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AfricaMoney | October 16, 2017

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Mauritius govt overturns dismissal of 704 employees of BAI group

Mauritius govt overturns dismissal of 704 employees of BAI group

In a press conference held today, 22 May 2015, in the presence of the Minister of Finance and Economic Development, Vishnu Lutchmeenaraidoo and ​the Ministry of Labour, Industrial Relations and Employment, the government overturned the special administrator’s decision to dismiss 704 employees of the BAI Group, declaring that they could rejoin from tomorrow. (Image: IONNews.com)

The government of Mauritius announced the cancellation of the dismissal of 704 BAI employees today, as had been earlier decided by special administrators appointed to manage the liquidation of the BAI group.

These 704 staff of the BAI Group hailed from subsidiaries such as Apollo Bramwell, Courts and Iframac, and were about to be dismissed by Special Administrators. However, in the press conference held today, Soodesh Callychurn announced that these employees can resume as from tomorrow.

For the employees of GRNW Boat Yard, however, the situation remains unfortunately at status quo, indicated Callichurn. The company has already closed its doors, he noted, and there is already an arrangement concerning the payment of salaries.

Courts, Iframac and Apollo Bramwell are the flagship companies of the BAI group and the companies will be sold to buyers to obtain the best price, noted Vishnu Lutchmeenaraidoo. To protect the value of these companies, it is important that these companies operate normally, he underlined.

Accordingly, the government has decided to open a credit line to assure the salaries of all employees of these three companies, until a buyer takes over.

Between May and June, said Lutchmeenaraidoo, the government will have to uncover Rs 6.2 billion to compensate the victims of the Ponzi scheme, for which revenue will be derived from the assets of BAI group. These assets currently fall under the National Property Fund created by the government.

It is also to be noted that Mushtaq Oosman, special administrator of the group, is also satisfied with the government’s decision of not dismissing BAI employees.

Finally regarding buyers for Courts, Iframac and Apollo Bramwell, up till now deals are not yet finalised but there are different companies which have shown interest in acquiring the companies. The interested buyers will provide their proposals after analysing the information of these companies, where  the government is maintaining that these companies be sold at best price.

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