“I aim to preserve interest of stakeholders at BAI”: Grant Thornton Mauritius CEO
Sattar Hajee Abdoula, CEO of Grant Thornton Mauritius, highlights as administrator of 30 companies of the BAI group that “even if the role of a conservator and administrator are different, I am here to facilitate the work of conservators and am convinced that we will find a solution in the interest of all stakeholders.” (Image: Company)
Sattar Hajee Abdoula, CEO of Grant Thornton Mauritius, who has recently appointed as the administrator of 30 companies of the BAI group, highlighted that his task as administrator is to ensure that the operations of each company under his responsibility are running smoothly and the value of the companies is maintained.
He further noted that corporate rules and regulations allow enterprises to nominate an administrator to preserve the value of the company in the interest of the public, employees, partners, creditors and shareholders and added that he has no conflict of interest with the BAI Group.
Sattar Hajee Abdoula also highlighted that the guidelines for administrators are defined in the Insolvency Act and stated that “even if the role of a conservator and administrator are different, I am here to facilitate the work of conservators and am convinced that we will find a solution in the interest of all stakeholders.”
His first day as administrator was mainly geared towards the analysis of the operations of the company, together with ensuring the companies continuity. The evaluation phase will continue for sometime before putting in place measures to preserve the entity value, said the administrator.
On the other hand, three other enterprises were placed under the responsibility of Sattar Hajee Abdoula, namely Apollo Bramwell Nursing School Co Ltd, British American Hospitals Entreprise Ltd and Bramser Services Group Ltd.
Other updates on BAI reveal that BAI insurance has been taken over by the National Insurance Company (NIC) Ltd where 135,283 policy holders insurance will come under the new company, while nothing has been decided for the remaining policyholders who are under the Supercash Back Gold Scheme.
As for the NIC, it will operate under a proper regulatory framework and will continue to adhere to the regular payment scheme assured by BAI to its stakeholders.
It may be noted that last week the government of Mauritius, together with banking and financial services authorities, exposed a huge Ponzi scheme upward of Rs 25 billion at Bramer Bank and parent BAI.