The PM, Sir Anerood Jugnauth, has provided his insight into the BAI-Bramer affair during a press conference held today afternoon, 24th of April.
Sir Anerood Jugnauth (center)
During the press conference, SAJ highlighted the argument his government favours that the BAI had set up a strategy to swindle money from its clients. According to him, the government has saved the country from a great calamity. He maintained that the BAI elaborated an extensive Ponzi Scheme, and that the Super Cash Back Gold was part of the plan to make more money without paying interests. He explained that 14 570 people have allegedly fallen prey to the Super Cash Back Gold that includes 24 610 insurance policies worth Rs 19.2 billion.
Justifying his stance, he said that 85 % of the Super Cash Back Gold were invested in other subsidiary groups of the BAI while only 10 % can be directed to investments according to law. Moreover, the BAI was being led to bankruptcy since 2012. He argued that this would prove the existence of a large-scale Ponzi Scheme.
He has also denounced the ex-government: he affirmed that the PTr did not take any action in the face of the troubles that emerged, and ultimately around 210 000 Mauritians have suffered the losses thereof. He also defended his own government, saying that they have not abandoned the clients of the BAI to their fate. Rather, he said that they will preserve the interests of the 60 000 depositaries of the ex-Bramer Bank. He reminded the solution of the government of creating a new bank: the National Commercial Bank.
He also announced new measures to be taken: the law pertaining to insurance policies will be amended with the aim to avoid “Ponzi Schemes”. Furthermore, he has stated that the shares of the BAI will be sold to compensate for the loss faced by the clients. What remains of the money will then be given to Dawood Rawat. He added that he would not encourage negotiations with the BAI.
SAJ also said that it is saddening how members of the Opposition are trying to turn the issue into a communal one.