Financial regulator denies allegations of ‘sexual favouritism’ and promotions

The Financial Services Commission (FSC) has hit back at an unsigned article currently being circulated on social media, levelling serious allegations against its Management and Board.

The article cites the names of several staff who were promoted after offering sexual favours and for being linked to the Alvaro Sobrinho case.

The FSC claimed the article was unfounded.

“The contents of the article are unfounded, baseless and deliberately misleading as no promotion exercise has been carried out recently,” it has said in a communique. 

However, it admitted that staffs were given allowances.

“There was, however, an exercise where staff shouldering higher responsibilities were given actingship and responsibility allowances, all in accordance with internal procedures.”

The FSC is the integrated regulator for the non-banking financial services sector and global business.