Post by congregatio on Apr 5, 2015 3:21:04 GMT 4
Bramer Bank, licensed in Mauritius since August 27, 2008 got halted and put into receivership by the Central Bank of Mauritius. Bramer Bank claimed to be the fastes growing bank in Mauritius and was supposedly part of the British American Investment Group. Bramer Bank supposedly started as South East Asian Bank in 1999.
The Mauritian Financial Services Commission claims, that an onsite audit from January 22, 2015 to February 20, 2015 discovered a number of deficiencies.
The Bank had subsequently sought to meet its capital needs through overnight lending facilities from the country's central bank, but had also reportedly been suffering large withdrawals.
While the Mauritian Prime Minister has publicly talked about a Ponzi Investment Scheme and pegged the size of the alleged scheme at approximately $693 million, further details as to the number of victims or potential ensuing losses remain unknown.
Bank of Mauritius has appointed PricewaterhouseCoopers (PwC) as receivers for BBCL.
The Financial Services Commission also appointed PwC as conservator for insurer BAI Co (Mtius) Ltd, to safeguard the interest of policy holders, in the light of the systemic risk posed by the revocation of licence of BBCL.
Shares in BBCL, which had closed unchanged at 4.30 rupees on Thursday, have been suspended
The Mauritian Financial Services Commission claims, that an onsite audit from January 22, 2015 to February 20, 2015 discovered a number of deficiencies.
The Bank had subsequently sought to meet its capital needs through overnight lending facilities from the country's central bank, but had also reportedly been suffering large withdrawals.
While the Mauritian Prime Minister has publicly talked about a Ponzi Investment Scheme and pegged the size of the alleged scheme at approximately $693 million, further details as to the number of victims or potential ensuing losses remain unknown.
Bank of Mauritius has appointed PricewaterhouseCoopers (PwC) as receivers for BBCL.
The Financial Services Commission also appointed PwC as conservator for insurer BAI Co (Mtius) Ltd, to safeguard the interest of policy holders, in the light of the systemic risk posed by the revocation of licence of BBCL.
Shares in BBCL, which had closed unchanged at 4.30 rupees on Thursday, have been suspended