Cites seriously impaired capital, conducting business which is detrimental to depositors and systemic risk and inability to show it can fix its liquidity and capital problems. The Prime Minster also held a press conference about an hour ago where he announced that his government has uncovered a huge Ponzi scheme in excess of Rs25 billions and has consequently acted quickly as Bramer Bank and BAI Co. were going to crash. Two conservators of BAI Co have been appointed while one newsgroup mentions that arrests on departure and on arrival have been lodged.
29 comments:
https://barbadosfreepress.wordpress.com/tag/british-american-insurance-company-fraud/
http://www.kpmg.com/BM/en/ba/Documents/Report-of-the-Official-Receiver-to-Bermuda-resident-policyholders-and-creditors-Sept-2013.pdf
https://sites.google.com/site/thestoryofbritishamerican/home
http://www.winne.com/mu/interviews/mr-dawood-a-rawat
ene affaire mo pas pe comprend. fine ferme sa Bramer Bank la a cause 350 millions??? Mais pourquoi pas fine ferme MCB quand 800 millions ti disparaitre?
Bhneenick and the fsc will need to give some explanations ....
This is really interesting:
http://www.lemauricien.com/article/l-affairisme-au-summum-l-arnaque-la-bai-rawat-demantelee
I want to ask a question. I am client of BAI and contribute monthly through a standing order. What I find very surprising is that they never send you a statement of account over many years. If you want to know the balance of your account you need to call them to find out. I always found this very strange as they could have sent at least a quarterly statement of account by post or annually so I know how my investments are doing. But they never did.
Is this a practice of all insurance companies?
I wait for your answers.
Alors Bheenick a fauter? Li bien trankil, pas p entendre li ditout?
It is fair to say that none of this would have happened if government had not withdrawn the 1.5 billion rupees as only 350 million were needed to keep the Rawat bank afloat. Naturally a private bank cannot rely on government patronage to operate. But we still have not heard or seen any statements from the Rawats while government has offered little in the way of evidence so far.
Zourdi qui actuaires depuis l'afrique du sud pe vinne Maurice. Abe comment PM finne capable finir conclure qui ena ene Ponzi scheme et qui Ponzi scheme la plus qui 25 milliards roupies???
Ponzi? - sun trust building mon ami.
Ti pour interessant conner combien depot gouvernment ti tire depuis dans MCB quand scandale 2003 ti decouvert et quand quelqu'un ti perdit la vie dans coffre-fort.
I was just looking at one version of the Insurance Act to see where actuaries get involved. Turns out in a number of places and pretty early in the game too.
If you want to start a business as an insurer you need your business plan and feasibility study to be certified by an actuary.
If you want to distribute surplus of any funds the actuary has to investigate the matter first.
If an insurer wants to distribute a dividend the actuary has to certify that this will not impair the financial soundness of the insurer.
An actuary operates like an auditor too plus if she sees something fishy she needs to report it to the FSC. So if she smells a Ponzi she should inform the regulator.
The actuary must also report any reduction of stated capital greater than 50%. Or any risk of not meeting the margin of solvency. The business of insurance after all relies heavily on an adequate measurement of the relevant probabilities after making provision for estimation error.
Likewise the premium charged to policy holders depends on an actuarial calculation.
So it would be interesting to see what the actuaries of BAI have found over the past many years and how the FSC has been discharging its responsibilities.
One of the receivers has said that there is no Ponzi at Bramer Bank and that using that term to describe BA Insurance might be premature. He has also said that there are no panic since the reopening of the bank branches and that people have gone there to... deposit money.
Also there were probably no liquidity problems at Bramer when Manou was Governor as there were no important withdrawal of deposits by government-controlled institutions.
So we're still in Act 1 Scene 1 of this drama.
MCB case is different. It is our No. 1 bank and cannot be allowed to fail otherwise the whole Mauritian economy will crash.
"So it would be interesting to see what the actuaries of BAI have found over the past many years and how the FSC has been discharging its responsibilities"
BTW, the BAI have in-house actuarial experts ...
