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Bank of Mauritius Faces Backlash Over Purchase of Car Worth Over Rs10 Million

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Bank of Mauritius Faces Backlash Over Purchase of Car Worth Over Rs10 Million

Discontent is growing after the Bank of Mauritius’ (BoM) recent acquisition of a Mercedes-Benz Maybach S580 worth over Rs10 million for the transportation of Governor Harvesh Seegolam.

According to critics, the BoM’s financial statement, published in October 2023, reveals a drastic reduction in total comprehensive income from Rs2.48 billion in July 2023 to Rs44 million the following month.

Some employees are reportedly “annoyed” by the purchase, particularly in light of a recent salary revision that led to a disciplinary investigation against a fellow employee.

Concerns have been raised over whether the purchase was necessary, given the depreciation of the rupee and rising vehicle prices.

Central Bank insiders expressed skepticism over the insurance costs for the Mercedes-Maybach S 580, estimated at around Rs300,000, and questioned how many salaries that amount represents.

While the Bank of Mauritius Act 2004 stipulates that the Governor is appointed by the President on the recommendation of the Prime Minister, the legal and moral implications of such a costly acquisition are being debated – even if some argue that the Governor is entitled to certain benefits under his contract.

Some have called for greater transparency around the governor’s contract and the approval process for major purchases, and questioned the efficacy of the Board’s decision-making process.

Harvesh Seegolam has held the position of Governor of the Bank of Mauritius since March 2020, succeeding Yandraduth Googoolye.

Source: Defi Media

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