The Minister of Finance refused to give details of the companies that have received financial assistance from the Bank of Mauritius’ corporation. He argued that he can only reveal what is already published on the company’s website. That is, facilities of Rs 30 billion have been provided to companies. This has saved 30,000 direct jobs and 90,000 indirect jobs.
Renganaden Padayachy explained that the Mauritius Investment Corporation (MIC) operates as a private company. He added that the National Assembly regulations prohibit it from revealing details of beneficiaries.
He said that MIC has a fully autonomous board of directors. He added that, by law, without a court order, he cannot reveal details of companies that have received MIC assistance. The finance minister also said that the company will reveal the details through the Bank of Mauritius’ annual report or on its website.
Xavier-Luc Duval insisted on transparency. He explained that the governor of the Bank of Mauritius himself and Lord Meghnad Desai, who chaired the MIC, wanted everything to be transparent. “It is not the minister’s or the governor’s money. It is the people’s money,” said the opposition leader.
At one point, Xavier-Luc Duval mentioned the name of a company involved in fishing, whose request for Rs 250 million in aid was rejected by the MIC board. The Speaker refused this question. Hence the incidents that led to the expulsion and suspension of Arvin Boolell.
1500 USD to Lord Desai
Renganaden Padayachy’s revelation at the Private Notice Question. He said that “it was an opportunity to have a professor” of this caliber to launch the Mauritius Investment Corporation. The finance minister added that Lord Meghnad Desai had accepted the Mauritian government’s proposal on the condition that he would step down after one year. He revealed that Lord Desai was being paid US$1,500 per month.
