Addressing a Financial Scandal

The recently published audited financial statements of the Bank of Mauritius (BoM) have uncovered 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. Despite this, asset valuations continue to be inflated. It is crucial for the Bank to promptly initiate an independent forensic audit of MIC, conducted by a reputable, impartial international firm.