Airport Holdings Ltd Board Meeting: Tension Over MK’s Financial Reports

The recent meeting of the Airport Holdings Ltd (AHL) board of directors was marked by tension, as some members expressed dissatisfaction with the monthly financial reports submitted by Air Mauritius, the national airline owned by AHL. AHL is held 51% by the Mauritian government, with the remaining shares held by the Mauritius Investment Corporation (MIC), a subsidiary of the Bank of Mauritius.

While some have described the meeting as a clash between two prominent board members, others have downplayed the issue, calling it a routine matter.

A source confirmed that there was indeed discussion on the topic, but added that there was no conflict.

However, it appeard that a problem has arisen, and it centers on Air Mauritius’s failure to submit its financial reports to AHL’s board in a timely manner.

As a subsidiary of AHL, Air Mauritius is required to submit its financial reports to its parent company on a monthly basis.

However, according to one board member, this has not been happening recently. “All subsidiaries submit their accounts on time, but not Air Mauritius,” said the board member.

The AHL board consisting of eight members: Ken Arian, Chief Executive Officer of AHL; Satydanand Aujeet; Kantabye Babajee; Mark Florman; Zouberr Joomaye; Premode Neerunjun; Javed Suhootoorah; and Lord Anthony Tudor St John. Swaraj Kowlessur served as secretary to the board.

The issue highlighted concerns about transparency and accountability within Air Mauritius and AHL, with some calling for greater oversight and better communication between the two entities.

Source: Defi Media