Mauritian Deputy Premier Soodhun Steps Down, Prime Minister Says

Mauritian Deputy Premier Soodhun Steps Down, Prime Minister Says

PORT LOUIS (Capital Markets in Africa) – Mauritian Vice Prime Minister Showkutally Soodhun has stepped down and police are still investigating inappropriate comments that he allegedly made, the Indian Ocean island nation’s leader said. “I met with Minister Soodhun this afternoon,” Prime Minister Pravind Jugnauth told reporters in the capital, Port Louis, on Friday. “We reviewed the situation. We agreed that in the general interest he steps down as DPM and Minister of Housing and…

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SBM of Mauritius Bids for Second Kenyan Bank in Expansion Drive

SBM of Mauritius Bids for Second Kenyan Bank in Expansion Drive

PORT LOUIS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-biggest lender, offered to buy its second Kenyan bank in less than six months in a deal that will enable it to compete for a place among the nation’s top 10 financial institutions. The Port Louis-based bank submitted a non-binding offer for some of Chase Bank Kenya Ltd.’s assets and liabilities, the Central Bank of Kenya said in an emailed statement on Monday. Once acquired, SBM said…

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SBM of Mauritius Eyes Kenyan Banks, Plans Nigerian Expansion

SBM of Mauritius Eyes Kenyan Banks, Plans Nigerian Expansion

PORT LOIUS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-largest lender, plans more acquisitions in Kenya as it seeks to become one of the country’s top 10 banks within the next three years before expanding into West Africa. The bank, which obtained a license to begin operating SBM Kenya Ltd. in May, expects to have its systems and staff in place by December, Advisor to the Board of Directors & Group Lead Executive Moses Harding…

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Mauritian Whistle-Blower Drops Claims Against Attorney General

Mauritian Whistle-Blower Drops Claims Against Attorney General

PORT LOUIS (Capital Markets in Africa) – A Mauritian whistle-blower withdrew allegations of money laundering that forced Attorney General Ravi Yerrigadoo to step down this month. Husein Abdool Rahim, who made the allegations earlier in September, said he’d been pressured by Port Louis-based newspaper l’Express and former Financial Services Minister Roshi Badhain into making claims that Yerrigadoo helped set up a financial structure to enable the transfer of gambling winnings to bank accounts in Dubai…

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Kinross to Invest $820 Million to Tread Water on Production

Kinross to Invest $820 Million to Tread Water on Production

LAGOS (Capital Markets in Africa) – Kinross Gold Corp. is spending more than $800 million to essentially tread water as — like many miners — it faces a future in which new gold assets are increasingly difficult to find and costly to develop. The Canadian miner said Monday it will move ahead with expansions at mines in Mauritania and Nevada as part of efforts to maintain its production and lower costs. Construction for the Phase Two…

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Mauritius Attorney General Quits Over Money-Laundering

Mauritius Attorney General Quits Over Money-Laundering

PORT LOUIS (Capital Markets in Africa) – Mauritian Attorney General Ravi Yerrigadoo stepped down to allow an investigation into allegations of money laundering, Prime Minister Pravind Jugnauth said. Yerrigadoo quit at Jugnauth’s request to “ensure the investigation is conducted in a transparent manner,” the premier told reporters Wednesday in the capital, Port Louis. Le Defi, a Port Louis-based newspaper, reported that an affidavit was submitted to Mauritius’s Supreme Court on Tuesday alleging that Yerrigadoo helped set…

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Mauritian Banks Seen as Haven as Politics And Oil Roil Peers

Mauritian Banks Seen as Haven as Politics And Oil Roil Peers

PORT LOUIS (Capital Markets in Africa) – Mauritian banks are becoming beacons of growth and stability in sub-Saharan Africa. Unscathed by the vagaries of the oil price and unhindered by the political battles that have roiled some of their continental peers, the Indian Ocean island’s lenders have been bolstered by an economy growing faster than many of the mainland countries. The central bank expects the Mauritian economy to expand as much as 4 percent this year, compared with…

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