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AfricaMoney | September 21, 2017

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Mauritius solicits Singaporean expertise to investigate; unravel truth behind Ponzi scheme

Mauritius solicits Singaporean expertise to investigate; unravel truth behind Ponzi scheme

To establish facts on the erstwhile well-entrenched BAI Group in Mauritius, the island economy has roped in Singapore’s nTan Corporate Advisory Pte Ltd to investigate the complex financial scandal in excess of Rs 25 billion that erupted early last month. (Image: forensicaccountingmasters.net)

Singapore’s nTan Corporate Advisory Pte Ltd, a financial advisory firm that offers corporate finance and restructuring services, has been appointed by the Bank of Mauritius (BoM) to establish the facts behind the complex financial transactions pertaining to the recent financial scandal in Mauritius involving major companies.

The advisory firm will establish facts of transaction carried out by the BAI Co (Mtius) Ltd and its related parties, affiliates, shareholders and directors, within the Bramer Banking Corporation Ltd In (Receivership) and other financial institutions.

Since the revocation of the banking licence of the Bramer Banking Corporation Limited on 2 April 2015, BoM has carried out special examinations with the objective of identifying and establishing regulatory issues that have to be addressed, among others.

Going forward, given the complexity of the investigation, the BoM finds it necessary to solicit the expertise of an experienced, global firm that will carry out an independent and objective forensic examination of the facts of the case.

Independent forensic accountant Nicky Tan Ng Kuang was involved in the investigation of the collapse of the Barings Bank in 1995. Another investigation carried out by Nicky Tan Ng Kuang was the fraud committed at The Mauritius Commercial Bank Limited.

Singapore’s nTan Corporate Advisory Pte Ltd has started its preliminary investigations as from 23 April 2015 and is being assisted by the officers of the Bank of Mauritius since06 May 2015.

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