Listed Firm Unaware of Complaint and Investigation Into Acquisition Controversy

The Board of United Investments Ltd (UIL) has said that they have not been made aware of a letter dated September 1 addressed to the Financial Services Commission (FSC), nor of any complaint filed against one of UIL’s shareholders, or an investigation conducted by any of its regulators, including the FSC.

This comes after the FSC initiated an inquiry on September 8 following the receipt of a letter detailing a complaint filed against a UIL shareholder on August 28, 2023, alleging forgery, misappropriation of funds, and unlawful appropriation.

The complaint centres around a conditional share purchase agreement between UIL and Alternative Capital Investments Ltd (ACIL), a consortium led by AXYS Group’s management and other investors.

In a communique issued on the website of the Stock Exchange of Mauritius, UIL’s board stated that the potential sale of AXYS Group had been communicated multiple times, with the latest update on August 28, 2023, and all necessary approvals from the FSC had been granted.

The group said it remains committed to adhering to best practices and complying with all applicable laws.

Source: Stock Exchange of Mauritius