British American Investment (BAIC) was an investment conglomerate based in Mauritius. Seized by the Government of Mauritius in 2015 for operating an alleged ponzi scheme that has never been prosecuted or proven in any court of law. However BAIC could not provide sufficient information and details about its irregularities in its operations.
| Industry | Business group |
|---|---|
| Founder | Rawat Family |
| Headquarters | , |
Number of employees | 4,000 (2009) |
| Website | Homepage |
Overview
editBritish American Investment Company (Mauritius) Limited's investments range from financial services, trade and commerce, transport, real estate, leisure and hospitality and health care.[1][2] The group has over 50 companies under these divisions with presence in Mauritius, South Africa, Madagascar, Kenya, Dubai, France and Malta.[3]
The group was ranked the second largest group in Mauritius in 2010.[3]
April 2015, British American Group of companies was seized by the Government of Mauritius, under the claim of an alleged massive ponzi perpetuated by the principal shareholder. After four years, the Government has not provided a single piece of evidence to support the accusation. However evidence has been found supporting the claim of the principal shareholder, and many clients that the actions of the government of the Republic of Mauritis was illegal.
Seizure by Republic of Mauritius
editOn April 3, 2015, BAIC's banking subsidiary, Bramer Banking Corporation, banking license was revoked by the Bank of Mauritius following an alleged US$693 million Ponzi scheme being run at the bank.[4]
This alleged ponzi scandal also affected BAIC's insurance subsidiary, BAI Co. The firm's stock were suspended from trading on the same day[5] and PricewaterhouseCoopers was appointed as the receiver manager then the law was changed and back dated to legalize the appointment of PWC. There has been evidence of Ponzi scheme [6] and opinions in the country remain severely divided on whether the company was the victim of a political conspiracy or if the scandal was in fact a genuine Ponzi scheme. The question is that if Dawood Rawat is a role model or a master of swindling? [7][8] On April 21, 2014 an international arrest warrant was issued for some of the BAIC directors wanted for fraud, money-laundering and embezzlement.[9] The Mauritian Cabinet has since been drawing up plans to seize BAIC's assets and investments.[10]
Ownership
editBAIC is a wholly owned subsidiary of Bahamas Based Seaton Investment which is in turn 85.8% owned by Klad Investment Corporation, the Rawat family investment vehicle.[11]
See also
editReferences
edit- ^ "British American Investment Company (Mauritius) Limited - 2009 Annual Report" (PDF). British American Investment Company (Mauritius) Limited. 31 December 2009. Archived from the original (PDF) on 27 April 2015. Retrieved 20 April 2015.
- ^ "Corporate Profile - BAI". The Report Company. 28 June 2012. Retrieved 21 April 2015.
- ^ a b "British American Investment Company (Mauritius) Limited - About us". British American Investment Company. Archived from the original on 5 April 2015. Retrieved 20 April 2015.
- ^ Maglich, Jordan D. (3 April 2015). "Mauritius Halts $693 Million Ponzi Scheme At Bank". ponzitracker.com. Ponzi Tracker. Archived from the original on 26 September 2015. Retrieved 9 April 2015.
- ^ AROUFF, Jean Paul (3 April 2015). "Mauritius revokes Bramer Bank licence, PM says Ponzi scheme found". Reuters. Thomson Reuters. Archived from the original on 29 September 2015. Retrieved 9 April 2015.
- ^ "The Bramer/BAI saga: Ponzi or not?". 15 April 2015.
- ^ "Dawood Rawat: A role model or a scheming swindler?". 8 April 2015.
- ^ "Dawood Rawat: A role model or a scheming swindler?". 8 April 2015.
- ^ "Police raids, court drama over Britam man's 'Ponzi' troubles". Business Daily Africa. Nation Media Group. 21 April 2015. Retrieved 23 April 2015.
- ^ Ombok, Eric (27 April 2015). "Investors Over Mauritius Regulatory Action". Bloomberg Business. Bloomberg L.P. Retrieved 28 April 2015.
- ^ "Bramer Banking Corporation - 2012 Annual Report" (PDF). Bramer Banking Corporation. 31 December 2012. Archived from the original (PDF) on 22 December 2014. Retrieved 9 April 2015.