BoM Releases nTan Report, This Time

Here it is. I hope the first one will be released too. In the name of transparency.

From Paris, Rawat Gives His Side of the Story

What Will Municipal Voters Do?

Vote for the MMM because Lepep ended up with about 10 MPs more than what was necessary? Or stick with Lepep based on what they've achieved in the first five months of their mandate? The plus points are mostly the increase in pension payments and fully subsidising the SC/HSC exams. The appointment of Ms. Fakim as head of state is definitely a history-making event but that doesn't really change the lot of the victims of the neocons.

The main negatives are the significant depreciation of our rupee while the BOM supposedly waited for the budget to set the tone, the joke of the Finance Minister claiming that his bland budget was a no-tax one, not passing on the collapse of oil prices and of course the BAI affair. The latter has embroiled Government into a thick cloud of confusion and suspicion that is not going away any time soon. Indeed the BAI saga is so far looking more like a political vendetta than a ponzi scheme. That's especially evident when you consider the kind of help our Governments have dished out to hubris-infected companies in the past. There have also been surprising statements by the President of the Bar Council and many are not happy with how the biometric ID project has evolved.

We'll find out on Monday how voters weighed the facts.

The Rawats Hit Back

With Laina Rawat asking the commercial division of the Supreme Court to restrain the two receivers of Bramer Bank, Andre Bonieux and Mushtaq Oosman, in a number of ways. She claims the Bank of Mauritius acted in a way which is contrary to its own statutory obligations, natural justice and basic management principles. Ms. Rawat also believes that the receivers have a conflict of interest and are therefore not in a position to carry out their duties as per the law.

On his side Basant Roi has called the revocation of Bramer Bank's license on April 2 our Lehman moment. He obviously doesn't know what he's talking about.

Ramgoolam Granted Bail, A Second Time

But only after spending two nights at the Moka Detention Centre. Which now bring his total to three. And probably three too many. The ruling of the magistrate is quite interesting. As it may be -- if you're like me --  the first one from the BRC (Bail and Remand Court) you're reading. And because it hints at our excellent constitution.

BoM Revokes Licence of Bramer Bank

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.