SBM Bank: The Contract of Premchand Mungar Officially Terminated

The Board of Directors of SBM Holdings Ltd, the parent company of SBM Bank (Mauritius) Ltd, has announced the termination of Premchand Mungar's employment contract as CEO of the bank, effective December 2, 2025. This decision was made during a meeting held on Wednesday, December 3. This dismissal follows the suspension of Premchand Mungar, which was announced in a statement on March 28, 2025.

At that time, the board of SBM Bank had already appointed Rita Gujadhur as Officer-in-Charge of the bank.

Premchand Mungar was arrested again on Wednesday, December 3, by the Financial Crimes Commission (FCC) as part of an investigation into an alleged conspiracy related to the granting of approximately Rs 470 million in financing to Dhyanavartam Limited. This marks the second time in six months that he has been detained in this matter, with his first arrest occurring on June 18.

He is suspected of misleading the SBM board to obtain approval for the loan. Temporarily charged with conspiracy, he was brought before the Port-Louis District Court, where he was granted conditional release after providing two sureties of Rs 700,000 and signing a debt acknowledgment of Rs 5 million.

With over 37 years of experience in the banking sector, Premchand Mungar was appointed to SBM Bank (Mauritius) Ltd on November 22, 2023.

Prior to his appointment at SBM, he served as Chief Executive and Executive Director of MauBank from 2018 to 2023. He also worked at the Eastern & Southern African Trade & Development Bank (TDB) in various roles, including General Counsel and Senior Director.