The Bank of Mauritius announced yesterday February 13 that it was placing Silver Bank under conservatorship. Arvind Gokhool will be the conservator. He will take over responsibility for the bank and will use the necessary powers to preserve, protect and recover all Silver Bank assets, says BoM in its press release.
Silver Bank has been in the news recently. The Chief Executive Officer and Senior Manager of Operations were suspended in mid-January.
Here is the press release of the Bank of Mauritius
“ The Public is hereby informed that the Bank of Mauritius has, by virtue of Section 65 of the Banking Act 2004, appointed Mr Arvindsingh K Gokhool as Conservator of the Silver Bank Limited with immediate effect.
The Conservator shall take charge of the financial institution and shall exercise all powers necessary to preserve, protect and recover any of the assets of the financial institution.”
