by the minister, the NCB will provide “full banking services” once all the required transfers from Bramer to the NCB have been made. Vishnu Lutchmeenaraidoo gave the details of the project as response to the Private Notice Question (PNQ) of the Leader of the Opposition.
The new bank will have its licence issued by the end of this week. In the meantime, the Bramer Bank will continue offering its services as a temporary authorisation from the BoM was given out.
Also, the State Bank of Mauritius (SBM) will aid the process of the transition. It is to be noted that the SBM had initially offered to buy the institution before changing its mind.
After Paul Berenger put forward his queries, it was the turn of Shakeel Mohamed to do the same. However, this led to a clash between him and the Minister of Finance. Shakeel Mohamed asked the latter for the evidence of the Ponzi Scheme relating to the Bramer Bank.
Vishnu Lutchmeenaraidoo is reported by L’Express.mu to have made the following statement:
«We all know it’s a Ponzi Scheme»
Shakeel Mohamed had then retorted:
«Dir to pena narien»
The announcement of the Minister of Finance, Vishnu Lutchmeenaraidoo, at the Parliament today morning has indeed kindled reactions. The lawyer of the Rawat family, Yousuf Mohamed, has described it as having “no legal value”. Vishnu Lutchmeenaraidoo had initially affirmed that Dawood Rawat was ready to sell all of his conglomerate for “one rupee”, so to say – Yousuf Mohamed believes that the minister has only jumped to conclusions.
The lawyer has argued that his client has been called to take this offer under constraint. He explained that the letter was written in Mauritius, scanned and then sent to his client who was abroad so that he gave his approval; Mohamed finds the offer to be an outrageous one.
Furthermore, Yousuf Mohamed asserted that he was in consultation with the Rawat family to determine the legal actions to be taken.