The government is still dealing with the aftermath of the
collapse of one of the island's biggest conglomerates after a
major scandal
The dismemberment of the British American Investment (BAI)
Company, one of the largest conglomerates in Mauritius, is in its
final phase. The government took over the company in April 2015
after discovering that it ran a Ponzi scheme that paid investors
from the money of other investors rather than from its profits.
BAI had its origins in the insurance business before
diversifying over the years into a broad range of businesses
including banking, financial services, healthcare, transportation,
retail and the media in various parts of the world. But the
government found fault with two of its products. BAI-owned BA
Insurance offered the Super Cash Back Gold policy and Bramer Bank
issued Bramer Property Fund Preference Shares, promising high
returns to lure investors.
