12 Properties Up for Auction as Best Construct Fails to Pay £12.8 Million Debt

Construction firm Best Construct is liquidating a dozen properties to pay off a colossal debt of nearly £12.8 million (Rs 800 million), but Mauritius Investment Corporation (MIC) is unlikely to recoup the £2.88 million (Rs 180 million) it is owed, according to a recent statement from Receiver Manager Gerald Lincoln.

The company, founded on May 6, 2002, and headquartered in Rose-Hill, was placed in receivership two months ago.

It owes the MIC £2.88 million, including interest, for a £2.4 million (Rs 150 million) loan received in 2022-2023 that has never been repaid.

Massive Assets Auctioned to Settle Debt

The liquidation, overseen by EY Parthenon, the consulting branch of Ernst & Young, is offering for sale assets belonging to Best Construct and its affiliates, Best Developers Co. Ltd and Best Leisure Co. Ltd.

These properties, which have a collective estimated value of £1.6 million (Rs 100 million), are being sold through a sealed bid process to recoup some of the company’s massive debts.

The properties include a dozen freehold lots spread across the island, such as a vast 46,915 m² plot in Pointe-aux-Feuilles, commercial spaces in the Galeries Evershine in Rose-Hill, a furnished bungalow in Calodyne, and a villa in Port Chambly.

Interested buyers must submit their bids before 3:00 PM on Friday, September 26, 2025, accompanied by a bank cheque for 10% of the proposed amount.

Unpaid Loans and Legal Disputes

Best Construct, which specialised in public construction contracts, had a turnover of £945,600 (Rs 59.1 million) in the fiscal year ending June 30, 2022.

However, high production costs of £1.1 million (Rs 69 million), administrative expenses of £444,800 (Rs 27.8 million), and financial charges of £486,400 (Rs 30.4 million) led to a net loss of £1.09 million (Rs 68.1 million) and a total liability of £9.45 million (Rs 591 million).

The company’s financial woes were compounded by a major dispute with its main client, the Central Water Authority (CWA).

The CWA awarded Best Construct a contract worth over £13.44 million (Rs 840 million) in 2017 to replace 91 kilometres of pipes.

However, the contracts were terminated between May and October 2021 due to delays and failures.

This dispute, which involves more than £3.2 million (Rs 200 million), is now in arbitration. Employees were laid off before the company was placed in receivership.

Source: Defi Media