Silver Bank Ltd: Arvin Boolell Challenges ‘Banking Secrecy’ at the Parliament

Following Minister Padayachy’s statement on the Silver Bank, it has been revealed that the Bank of Mauritius (BoM) is obligated to maintain the confidentiality of information relating to certain cases.

However, the response from Minister of Finance, Renganaden Padayachy, in regards to the Silver Bank Limited has left Member of Parliament for the Labour Party, Arvin Boolell, dissatisfied.

Arvin Boolell took to his Facebook page to express his discontent, stating that withholding information under the guise of “banking secrecy” is unacceptable.

He was not granted the opportunity to ask further questions regarding the Silver Bank Limited during a session at the National Assembly on Tuesday May 7, and decided to voice his concerns online.

Boolell expressed his belief that the Governor of the Bank of Mauritius and the board cannot remain silent and use confidentiality as an excuse to cover up a major scandal that tarnishes the reputation of the banking sector.

He specifically wanted to know if a selective tendering process was conducted under the supervision of the Silver Bank Limited for the appointment of a trustee, as well as whether a loan was granted by the Bank of Mauritius (BoM).

In accordance with Article 26 of the Bank of Mauritius Act, Finance Minister Renganaden Padayachy stated that the Bank of Mauritius is required to maintain the confidentiality of information related to its own affairs and those of other banks, as well as their clients, gathered during the course of its duties and through the trustee.

However, this brief response did not satisfy Boolell, the Member of Parliament for the Labour Party.

During a parliamentary session, when the MP attempted to ask a follow-up question, they were met with resistance from the Speaker.

The Speaker quickly moved on to the next parliamentary question as soon as Minister Padayachy finished speaking.

Offering a lesson to Arvin Boolell, Sooroojdev Phokeer emphasized that it is the Speaker who determines if a given answer warrants a follow-up question.

Phokeer made it clear to the opposition MP that it is not up to them, or any member from either side of the House, to decide if they can ask additional questions.

Subsequently, Boolell expressed his dissatisfaction on his Facebook page.

He found it “unacceptable” that the Central Bank refused to disclose information regarding the reasons why the Silver Bank Limited is under receivership, whether a tender was issued for the appointment of a trustee, and any details about loans granted by the Bank of Mauritius to this bank.

Source: Defi Media