Couple gets 80% of investment back from Bramer Property Fund

The National Property Fund Ltd (NPFL) has agreed to pay Rs40million to a couple from Reunion Island, representing 80% of their investment in the Bramer Property Fund (now, National Property Fund Ltd) of the ex-BAI group.

After a six-year legal battle, an agreement was reached between Abdul Kader and Bernadette Assenjee and the NPFL and ratified before Commercial Court judge Veronique Kwok, l’Express reported.

The Assenjee couple had invested Rs50 million in BPF – the sum was locked

after the dismantling of the BAI group and BPF, its subsidiary, was placed under special administration.

The Financial Intelligence Unit and Integrity Reporting Services Agency (IRSA) investigated in the source of money and eventually determined that it was ‘clean money’.

The couple was represented by Sir Hamid Moollan, QC, Me Robin Ramburn, Senior Counsel, and Me Kader Rajah, Senior Attorney.

Several hundreds of investors in the ex- Bramer Property Fund are still waiting to be reimbursed.