The administrator of the BAI, Sattar Hajee Abdoula, will today leave the post for Mushtaq Oosman and Yogesh Rai Basgeet. The latter have been nominated “Special Administrators” by the Financial Services Commission (FSC) last Thursday after the amendment of the Insurance Act.
The Special Administrators met with the FSC on Saturday for a meeting. They are meant to review all the property of the BAI as from today morning. The latter will then be sold to reimburse (only partly) the 14 570 subscribers of the insurance policy Super Cash Back Gold of the BAI.
The National Property Fund will then issue debentures for the subscribers.