Air Mauritius’ Independent Shareholders Demand External Audit

This audit request is anticipated to cover the period from voluntary administration in 2020 through the conclusion of the fiscal year in 2021.

A special general meeting, allowing a meeting between shareholders and the board members of the company, took place on Friday afternoon May 3, with the main focus being on reviewing the company’s accounts for the financial year 2021/22.

A request was made by the independent shareholders, who are now just a handful since Airport Holdings Ltd (AHL), an entity owned 51% by the government and 49% by the Mauritius Investment Corporation (MIC), a subsidiary of the Bank of Mauritius, acquired the majority of the company’s shares.

Raj Ramlugun, a small shareholder, explained that the meeting was held in a cordial atmosphere.

He indicated that the chairman, Marday Venketasamy, and the Chief Executive Officer, Charles Cartier, tried to answer questions, but concerns still remained.

This external audit is being requested to clarify whether the decisions taken by the airline since 2020 have been in the best interest of Air Mauritius, but also to assess whether voluntary administration has had a negative impact on operations.

The management has taken note of the request and will inform the stakeholders accordingly.

The issue of unease among staff members has also been addressed. “It is through actions that we will see if there is really a desire for transparency, management, and good governance,” says Raj Ramlugun.

Regarding the 2021/22 report, shareholders note that losses have been converted into profits.

“According to us, these are savings made from the sale of four aircraft, but also at the expense of employees during the voluntary administration period,” he believes.

The annual general meeting is expected to be held by October, providing more details on the 2023/24 annual report.

Source: Le Mauricien