Company:British American Investment Company (Mauritius)
| Industry | Business group |
|---|---|
| Founder | Rawat Family |
| Headquarters | , |
Number of employees | 4,000 (2009) |
| Website | Homepage |
British American Investment Company (Mauritius) Limited (BAIC) is an investment conglomerates based in Mauritius.
Overview
British American Investment Company (Mauritius) Limited's investments range from financial services, trade and commerce, transport, real estate, leisure and hospitality and health care.[1][2] The group has over 50 companies under these divisions with presence in Mauritius, South Africa , Madagascar , Kenya, Dubai, France and Malta.[3]
The group was ranked the second largest group in Mauritius in 2010.[3]
Alleged Ponzi Scandal
On April 3, 2015, BAIC's banking subsidiary, Bramer Banking Corporation, banking license was revoked by the Bank of Mauritius following an alleged US$693 million Ponzi scheme being run at the bank.[4]
This alleged ponzi scandal also affected BAIC's insurance subsidiary, BAI Co. The firm's stock were suspended from trading on the same day[5] and PricewaterhouseCoopers was appointed as the receiver manager. Until this point there has been no evidence of any Ponzi scheme [6] and opinions in the country remain severely divided on whether the company was the victim of a political conspiracy or if the scandal was in fact a genuine ponzi scheme. The question is that if Dawood Rawat is a role model or a master of swindling? [7][8] On April 21, 2014 an international arrest warrant was issued for some of the BAIC directors wanted for fraud, money-laundering and embezzlement.[9] The Mauritian Cabinet has since been drawing up plans to seize BAIC's assets and investments.[10]
Ownership
BAIC is a wholly owned subsidiary of Bahamas Based Seaton Investment which is in turn 85.8% owned by Klad Investment Corporation, the Rawat family investment vehicle.[11]
See also
- Bramer Banking Corporation
- British-American Investments Company
- CL Financial
References
- ↑ "British American Investment Company (Mauritius) Limited - 2009 Annual Report". British American Investment Company (Mauritius) Limited. 2009-12-31. http://www.britishamericaninvestment.com/Files/BAInvestmentAnnualReport2009.pdf. Retrieved 2015-04-20.
- ↑ "Corporate Profile - BAI". The Report Company. June 28, 2012. http://www.the-report.net/mauritius/jun2012/138-corporate-profile-bai. Retrieved April 21, 2015.
- ↑ 3.0 3.1 "British American Investment Company (Mauritius) Limited - About us". British American Investment Company. http://www.britishamericaninvestment.com/Aboutus.asp. Retrieved 2015-04-20.
- ↑ Maglich, Jordan D. (2015-04-03). "Mauritius Halts $693 Million Ponzi Scheme At Bank". Ponzi Tracker. http://www.ponzitracker.com/main/2015/4/3/mauritius-halts-693-million-ponzi-scheme-at-bank.html. Retrieved 2015-04-09.
- ↑ AROUFF, Jean Paul (2015-04-03). "Mauritius revokes Bramer Bank licence, PM says Ponzi scheme found". Thomson Reuters. https://www.reuters.com/article/2015/04/03/mauritius-banks-crime-idUSL6N0X00PA20150403. Retrieved 2015-04-09.
- ↑ http://www.lexpress.mu/node/261218
- ↑ https://www.lexpress.mu/idee/260920/dawood-rawat-role-model-or-scheming-swindler
- ↑ http://www.lexpress.mu/node/260920
- ↑ "Police raids, court drama over Britam man’s ‘Ponzi’ troubles". Nation Media Group. 2015-04-21. http://www.businessdailyafrica.com/Corporate-News/Court-orders-arrest-of-Britam-director-over-Ponzi-scheme/-/539550/2692602/-/item/1/-/c4ln15z/-/index.html. Retrieved 2015-04-23.
- ↑ Ombok, Eric (April 27, 2015). "Investors Over Mauritius Regulatory Action". Bloomberg L.P.. https://www.bloomberg.com/news/articles/2015-04-27/britam-kenya-assures-investors-over-mauritius-regulatory-action. Retrieved April 28, 2015.
- ↑ "Bramer Banking Corporation - 2012 Annual Report". Bramer Banking Corporation. 2012-12-31. Archived from the original on 22 December 2014. https://web.archive.org/web/20141222102549/http://www.bramerbank.mu/media/23922/bramerb_arpagessingle_cd_v2.pdf. Retrieved 2015-04-09.
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