BAI investors seek refund

Policy holders who invested in the Super Cash Back Gold Scheme of the defunct British American Insurance group and Bramer Banking Corporation on Thursday 9 February 2017 at the St George Hotel in Port Louis alongside social activist Salim Muthy, who is acting as their spokesperson. “We are satisfied that some clients have been refunded their money. However, we deplore that some clients are losing Rs 250,000 on every Rs 1 million they have invested because of Rs 1 cut-off limit,” said Mr Muthy.

The social activist said that many policy holders have to go to the Independent Commission Against Corruption, as their cases have been referred there by the Financial Intelligence Unit and those clients, who have no access to the money they invested in those schemes, have to fork out additional sums to pay for lawyers. Salim Muthy also talked about the allegations made by former Minister of Good Governance and Financial Services, Roshi Bhadain, against the former Finance Minister and current Foreign Affairs Minister, Vishnu Lutchmeenaraidoo. Mr Bhadain blamed the latter as being the instigator of the collapse of the BAI. “We are not interested in their sabre rattling, we only want to know when we will get paid. Some people do not even have money for the Cavadee festival today,” he said.

Mr Muthy claims that despite promises made by the government, some policy holders have still not received a single penny of their money. He called for the setting up of a commission of enquiry on the Bramer Bank.