The entry of some parapublic companies in the capital of National Insurance Company (NIC), ex-BAI Assurance, following the collapse of the Rawat Empire, has revived a controversy.
The National Pension Fund (NPF), the State Bank of Mauritius and SICOM have obtained consent for the acquisition of a 45% stake in NIC’s capital, saving the insurer.
Each of the new shareholders is expected to disburse around 833.3 million MUR (24 million USD) to conclude the transaction. But following the protests within its board of directors, SICOM has expressed a series of objections, including among others, the total absence of any evaluation of NIC’s assets.
The authorities are currently pushing for the finalization of the sale which will earn them 2.5 billion MUR (72 million USD).
These sums are designed to reimburse late June victims of BAI’s Super Cash Back Gold Scheme.
This agreement involving Mauritian companies is likely to spare them recourse to foreign investors who may be keen on the takeover of NIC.