Bigger Than the Madoff Scandal

Yeah. The STC hedging loss of Rs2.9 billion translates into about 1.1% of our GDP which stood at Rs263 billion at the end of 2008. That a percentage of the US economy would be worth about USD158 billion or if you prefer 3.16 times larger than the USD50 billion Madoff scam. Besides, the STC didn't have to do any oil hedging given that all price increases inclusive of the unfair 15% VAT are passed to us as have been the case for the past three and half years now. Which makes it all the more urgent and necessary to find out how this really happened and why.

We also have to find out precisely what led to the hedging mess at Air Mauritius which is the equivalent of almost 6 Madoffs. Explanations offered so far by both MK and its biggest shareholder have been far from satisfactory.