Connect with us

Business

Three directors of top Mauritius bank resign over ‘personal reasons’

Published

on

Three directors of top Mauritius bank resign over 'personal reasons'

The Board of the State Bank of Mauritius (SBM) has reportedly recorded three resignations in recent days. According to Defi Media, Eric Leal, CEO of Leal & Co Ltd resigned earlier this week, citing ‘personal reasons’. He had been an independent director since March 2020.

His resignation was apparently followed by that Roodesh Muttylall, a non-executive director appointed in July 2020. “He resigned from the bank and also from the board of SBM Holdings,” Defi Media reported.

Muttylall, who is also Company Secretary of Air Mauritius, equally justified his resignation citing ‘personal reasons’. Another unnamed director has reportedly also indicated his intention to resign, again ‘for personal reasons’.

SBM has reportedly argued that it underwent a major transformation in order to make it more even more efficient.

“But it is hard to believe that the three had personal impediments at the same time. I think they were pushed out the door,” an unidentified former SBM director was cited as telling l’Express newspaper.

Meanwhile, l’Express has also reported on the appointment of an unidentified ex-minister and lawyer as Consultant with SBM.

According to the newspaper, the former minister could not be hired directly by the bank. “This is because the Bank of Mauritius would not give him a ‘Fit and Proper Certificate’ due to his past issues related to money laundering”.

“SBM was incorporated as a private company. As such, it cannot be the subject of parliamentary questions as this would entail the breach of the Companies Act and the Stock Exchange Act,” l’Express explained. The lawyer/ex-minister has allegedly been hired on a monthly package of almost Rs500,000.

Sources: Defi Media, l’Express

Bookmark (0)

No account yet? Register

Spread the News
The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.