Silver Bank: Acting CEO Resigns Amidst Financial Irregularities

The former Chief Executive Officer (CEO) of Silver Bank, who was reportedly suspended last week, has now been followed by acting CEO Tanuja Nair, who resigned less than five days later.

In the midst of the ongoing crisis at Silver Bank, l’Express newspaper reported that a series of financial irregularities have come to light.

The bank’s former CEO, Vasil Revishvili, and a Senior Manager were apparently suspended following the discovery of a USD 210,212 diversion, with suspicions of forged documents and signatures.

“The whereabouts of Revishvili are reportedly unknown, and the Bank of Mauritius (BoM) has not yet commented on the matter,” the newspaper reported.

Acting CEO Tanuja Nair is also said to have resigned soon after her appointment, and subsequent board resignations hindered crucial meetings, including the Audit Committee’s review of the fraud report.

The bank, l’Express added, faces allegations of cross-border loans exceeding Rs 7 billion and irregularities in a fuel supply contract.

Public institutions’ deposits in hundreds of millions of rupees, notably from Curepipe and Port Louis municipalities, remain unresolved, with funds intended for reimbursement still retained by Silver Bank.

Source: l’Express