The SBM Group reported a profit of MUR 15 million and a credit loss expense of MUR 3.0 billion for the financial year 2019. The personal expenses of the group, the bulk of which comes from the wage bill, increased by Rs 1 billion, from Rs 1.9 billion to Rs 2.9 billion-typical of Lakwizinn management-outrageous politicisation and recruitment of political agents,relatives and friends.
You recall the SBM's deals with Bavaguthu Raghuram Shetty the Abu Dhabi-based billionaire-founder of NMC Health, then the biggest private healthcare company in the United Arab Emirates (UAE) who is now mired in accusations of a massive financial fraud.
The whole board of directors of the bank should submit their resignation. The leader of the opposition has called for a commission of inquiry and on the Bank of Mauritius and the Financial Services Commission (FSC) to initiate appropriate investigations on the financial mismanagement of this bank.