Mone lire qui ene conservator fine dire qui line envoye email a ene compagnie rawat deux semaines avant ca du feu eclate par interet personel. Sorry mo pas mange sa boule la.
Compagnie la ena 45 banane. 30 jour de cela qui conservater interesse li avec li.
Ena ene affaire bien dangereux qui peu deeroule depuis 3-4 mois. Bane drone pe filme bane la maison (Rawat) et campement (Ramgoolam et Rawat) a vol d'oiseau. Pe faire sa pour rende la vie bane gang encagoule plus facile????
Bhadain est-ce qui li juge/detective et ministre?
Sa affaire Bramer/Bai la peut vine de plus en plus suspecte http://www.defimedia.info/defi-quotidien/dq-actualites/item/71209-iframac-quand-des-conservateurs-jouent-illegalement-aux-liquidateurs.html
Basant Roy fine fane ene gros cake. Besoin mette lui a la porte.
megalol!
If each time a governor who closes a bank without any good reason is fired it will lower the prestige of the position. Come on, be serious.
We are lucky to have such a distinguished governor in the bank of mauritius building https://www.bom.mu/pdf/About/cv/CV_R_%20Basant%20Roi.pdf
Premier paragraphe la c'est a cause travail so predecesseur qui li membre tout ca l'associations.
Somme toutes assez maigre comme realisations. En plus pas trop clair qui li fine faire dernier huit ans. Bien vague dernier paragraphe la.
Strangely, DefiMedia is quite sober about it, and giving factual news by reporting unsuccessful moves by police to have an international arrest warrant (not reported by WeekEnd nor l'express so far) and proposing Mr Rawat's rebuttal, and on the contrary, self-appointed leaders of opinion are engaging in a jeer and sneer campaign ("Daylight Robbery", "milliards volees", "B(h)ai") which is uncharacteristic of their self-awareness...
Quite funny indeed to see how the different media groups are reporting the events.
No comparison between MCB and Bramer. Look at their results, ratios and shareholders. MCB shareholders are insurance companies or funds with the biggest shareholder having no more than 5% in the bank. Bramer was owned by BAI (never should have happen as an insurance company cannot own more than 10% in a related company). Rs 800 million for MCB is like a bucket in a pool, and they were insured. One of the comments rightly pointed that BAI never send statements...all other insurance companies do and these fall and rise (just after 2008 all fund values collapsed) unlike the OZ magicians at BAI, where they were always increasing...if still not convinced, choose the more fun route and blame lepep
Dans cas fraude MCB 800 millions faudrait pas oublier qui ti arrete l'enquete Nicky Tan alors qui li pas encore ti finir enqueter.
BOM ti capable transfer licence MCB a un autre entite et aussi nomme des administrateurs. Pourquoi pas ti faire cela???
Bhai Dawood malin. Bhai Tim bete. Pourtant Bhai Tim ti dire nous qui li ti avait parier sur le mauvais cheval politique. Bien qui Rogers etait cote a la bourse. Affaire caisse noire ti BAI ca ou soit AIr Mauritius/Rogers??? Nomination top management et 'honnete' Rogers dans comite Corporate Governance ti arrive un peu de temps apres scandale boite noire. Mimnistre Services finacier a l'epoque c;etait Khushiram.
http://www.lexpress.mu/article/261703/tim-taylor-president-revoque-comite-national-sur-bonne-gouvernance-je-ne-sens
Bhai Tim pas ti favorable l'alliance Ptr/MMM. Reponse Honnete???
http://www.defimedia.info/defi-plus/dp-actualites/item/52844-malenn-oodiah-sociologue-et-analyste-politique-le-spectacle-politique-est-pitoyable-et-dangereux.html
C'est important de joueur aux croque-morts patentes. Apres tout CIM veut sauter sur Courts.
CIM did not give any money to political parties. Did any other company in the Rogers galaxy? As far as I reemember Rogers always made political donnations and started publishing them in their accounts after the Caisse Noire scandal.
If indeed Rogers galaxy did not give money to politicians in 2014 is it because they also believed in the mantra of 40%+40%=80%? Could it be that some of them were promised positions as unelected ministers in the constitutional plot of our marchand gateau piment national?
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