In Response to Documents Circulating on Social Media: SBM Holdings Denies the Suspension of its CEO Raoul Gufflet

In response to circulating rumors, the board of SBM Holdings Ltd (SBMH), the holding company of the State Bank of Mauritius group, formally denied on Saturday the claims regarding the suspension of Raoul Gufflet, its Group Chief Executive Officer.

Persistent rumors on social media suggested that he had been suspended effective immediately since November 28. In an official statement, SBMH clarified that Raoul Gufflet has not been subjected to any disciplinary action, addressing an anonymous document that had been widely circulated.

This document mentioned an alleged "anonymous letter accompanied by damning evidence" questioning Raoul Gufflet's management at SBM Madagascar, involving an "orchestrated manipulation of toxic loans," where dubious loans were reportedly erased without payment, violating prudential rules and internal controls. However, the board, chaired by Mahendra Vikramdass Punchoo, categorically refuted these claims. Additionally, SBMH reaffirmed its commitment to "transparency, integrity, and the highest standards of corporate governance." This aims to reassure shareholders, partners, employees, and other stakeholders, emphasizing that the group remains "fully compliant with all applicable laws, regulations, and professional standards."

Internal sources refer to a "powerful lobby" at work seeking to oust Raoul Gufflet in favor of someone connected to governmental figures.

Raoul Gufflet, 52, has an extensive background in the international financial sector. He holds a master’s degree in economics specializing in finance from the University of Paris-Sorbonne, a postgraduate degree in international finance from Paris XIII, and is a certified internal auditor by the Institute of Internal Auditors (USA). He also completed the Advanced Management Programme at Insead. His career began at PwC as a strategy, audit, and consulting consultant, where he supported commercial and central banks in France, Central and Eastern Europe, as well as Africa. In partnership with the World Bank and EBRD, he contributed to studies on financial institutions in transitioning economies. Prior to SBMH, Raoul Gufflet was the Deputy CEO of the Mauritius Commercial Bank (MCB) and served on the board of its subsidiaries in Africa and the Indian Ocean.

This denial comes on the heels of another significant event for SBM Bank (Mauritius) Ltd. On December 3, 2025, the bank's board announced the termination of Premchand Mungar’s contract as CEO, effective December 2. This decision followed his previous suspension after a statement on March 28, 2025, and the completion of internal procedures by a disciplinary committee. During the week, he was arrested and later released on bail regarding loans exceeding Rs 400 million granted by SBM to Dhyanavartam Ltd, the owner of Maradiva Villas Resort & Spa.