Compensation: Rs 5.5 million to Sithanen and Rs 512,000 to Sanspeur after leaving the BoM

Compensation: Rs 5.5 million to Rama Sithanen and Rs 512,000 to Gérard Sanspeur following their departure from the Bank of Mauritius (BoM) was the focus of a Private Notice Question (PNQ) on Tuesday, October 7. This occurred as parliamentary work resumed after a two-month break.

The question, posed by Opposition Leader Joe Lesjongard, was directed at Prime Minister Dr. Navin Ramgoolam. He revealed that Rama Sithanen would receive a compensation of Rs 5.5 million, while Gérard Sanspeur would receive Rs 512,000. These amounts, he clarified, are in accordance with the terms outlined in their employment contracts.

The Prime Minister also mentioned that Rama Sithanen resigned from his position as chairman of the board of the Financial Services Commission (FSC), with his appointment being linked to his role as Governor of the Bank of Mauritius.

Dr. Ramgoolam stated that one of his priorities upon returning to power was to "clean up the mess" left by the previous administration, specifically mentioning the saga surrounding the Mauritius Investment Corporation (MIC) and other accumulated "errors."

"It was at my request that Rama Sithanen and Gérard Sanspeur submitted their resignations. The ongoing conflict situation could not continue in the interest of the banking and financial sector," he noted.

However, the Prime Minister emphasized that this decision does not call into question Rama Sithanen's professional abilities. He added that the financial situation has stabilized, with foreign exchange reserves increasing from $8.4 billion to $9.6 billion.

Dr. Navin Ramgoolam confirmed the appointment of a new Governor and a Second Deputy Governor at the helm of the Bank of Mauritius to ensure continuity and good governance of the institution. He also reminded that Désiré Vencatachellum has been appointed Chief Executive of the FSC.