Former executives of the now-defunct BAI Group are challenging Yacoob Ramtoola’s appointment as Special Administrator.
They claim damages of Rs 103 million and Rs 44 million. BDO, the auditing firm, had been the auditor of Bramer Property Fund (BPF) since 1994, and one of Ramtoola’s business associates had invested about Rs 78 million in the BAI group.
The former executives argue that Ramtoola’s involvement in BPF’s affairs during his time at BDO poses a conflict of interest, making him unfit for the role.
They also point out that his objectivity is compromised due to personal connections with clients linked to the BAI. They further challenge BDO’s denial of BPF’s ties to Dawood Rawat’s group.
Additionally, the complainants highlight concerns about BDO’s audit practices, as raised in nTan Corporate Advisory Pte Ltd’s report.
They stress that Ramtoola’s appointment potentially served personal financial interests, raising questions about the validity of his actions.
The former employees are now seeking damages of Rs 103 million and Rs 44 million, reflecting their perceived losses since 2015.
The case is set to proceed in the Supreme Court.
British American Investment was the second largest investment conglomerate based in Mauritius. It was brutally seized by the Government of Mauritius in 2015 for operating an alleged ponzi scheme that has never been prosecuted or proven in any court of law.
Its assets and investments were seized – some of which were nationalised while the others were sold at cheap rates to the group’s competitors.
Source: Le Mauricien
