Dawood Rawat Files Rs100Billion Claim Against Ex-PM, Politicians, PwC, Grant Thornton

Dawood Rawat, the Chairman Emeritus of the BAI Group, has launched a dramatic lawsuit against a number of political figures and institutions, seeking a staggering Rs 100 billion in damages. This action, filed in the Supreme Court on Friday 28th March, is aiming to hold accountable those he claims contributed to the collapse of his financial conglomerate.

The complaint specifically names several key political figures, including:

• Pravind Jugnauth, former Prime Minister
• Vishnu Lutchmeenaraidoo, former Minister
• Roshi Bhadain, former Minister
• Me Ravi Yerrigadoo, former Minister
• Rameswurlall Basant Roi, former Governor of the Bank of Mauritius

Also implicated are several organisations, including prominent auditing firms such as PricewaterhouseCoopers (PwC), BDO, and Grant Thornton, along with their international affiliates, as well as regulatory bodies like the Financial Services Commission (FSC) and the Bank of Mauritius.

Dawood Rawat contended that the actions and inactions of the defendants have, in his view, played a significant role in the disbanding of the BAI Group back in 2015.

This occurred when authorities took control of certain entities within his conglomerate.

In his complaint, Rawat revisits the events surrounding the dismantling of the British American Investment Group (BA Group) under the previous government, starting in April 2015. He outlines the structure of the BA Group entities and states that he served as Chairman Emeritus from 2010 to 2015.

He highlights amendments made to the Insurance Rules in August 2013, noting that the BA Group worked with the FSC to develop a Related Party Reduction Plan to comply with the new regulations.

He insists this plan was progressing positively, resulting in the FSC granting an extension until December 2016 for the restructuring to be completed.

According to Rawat, “this FSC extension constituted legally binding measures on all parties involved, including the FSC, the Bank of Mauritius, ministers, the other defendants, and all relevant authorities.”

Following a government change in late 2014, Rawat claims there were allegations of criminal wrongdoing against current Prime Minister Navin Ramgoolam and his associates.

He asserts that his family’s relationship with Ramgoolam’s family dates back to the 1930s and accuses the aforementioned ministers of initiating attacks to seize his assets by falsely alleging his business operated as a Ponzi scheme.

He considers this an excuse to dismantle the BA Group and gain control of its properties, emphasizing that the state institutions were misused in this process, which he deems “unconstitutional and illegal under Mauritian law.”

With entities now in liquidation, receivership, or special administration, Rawat argues that he has been unable to defend himself against these politically motivated decisions.

He contends that the individuals and organizations targeted in the complaint have failed in their duties and cannot claim immunity for the damages he has suffered.

Rawat cited the revocation of the Bramer Banking Corporation Ltd’s license and the appointment of conservators for BAI Co. Ltd as actions made in bad faith, supported by technical details and figures.

He also condemned what he calls “personal attacks” against him during this tumultuous period, alleging unlawful collusion by PwC, BDO, and Grant Thornton.

In addition to seeking Rs 100 billion in damages, Rawat has requested an injunction and a perpetual injunction in the Supreme Court’s Commercial Division, aiming to prevent the named parties and firms from disposing of their assets until a decision is made in this case. This request pertains to the defendants, not the co-defendants.

Below is the complaint filed by Dawood Rawat:

Source: Defi Media, Le Mauricien