Analysis: Mauritius Investment Corporation - Addressing a Financial Scandal

The recently published audited financial statements of the Bank of Mauritius (BoM) indicate an impairment loss of Rs 5.4 billion connected to its subsidiary, the Mauritius Investment Corporation (MIC). The financial irregularities associated with MIC's investments are now negatively impacting the BoM's balance sheet. Nevertheless, the valuations remain inflated. Therefore, it is crucial that the Bank promptly initiates an independent forensic audit of MIC, conducted by a reputable, impartial international firm.