FSC Suspends Two Offshore Investment Companies

11 years ago - April 18, 2013

The Financial Services Commission (FSC) has suspended the license of operation of two investment companies, "Nirvi Management Ltd" and "Lotus Fund Ltd", both located in Grand Baie. The FSC found them not to operate "in the regulatory framework in place."

This dual suspension took place on Wednesday afternoon, April 17. Nirvi Management Ltd and Lotus Fund Ltd. , installed at the Folly Road in Grand Bay, is suspended under section 27 of the Financial Services Act . This clause is applied mainly to prevent damage to the financial sector and to protect customers as well as the reputation of Mauritius.

"Several deficiencies were identified by the FSC as a result of audits conducted at the headquarters of the two entities. We asked for corrective measures have not been implemented. Both entities were operating against the interests of their customers, " explained the communication service controller.

If these suspensions occur in the wake of business Whitedot and Sunkai , they have, however, no link or comparison with them. Nirvi Management Ltd and Lotus Fund Ltd. are offshore companies that offer foreign clients instruments investment sophisticated. They are expressed by the FSC in the category of Collective Investments Schemes .

Text by lexpress.mu

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