SAJ Explains Why The BoM Revoked The Licence of Bramer Bank

The Prime Minister, Sir Anerood Jugnauth, has addressed members of the press today to inform the population of the motivations that triggered the revoking of the licence of Bramer Bank.

SAJ

The Prime Minister, Sir Anerood Jugnauth (SAJ), has clarified the reasons as to why the Bank of Mauritius (BoM) has revoked the licence of the Bramer Bank Corporation Ltd during a press conference held today 3rd of April. He also mentioned the decision of the Financial Services Commission (FSC) to put the insurance company BAI Co Ltd under the responsibility of PricewaterhouseCoopers (PwC).

SAJ stated that the BoM took such a decision because of evidence hinting that the Bramer Bank has acted to the detriment of its clients and the public at large.

He said that the bank “…fine azir dans enn facon qui au détriment de son bane clients et du public en general”.

He added that the decisions have had to be made immediately. He described the situation as an unprecedented financial crisis that arose from a plan aimed specifically at robbing from people. SAJ stated that 23 000 individuals have fallen prey to it already, and that 160 000 “policy holders” are involved.

SAJ also announced that an investigation is ongoing. He has promised that his government will dig deeper and deeper into the affair. He also reassured the public that the financial system of the government remains firm.

Furthermore, SAJ said that the BoM and the FSC have set up special “desks” to attend to the complaints of clients of the Bramer Bank and the BAI Co Ltd. Any relevant information will also be given out to them through this service. He also called out to the public to cooperate whenever necessary.

When concluding, SAJ affirmed that he cannot reveal any more information pertaining to these circumstances for now so as not to compromise the investigation.

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