Mauritius regime takes over troubled trader’s stake in Britam

April 27, 2015
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Mauritian Minister for Financial Services Roshi Bhadain (pictured) confirmed that the State Insurance Company of Mauritius (SICOM), would soon take over the 23.9 percent stake held by Rawat, valued at over Sh13 billion/CFM BUSINESS
Mauritian Minister for Financial Services Roshi Bhadain (pictured) confirmed that the State Insurance Company of Mauritius (SICOM), would soon take over the 23.9 percent stake held by Rawat, valued at over Sh13 billion/CFM BUSINESS
NAIROBI, Kenya, Apr 27 – The Government of Mauritius has announced plans to take over 23.9 percent shareholding in Britam held by struggling Mauritian businessman, Dawood Rawat.

He said the purchase of Rawat’s shareholding at Britam was being undertaken in good faith to secure the interests of local and international shareholders.

“I can assure the Kenyan government, Insurance Regulator, shareholders among other stakeholders that the investment in Britam earlier held by Rawat is now in safe hands as it will be held by the government of Mauritius. There’s no risk at all,” Bhadain assured.

The announcement follows a recent move by the government of Mauritius to place Rawat’s firms under receivership over alleged financial impropriety charges.

The Mauritian Minister explained that the takeover of Rawat’s shares which are held under his British-American (Kenya) Holdings Limited will be geared at enhancing the firm’s value.

The minister who also manages the country’s Institutional Reforms portfolio, confirmed that he shall lead a delegation to Kenya soon to explore other points of mutual co-operation as the Mauritian government is keen to enhance its business and air connectivity relations.

He further confirmed that Kenya had not been affected by the Mauritian Government’s purge against Rawat’s interests, because Rawat never held a controlling stake and neither is Britam directly linked with the businessman’s Mauritian operations.

“The takeover process has just commenced and will be done in accordance with the necessary administrative and legal procedures in the two countries,” Bhadain explained.

In Nairobi, Britam Chairman Francis Muthaura has also affirmed that the distressed Mauritian firms, Bramer Bank and British American Investment Co (Mtius) are not Britam’s subsidiaries, stressing that Britam operations are running as normal.

“Britam’s corporate values and ethics are entrenched in our strategic and business objectives and are focused on transforming and accelerating growth in value for the benefit of all our stakeholders,” Muthaura assured.

The Britam Chairman has assured the firm’s stakeholders, investors, policy holders, customers and the general public that there is also no exposure to Britam in relation to the developments in Bramer Bank and BAI Co (Mtius) Ltd in Mauritius.

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