Report of the Director of Audit
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Banking Research Report
24 March 2017 3rd January 2017 Banking Research Report Industry Overview As of March 2017, the local banking industry constitutes of 23 licensed banks by the Bank of Mauritius (BoM), of which 10 are local banks, 9 are foreign-owned subsidiaries, and 4 are branches of international banks. Of the 23 banks, 2 carry on exclusively private banking business and 1 carries on exclusively Islamic banking business. In April 2015, the BoM revoked the banking licence of Bramer Banking Corporation Ltd (BBCL) owing to serious impairment in its capital and failure to demonstrate its ability to address capital and liquidity issues in accordance to the BoM’s requirements. A new licence has been issued to the National Commercial Bank Ltd (NCB Ltd) with the assets of ex-BBCL transferred to the new bank. In early January 2016, the assets and liabilities of NCB Ltd were transferred to the Mauritius Post and Cooperative Bank Ltd, which now operates as a new entity known as the MauBank Ltd. Following the aforementioned revocation, dealings in the securities of the defunct Bramer Bank has been suspended by the Stock Exchange of Mauritius (SEM) with immediate effect. On another note, ABC Banking Ltd which obtained its banking licence in year 2010, was listed on the Development and Enterprise Market (DEM) of the SEM on the 18th February 2016. The newcomer witnessed a remarkable hike of 83.3% to its introductory share price of Rs15.00 during the year 2016 and hit a record high of Rs27.80 during February this year. With the vision to act as a bridge between Africa and Asia, BOM issued a licence to the Bank of China (Mauritius), a subsidiary of the Bank of China, which started its operations in Sept 2016. -
Effectiveness of Financial Risk Management Framework: an Analysis of the Mauritian Banking Sector
Journal of Financial Risk Management, 2019, 8, 106-124 http://www.scirp.org/journal/jfrm ISSN Online: 2167-9541 ISSN Print: 2167-9533 Effectiveness of Financial Risk Management Framework: An Analysis of the Mauritian Banking Sector Lilesh Sookye, Aleesha Mohamudally-Boolaky University of Technology, Mauritius, Port Louis, Mauritius How to cite this paper: Sookye, L., & Abstract Mohamudally-Boolaky, A. (2019). Effective- ness of Financial Risk Management Frame- The global economic meltdown caused by the subprime mortgage crisis in the work: An Analysis of the Mauritian Bank- United States in 2007 along with its subsequent adverse effects on the econ- ing Sector. Journal of Financial Risk Man- omy, financial participants around the world, have raised questions on the agement, 8, 106-124. effectiveness of the financial risk management policies adopted by financial https://doi.org/10.4236/jfrm.2019.82008 institutions and banks worldwide. This study focuses on the analysis of the Received: April 28, 2019 risk management framework and its efficiency in the Mauritian banking sec- Accepted: June 18, 2019 tor. Panel regression and Non-parametric regression Lowess Smoother meth- Published: June 21, 2019 odologies were employed in measuring the impact of the various financial risks on the efficiency of risk management of a sample of ten Mauritian banks Copyright © 2019 by author(s) and over a period of eight years. The dependent variable selected to measure risk Scientific Research Publishing Inc. This work is licensed under the Creative management efficiency is the Capital Adequacy Ratio (CAR). On the other Commons Attribution International hand, the financial risks indicators are the credit risk (CRisk), liquidity ratio License (CC BY 4.0). -
Bank of Mauritius Covid-19 Household Support Programme Frequently Asked Questions (Faqs)
BANK OF MAURITIUS COVID-19 HOUSEHOLD SUPPORT PROGRAMME FREQUENTLY ASKED QUESTIONS (FAQS) 1. What is the BOM COVID-19 Household Support Programme? The prevailing situation may pose a huge challenge for people at large. As a measure of solidarity, The Bank of Mauritius has permitted all commercial banks to offer households earning a combined monthly basic salary of up to Rs 50,000 the following moratorium on their existing loans: a) Up to 6 months moratorium on capital repayments on their existing household loans as from 01 April 2020. b) In addition, relief on interest payable for the month of April, May and June 2020. 2. What is the definition of a “household”? A household comprises of a husband and wife jointly, or a single parent. 3. What is the effective date of the measures to households? The measures are effective 1st April 2020. Capital and interest repayments remain operational for March 2020. 4. What is a household loan and which credit facilities are concerned? Household loans include all existing consumer Mauritian Rupee loans, which have been disbursed to a household by a commercial bank. Applicable loans are therefore Personal Loans, Housing Loans and Educational Loans. Overdrafts, credit cards, leasing facilities and other such facilities that do not reckon as a loan are excluded. 5. What is the eligibility criteria under the BOM scheme? a. Households having consumer loans with MauBank Ltd and adversely impacted by COVID- 19. b. In addition, the combined monthly basic salary of the household (husband and wife jointly or single parent) should not exceed Rs 50,000* 6. -
