SBM ordered to disclose details on Rs1.6 billion controversial loan

SBM Bank (Mauritius) Ltd (SBM) has been ordered by the Supreme Court to disclose details regarding a loan of Rs 1.6 billion (approximately $40 million).

The court’s decision was delivered on Tuesday, May 30, by judges Iqbal Maghooa and Karuna Devi Gunesh-Balaghee.

Reporting on the case, Defi Media said the bank had challenged a provisional order issued on September 19, 2022, which required SBM to provide a list of information related to the loan granted to NMC Healthcare LLC. The order was made in response to a request from the Commissioner of Police.

Unsatisfied with the ruling, SBM reportedly filed an appeal against the provisional order.

During the appeal, the legal representatives of the Commissioner of Police, namely Jagganaden Muneesamy (Principal State Counsel) and Karen Parson (Senior State Attorney), raised a preliminary objection.

They argued that the order issued by the chambers judge on September 19, 2022, was not appealable as it did not constitute a final decision.

This objection was upheld by judges Iqbal Maghooa and Karuna Devi Gunesh-Balaghee. The judges noted that SBM had taken multiple actions to contest the order.

Under this order, the Commissioner of Police was granted the right to know the names of individuals involved in the loan approval process for NMC Healthcare LLC, a company registered in the United Arab Emirates.

Additionally, the Commissioner of Police was given access to minutes of meetings related to the loan, discussions of the SBM’s Board Credit Committee, and email exchanges related to the matter.

Source: Defi Media