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Thursday, February 29, 2024

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STC & Ministry of Finance Agree To Pay Betamax Rs 5.68 Billion

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The State Trading Corporation (STC) and the Ministry of Finance will honor their commitment and will pay the Betamax company no later than June 22. This information was given by Trade Minister Soodesh Callichurn in Parliament on Thursday, June 17. The minister specified that Rs 5.68 billion will be paid to the company headed by Vikram Bhunjun, and that this amount excludes legal costs related to the hearing before the Supreme Court of Mauritius and those of the Privy Council, which are not still known.

The minister also said that STC will provide Rs 2 billion, and the rest will be completed by the Ministry of Finance.

Regarding the total amount claimed by Betamax Ltd from STC, it amounts to approximately Rs 5.68 billion distributed as follows:

  1. Damages in the amount of 115,267,199 USD.
  2. Legal and arbitration costs incurred by Betamax Ltd in connection with the arbitration for an amount of USD 2,823,547.20. SGD 272,077.79, GBP 880,296.
  3. Interest at the rate of 3% per year on the above sums, from the date of the Award until the date of full payment, ie 14,287,362.61 USD 32,917.69 SGD and 106,503.76 pounds sterling.

Opposition leader Xavier-Luc Duval then called on Minister Callychurn to set up a commission of inquiry with a chamber judge to shed light on the whole affair.

Xavier-Luc Duval also wanted to know if the government intends to increase the price of fuel and that of flour and rice, which are imported by STC. And according to Minister Soodesh Callychurn the government has no intention of making the people of Mauritius pay that sum.

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