ICAC raids state-owned Maubank over Rs1.5billion ‘toxic loans’

Investigators of the Independent Commission Against Corruption (ICAC) have reportedly raided the State-owned MauBank headquarters on Tuesday 15 March over “toxic loans” amounting to Rs1.5billion.

Defi Media reported that the raid followed three orders issued by the Supreme Court of Mauritius.

These orders authorised investigators to seize documents, files and other information about loans granted to companies belonging to Doomeswarsing (Rajesh) Gooljaury, Prameshwar Gooljaury, Mohamed Alykhan Torabally and Rooplall Beerjeeraz between 2010 to 2015.

ICAC investigators reportedly spent more than 12 hours at MauBank’s headquarters.

The ‘toxic loans’ (for an amount of Rs1.5billion) were reportedly granted by the ex-MPCB Bank to the four  businessmen.

The ex-MPCB merged with the ex-Bramer Bank to become Maubank in 2016.

Defi Media cited a report of the Bank of Mauritius as describing these loans as ‘impaired’ and ‘non-performing’.

The BoM had also reportedly denounced that these transactions had not been reported as such.

Only part of the amount was recovered, resulting in an approximate loss of Rs 1.2 billion.