Mauritius | Finances

November 24, 2013

Duval: "The FSC Monitors the Business Offense"

IMF first drew authorities' attention to the actions of the conglomerate that also owns an insurance company. Yes, the group is in breach of the rules of the FSC, conceded the Minister of Finance at the PNQ on Thursday, November 21 ...

Such a practice could affect the country's financial system. That is the warning from the International Monetary Fund (IMF) on the operations of a conglomerate with an insurance company, but also holding a Banking License . The issue was discussed at the Private Notice Question (PNQ) this Thursday, November 21. While conceding the facts, the Minister of Finance, who answered to the leader of the opposition, said the Financial Services Commission(FSC) follows things closely.

This conglomerate was pointed in an IMF report dating from 2012. That, because it did not meet the financial standards requiring that not reinjected more than 10% of its profits in its sister companies. But this is precisely what makes this group. This is what the Minister conceded Duval Parliament. But he has stressed since that report, the Bank of Mauritius and the FSC working closely with the conglomerate to remediate this situation. The group has asked for time to get to the FSC standards, or December 2014.

These actions do not represent any danger to the country, also wanted to give the Minister Duval. While the opposition leader pointed out the fact that the IMF noted that the impact could be fatal to the country's financial system in the event of massive claims by customers of the insurance company. Paul Bérenger cites the example of the Caribbean where there 8 years, an entire financial system had collapsed by the lack of an insurance company acting as a system of Ponzi .

Another aspect of the PNQ Paul Bérenger: in what circumstances conglomerate he could get aBanking License  ? Which has also been criticized in the report of the IMF). Permits were granted by the Bank of Mauritius, said the Minister of Finance. This, when the group acquired another bank.

The new bank has been a massive fraud then pointed out the leader of the opposition. Fraud is not "massive, we're talking less than Rs 60 million," replied the Minister of Finance. And has he said, police still investigating, rejecting the idea of Paul Bérenger that the IMF is also investigating this matter. "I do not think it will take us somewhere and there are also authorities independent financial Mauritius, " explained Xavier Duval.

 

 

Text by lexpress.mu
 

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