Business
AXYS Group: FSC Investigates into Alleged Financial Misconduct

An investigation has reportedly been initiated by the Financial Services Commission (FSC) following a letter dated September 1 from a whistleblower addressed to the FSC Chairman.
According to Defi Media, the letter highlights a complaint filed on August 28, 2023, “against a shareholder for forgery, misappropriation of funds, and wrongful appropriation.”
This development stems from a conditional share purchase agreement signed on July 20, 2022, between United Investments Ltd (UIL) and Alternative Capital Investments Ltd (ACIL), a consortium led by the management of the AXYS group and other investors.
A complaint has reportedly been lodged with the police against this individual (name not disclosed), who apparently also serves on the board of several companies licensed by the FSC.
A statement released on August 28, posted on the Stock Exchange of Mauritius, clarified that the share purchase transaction would primarily be used to reduce the group’s debt.
Source: Defi Media