Merchants Acceptance of Plastic Cards Payments in Mauritius
Academy of Marketing Studies Journal Volume 25, Issue 2, 2021 Recommendations POST COVID 19 CASHLESS SOCIETIES: MERCHANTS ACCEPTANCE OF PLASTIC CARDS PAYMENTS IN MAURITIUS Sharmila Pudaruth, University of Mauritius Thanika Devi Juwaheer, University of Mauritius Lomendra Vencataya, University of Mauritius Rajesh Sannegadu, University of Mauritius ABSTRACT The paper aims to provide broad insights towards the acceptance of plastic card payments from merchants in Mauritius. A quantitative research approach has been adopted for the paper whereby the perceptions of merchants have been tapped by adopting quantitative research techniques, by conducting a survey with 200 merchants across the 9 districts of the island of Mauritius. As far as the perception of merchants is concerned for plastic card acceptance, only 37% of merchants accept plastic card payments and they have highlighted such factors as ‘to increase frequency sales (21.7%)’, ‘to increase competitiveness (20.8%)’ and ‘lower risks of theft and counterfeit (19.8%)’ as the main reasons for adopting innovative payment solutions. This original research has made a valuable contribution to the body of literature as there is a lack of empirical and holistic studies towards innovative payment solutions in Mauritius. Therefore, the research has enough concrete and empirical findings that would serve as a roadmap for banking executives, credit card companies, policy makers of banking industry and merchants to better promote and sustain the adoption of plastic cards by devising appealing marketing strategies in Post Covid19. The research will also provide merchants with insightful ideas to promote the adoption of plastic cards among customers as merchants are in direct touch with customers in the retail outlets of Mauritius. -
ANNUAL REPORT MAUBANK Annual Report 2019 001 Table of Contents
ANNUAL REPORT MAUBANK Annual Report 2019 001 Table of Contents 004 Corporate information 007 Chairman Statement 008 Chief Executive Statement 012 Directors’ report 021 Corporate governance report 035 Statement of compliance 037 Statement of management’s responsibility for financial reporting 038 Report from the secretary 039 Independent auditor’s report 043 Statements of financial position 045 Statements of profit or loss and other comprehensive income 047 Statements of changes in equity 049 Cash flow statements for the year ended 050 Notes to the financial statements 154 Management discussion and analysis 173 Administrative information CORPORATE INFORMATION MAUBANK 004 Annual Report 2019 Corporate Information DIRECTORS: Non-Executive Directors Appointed on Resigned on Mr Burkutoola Mahmadally (Chairman) 29 March 2019 Mr Lalloo Said (Chairman) 20 January 2016 01 October 2018 Dr Paligadu Dharamraj (was appointed Acting Chairman on 06 June 2018) 07 March 2015 06 August 2019 Mr Nicolas Jean Marie Cyril 13 March 2015 Mr Putchay Vassoo Allymootoo 20 January 2016 05 September 2019 Mr Gokhool Ashvin Jain 23 February 2016 Mr Nilamber Anoop Kumar 22 March 2016 Mr Codabux Muhammad Javed 10 March 2017 Executive Directors Mr Mungar Premchand 23 November 2018 Mr Nagarajan Sridhar 24 September 2015 21 September 2018 MAUBANK Annual Report 2019 005 KEY MANAGEMENT TEAM: Position Mr Mungar Premchand Chief Executive Officer (As from 23 November 2018) Mr Nagarajan Sridhar (As from 24 September 2015 to 21 September 2018) Chief Executive Officer Mr Vydelingum -
THE GOVERNMENT GAZETTE of MAURITIUS Published by Authority
THE GOVERNMENT GAZETTE OF MAURITIUS Published by Authority No. 41 - Port Louis : Saturday 12 May 2018 - Rs. 25.00 TABLE OF CONTENTS GENERAL NOTICES 732 — Legal Supplement 733 1 to ? Appointment 734 ) 735 1 to z Declaration of Vacancy 737 ‘ 738 — Dismissal 739 1 to 7 Notice under the Land Acquisition Act 759 J 760 — Notice under the Land Acquisition Act - Corrigendum 761 —-Notice for Public Inspection of EIA Report 762 — Invitation for Bids - Mauritius Prison Service 763 — The Professional Quantity Surveyors’ Council Act 2013 764 — Annual List for Registered Nurses and Midwives (Mauritius and Rodrigues) for the year 2018 765 — Composition of the Board of the Mauritius Society of Authors (MASA) 766 — Statutory Bodies Family Protection Fund Board 2018 767 ' to ■ Notice under the Insolvency Act 773 . 