The Ex-CEO of the Financial Services Commission (FSC), Désiré Vencatachellum, made headlines when he suddenly resigned, effective June 30, 2026, after serving just nine months. His departure had reignited major debates/speculations regarding governance at the regulatory body.
The sudden arrest of Shaan Kundomal at Dubai International Airport is creating massive ripples across the Mauritian financial sector.
The ex-CEO can be said to have 𝘄𝗮𝗹𝗸𝗲𝗱 𝗼𝘂𝘁 𝗵𝗶𝘀 𝗵𝗲𝗮𝗱 𝗵𝗶𝗴𝗵 𝘄𝗶𝘁𝗵 𝗮𝗻 𝘂𝗻𝘁𝗮𝗿𝗻𝗶𝘀𝗵𝗲𝗱 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗿𝗲𝗽𝘂𝘁𝗮𝘁𝗶𝗼𝗻 while the same cannot be said about Hogalba as the FCC's investigation into Kundomal's Aurevya Ltd assets in Mauritius places the FSC's licensing and oversight mechanisms directly under the microscope.
You recall , I had come under attack from some quarters for having reproduced extracts from Paul Lismore post titled “ 𝐓𝐡𝐞 𝐥𝐚𝐭𝐞𝐬𝐭 𝐟𝐫𝐚𝐜𝐚𝐬 𝐨𝐟 𝐨𝐮𝐫 𝐫𝐞𝐚𝐥 𝐏𝐫𝐢𝐦𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫 " :
“Now, the FSC, ….., opened a case against Kundomal, who is related to lakwizine. The case was closed in 2024. In the meantime, Kundomal transferred ownership of his companies to his wife, who happens to be Dam Maro Dam's sister! Clever, eh?
Despite that, FSC, under new management, reopened the case, esp with regards to a mining project in Zimbabwe. Ayo! 𝑬𝒏𝒆 𝒎𝒂𝒓𝒊 𝒍𝒂𝒓𝒂𝒛 𝒑𝒓𝒂𝒏 𝑫𝒂𝒎 𝑴𝒂𝒓𝒐 𝑫𝒂𝒎 𝒔𝒂! Li avoy ene memo bien insiltan a FSC, et p rode fer meeting entre FSC et so ser...Mai pli bez! So Gang of 5 idiots et Dam Maro 𝒑 𝒇𝒆𝒓 𝒍𝒐𝒃𝒃𝒚𝒊𝒏𝒈 𝒑𝒐𝒖 𝒎𝒆𝒕 𝑪𝑬𝑶 𝒅𝒆𝒐𝒓 …”
Now , as more of the financial sector observers are acknowledging that Désiré Vencatachellum was pushed out or "made to leave" despite the official line of personal family reasons, the narrative that is being widely shared is that he had clashed against those protecting individuals such as Junior Minister Daneshwar Damy’s brother-in-law, Shaan Kundomal – He did not have the support of the Minister of Financial Services. (neither from the mainstream media !)
Pa enn surprise sa ! What else can you expect from Hogalba ?
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