Privy Council Overturns Mauritius Supreme Court Decision And Grants Disclosure Order

The Judicial Committee of the Privy Council (JCPC) announced its decision on 6 July to overrule a judgment of the Supreme Court of Mauritius, which had refused to grant a disclosure order in respect of bank transfer of allegedly misappropriated funds.

In Stanford Asset Holdings Ltd & Anr (Appellants) v AfrAsia Bank Ltd (Respondent) (Mauritius), JCPC 2023/0011, USD11.145 million had been transferred from an account belonging to Stanford Asset Holding Ltd at AfrAsia Bank Ltd in Mauritius to the bank account of Key Stone Properties Ltd in February 2022.

The appellants claimed the transfer was the result of an alleged fraud. Around USD4 million remained in Key Stone's account and had been frozen. The remainder had been transferred into the accounts of unknown third parties.