774 1 t° 7 Change of Name 775 ) 776 1 t° 7 Compilation of Register under the Representation of the People Act 796 J 797 1 t° 7 Notice under the National Transport Authority 798 ) 799 1 t° 7 Notice under the Patents, Industrial Designs & Trademarks Act 800 J LEGAL SUPPLEMENT See General Notice No. 732 1874 The Mauritius Government Gazette General Notice No. 732 of 2018 to Cabinet and Head of the Civil Service from 15 to 21 April 2018 daring the absence on LEGAL SUPPLEMENT mission overseas of Mr N.K. Ballah, GOSK, The undermentioned Government Notices are Secretary to Cabinet and Head of the Civil published in the Legal Supplement to this number Service. of the Government Gazette: 2. Mrs Nirmala BHEENICK has been assigned The Dental Council (Medical Institutions) the duties of Secretary at the Public and (Amendment No. -
World Bank Document
The World Bank Report No: ISR16800 Implementation Status & Results Mauritius Mauritius - Infrastructure Project (P091828) Operation Name: Mauritius - Infrastructure Project (P091828) Project Stage: Implementation Seq.No: 12 Status: ARCHIVED Archive Date: 26-Nov-2014 Country: Mauritius Approval FY: 2010 Public Disclosure Authorized Product Line:IBRD/IDA Region: AFRICA Lending Instrument: Sector Investment and Maintenance Loan Implementing Agency(ies): Key Dates Board Approval Date 24-Sep-2009 Original Closing Date 31-Dec-2014 Planned Mid Term Review Date 30-Nov-2012 Last Archived ISR Date 17-Mar-2014 Public Disclosure Copy Effectiveness Date 19-Feb-2010 Revised Closing Date 31-Dec-2014 Actual Mid Term Review Date 16-Feb-2013 Project Development Objectives Project Development Objective (from Project Appraisal Document) To prepare and begin implementation of the Public Sector Investment Program Has the Project Development Objective been changed since Board Approval of the Project? Yes No Public Disclosure Authorized Component(s) Component Name Component Cost Road Investments 36.10 Technical Assistance in the Infrastructure Sector 14.80 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Low Public Disclosure Authorized Implementation Status Overview All activities funded by the project are now complete ahead of the closure of the project on December 31, 2014. Locations Public Disclosure Copy Country -
World Bank Document
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 2 © 2017 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Attribution—Please cite the work as follows: “World Bank. 2021. Mauritius Country Economic Memorandum: Through the Eye of a Perfect Storm.” All queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [email protected]. 3 ACKNOWLEDGEMENTS This Country Economic Memorandum was produced by a team of World Bank staff and external experts led by Erik von Uexkull (Senior Economist) under the guidance of Mathew Verghis (Practice Manager), Mark Lundell (Country Director for Mauritius until July 2020) and Idah Pswarayi-Riddihough (current Country Director). -
Communique Filing of Return & Payment of Income Tax
: 2076000 Fax: 2118099 : [email protected] COMMUNIQUE FILING OF RETURN & PAYMENT OF INCOME TAX 1. The due date for the submission of income tax return and payment of tax for the year of assessment 2008/2009 by individuals is Tuesday 30th September 2008. 2. The due date for submission of income tax return by companies, non resident societes, trusts and trustees of unit trust schemes whose accounting year ended between 01 July 2007 and 31 December 2007, should file the annual return for the year of assessment 2008-2009 on or before 30 September 2008. 3. Income Tax returns and payments, if any, should reach MRA office not later than 30th September 2008. In case of non-submission of return a penalty of Rs 2,000 per month up to a maximum penalty of Rs 20,000 will be applicable. In addition, a penalty of 5 % of the amount of tax remaining unpaid together with interest at the rate of 1 % per month will accrue. 4. In order to facilitate taxpayers for the filing of their returns and payment of income tax the MRA has scheduled the operation of its cash offices as follows: (a) 6 regional cash offices will be opened on 25th, 26th, 29th and 30th September 2008 from 09h00 to 14h30 at the following premises: Region Cash Office 1 Rose Hill NPF Building/Social Security House Moka Road, Rose Hill Wastewater Management Authority 2 Curepipe Curepipe Sub-Office 3 Pamplemousses Pamplemousses District Court 4 Flacq Flacq District Court 5 Mahebourg Mahebourg Social Security office 6 Souillac Souillac District Court (b) Cash counters at Ehram Court, Cnr. -
Mauritius RISK & COMPLIANCE REPORT DATE: May 2017
