Bank of Mauritius Crisis: 1 Official to Resign

A high-profile conflict at the top of the Bank of Mauritius has culminated in the resignation of Second Deputy Governor Gérard Sanspeur. Prime Minister Navin Ramgoolam has called for his departure to defuse the long-standing crisis, which has been making headlines for weeks. Mr. Sanspeur is expected to step down as of this Friday, August 29, and will address the press at 3 p.m. at the Labourdonnais hotel.

The ongoing tensions have pitted Mr. Sanspeur against Governor Rama Sithanen.

A key point of contention is the Mauritius Investment Corporation, which has been accused of granting loans totalling hundreds of millions of rupees to entities allegedly linked to the previous administration. The Bank of Mauritius has been slow to act on this matter for months.

Another source of disagreement is the suspension of Chidanand Rughoobar, president of the Bank of Mauritius Employees Union, who is currently under police investigation for “rogue and vagabond” charges.

Mr. Sanspeur had previously expressed his dismay to Défi Media Group that this decision was made without prior consultation.

The controversy also extends to Governor Rama Sithanen, who holds the dual roles of Governor of the Bank of Mauritius and Chairman of the Financial Services Commission.

Prime Minister Navin Ramgoolam had previously described the situation as “unacceptable” in an interview with Défi Media Group on Tuesday 26th August and stated his wish to resolve the issue by the end of the week.

Source: Defi Media