34.6 million USD claimed from BAI management

Yacoob Ramtoola, special administrator at British American Investment (BAI), is claiming 1.2 billion MUR (34.6 million USD) from Mauritius Union Assurance Company (MUA), as the insurer of all BAI’s subsidiaries.

Y. Ramtoola blames twenty managers of the group for having blindly applied the directives of their chairman Emeritus Dawood Rawat without examining the impact of these decisions on various entities of the group and on their creditors.

Despite BAI’s financial woes, these leaders would have authorized the payment of the management costs worth 198 million MUR (5.7 million USD).

Moreover, while losses had been piling up since 2004, they had continued to carry out operations that were inconsistent with the interests of the company, despite the warnings of the auditors.