Mauritius RISK & COMPLIANCE REPORT DATE: May 2017 KNOWYOURCOUNTRY.COM Executive Summary - Mauritius Sanctions: None FAFT list of AML No Deficient Countries Not on EU White list equivalent jurisdictions Higher Risk Areas: Offshore Finance Centre Non - Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: Corruption Index (Transparency International & W.G.I.) Failed States Index (Political Issues)(Average Score) Major Investment Areas: Agriculture - products: sugarcane, tea, corn, potatoes, bananas, pulses; cattle, goats; fish Industries: food processing (largely sugar milling), textiles, clothing, mining, chemicals, metal products, transport equipment, nonelectrical machinery, tourism Exports - commodities: clothing and textiles, sugar, cut flowers, molasses, fish Exports - partners: UK 18.7%, France 16.4%, US 10.4%, South Africa 9.7%, Spain 7.6%, Italy 7.1%, Madagascar 6.7% (2012) Imports - commodities: manufactured goods, capital equipment, foodstuffs, petroleum products, chemicals Imports - partners: India 23.7%, China 15.3%, France 8.9%, South Africa 6.3% (2012) Investment Restrictions: 1 Of the 33 economic sectors looked at in the World Bank report, 32 are fully open to foreign investment in Mauritius. The only exception is television broadcasting, where foreign capital participation in a company must be less than 20%. However, the World Bank report draws attention to the difficulties of investing in certain sectors in Mauritius such as electricity generation and distribution as well as port and airport management, due to -
Review of Mauritius
SCIENCE IS USED FOR DISASTER RISK REDUCTION Review of Mauritius UNISDR Working Papers on Public Investment Planning and Financing Strategy for Disaster Risk Reduction February 2015 1 Please cite this paper as: UNISDR Working Papers on Public Investment Planning and Financing Strategy for Disaster Risk Reduction: Review of Mauritius, 2015, UNISDR. Geneva. Development Working Papers 2014/12 UNISDR Working Papers on Public Investment Planning and Financing Strategy for Disaster Risk Reduction Review of Mauritius February 2015 UNISDR Working Papers on Public Investment Planning and Financing Strategy for Disaster Risk Reduction This series is designed to make available to a wider readership selected studies on public investment planning and financing strategy for disaster risk reduction prepared for use in co-operation with Member States. Authorship is usually collective, but principal authors are named. UNISDR Working Papers should not be reported as representing the official views of the UNISDR or of its member countries. The opinions expressed and arguments employed are those of the author(s). Working Papers describe preliminary results or research in progress by the author(s) and are published to stimulate discussion on a broad range of issues on disaster risk reduction. 2 Contents Contents ................................................................................................................................................................... 1 List of Tables ........................................................................................................................................................... -
MAURITIUS Chamouny Main Dam Baie Du Chemin Or Waterway Cap Grenier Souillac TRAVEL GUIDE MAURITIUS Citrons River
8TH Ed TRAVEL GUIDE LEGEND INDIAN Grand OCEAN Baie Île d’Ambre Area Maps PORT Motorway LOUIS National Road Main Road Trou d’Eau Douce Minor Road Scenic Route Curepipe Track Provincial Mahébourg Boundary MAURITIUS Chamouny Main Dam Baie du Chemin or Waterway Cap Grenier Souillac TRAVEL GUIDE GUIDE TRAVEL Citrons River Waterfall CONTENTS Reef Practical, informative and user-friendly, the 1. Introducing Mauritius Mountain Globetrotter Travel Guide to Mauritius VACOAS MTS The Land Highlands highlights the major places of interest, describing their History in Brief principal attractions and offering sound suggestions Government and Economy Piton Savanne Peak in The People 704 m metres on where to tour, stay, eat, shop and relax. 2. The North Cabinet Nature NR Reserve THE AUTHOR The Northwest Coast PORT Rivière du Rempart Coast City Martine Maurel is a Mauritius-born French graduate, The Northern Offshore Islands LOUIS who spent some years living in Malawi. She has St Felix Town & Village 3. The East Coast and Rodrigues written a number of travel articles and books Place of The Flacq Coast Art Gallery Interest which have been very well received, including Visitor’s Northern Grand Port Coast Airport Mahébourg and Environs Guide to Malawi and Visitor’s Guide to Zimbabwe. Rodrigues Town Plans She has since returned to her native Mauritius, 4. The South and Southwest from where she still writes. Royal Road Main Road Savanne Coastal Belt MAURITIUS Le Morne Peninsula La Paix Other Road MAURITIUS Plaine Champagne Built-up 5. The West Coast Area Petite and Grande Rivière Noire Line Building of Barracks Interest Vital tips for visitors Tamarin Bay to Flic en Flac Published and distributed by Distributed in Africa by Distributed in the USA by South of Port Louis Place of New Holland Publishers (UK) Ltd Map Studio The Globe Pequot Press Worship Best places to stay, eat and shop 6.