Madam Speaker, first, let me thank the hon. Member for his question, which is of utmost public interest. The more so that his question concerns funds related to the past and present contributions of workers and their future pension entitlements. I also understood from the Hansard of this Assembly that the hon. Member was ordered out and asked to be collected from this Assembly when he asked a similar question to the then Minister of Social Integration, Social Security and National Solidarity in 2024.

49 The hon. Member can now rest assured that as the new minister, I will answer all questions which are of public interest. This is what this House is made for. I will further expand on this aspect later in my reply. Second, I am assuming in his question the hon. Minister made reference to the National Solidarity Fund when in fact he is referring to the National Savings Fund; thus, I will respond…

You mean the hon. Member?

Hon. Member. In relation to the second part of the question, I am also assuming that when the hon. Member is referring to the investments in United Investments Ltd (UIL), he is also referring to Hold Attitude Ltd, which is a related company of UIL and was created as a result of a restructuring of UIL’s level in 2019. Madam Speaker, I wish to inform the House that, first, the National Pensions Fund (NPF) was established under Section 37 of the National Pensions Act 1976 with the objective to have a publicly run contributory pension system to provide for various types of pensions to workers of this country. The NPF is administered by the Minister of Social Security and the NPF/NSF Investment Committee set up as per Section 38 of the National Pensions Act 1976. In 2020, the previous government unilaterally, without consultations with stakeholders, decided to do away with the National Pension Scheme. Thus, since October 2020, employees and employers no longer contribute to the NPF. The ministry is now administering the past contributions made to the fund. The National Savings Fund was established under Section 3 of the National Savings Fund Act 1995 with the objectives to provide for the payment of a lump sum to every employee on his retirement or in respect of every employee at the time of his death and to set up and operate for the benefits of employees such schemes, including loan schemes, as may be prescribed. Employers contribute 2.5% in respect of each employee; thus, the Fund is still operational and administered by my ministry. Madam Speaker, in regard to part (a) of the question, I am informed that at the end of September 2024 the total value of investments of the NPF stood at around Rs160.5 billion and the value of investment of the NSF stood at around Rs45.5 billion. I am also pleased to announce to the hon. Members in this House that in line with the policy of change and

50 rupture of the new government, I am tabling today the full detailed list of investments for both NPF and NSF as of September 2024. Total disclosure to the National Assembly on matters of public interest and public funds will henceforth be the norm of my ministry, thus creating conditions for citizens to monitor and be a watchdog on matters of public interest and public funds. Madam Speaker, with regard to part (b) of the question, I am informed that the amount invested in United Investments Ltd has not yet been recovered. I wish to inform the House that UIL is an investment holding company quoted on the Mauritian Development Enterprise Market (DEM). After an internal restructuring of the company, the financial and non- financial clusters of UIL were separated, and thereafter Hold Attitude Ltd was regrouped under the hospitality cluster. The NPF and NSF now deal with Hold Attitude ltd. Madam Speaker, in March 2022, NPF and NSF invested, in aggregate, an amount of Rs1.5 billion in a secured bond issued by Hold Attitude Ltd and split as follows – (i) NPF – Rs1,001,439,000 (ii) NSF – Rs448,561,000 The security offered was a pledge of a 40% stake in the shares of Attitude Hospitality Ltd. As of February 2024, these shares were valued at around Rs2.29 billion by KPMG. As of 03 December 2024, Hold Attitude Ltd owes an amount of Rs1,084,948,311 to NPF and Rs485,960,194 to NSF. I am tabling the details of the respective amounts held by Hold Attitude Ltd as at 03 December 2024 to the NPF and NSF. For the period of March to September 2023, there was accrued interest of Rs89.5 million for the NPF and Rs40.1 million for NSF, which was settled on 12 June 2024. A penalty of 3% above the applicable interest rate on account of late payment of interest which was due on 30 September 2023 was also received on 01 July 2024 for an amount of Rs10.8 million. Madam Speaker, I am further informed that on 20 September 2024, Hold Attitude Ltd made a request to the NPF/NSF Investment Committee to extend the maturity date of 30 September 2024 to 31 March 2025 to give them time to list the shares of Attitude Hospitality Ltd on the stock exchange of Mauritius. Hold Attitude Ltd. was informed via a letter dated 24 September 2024 that the NPF/NSF Investment Committee will not grant any delay in the repayment date, and they were strictly reminded to settle the amount due together with the interest on the due date on 30 September 2024.

51 The NPF/NSF Investment Committee has decided on 20 September 2024 that in the event that Hold Attitude Ltd does not repay the capital amount of the bond, an interest due for the period 01 October 2023 to 30 September 2024, NPF and NSF will trigger the event of default and will initiate procedures with the security agent State Bank of Mauritius Ltd so that these pledged shares will be transferred to the ownership of NPF and NSF. According to the Note Subscription Agreement, the event of default could not be triggered after five business days after the due date of 30 September 2024. Madam Speaker, I wish to point out that Hold Attitude Ltd made another request via a letter dated 30 September 2024, that is, on the due date, requesting the NPF and NSF Investment Committee to extend the capital repayment for a period of two to three years or earlier. Upon listing of Attitude Hospitality Ltd, they have also made a request to delay the repayment of interest due on 30 September to 31 December 2024. The NPF-NSF Investment Committee met with the representatives of AHL Attitude Ltd on 02 October 2024. They explained to the committee the series of events that have prevented them from paying the debts due to NPF and NSF. I am informed that the NPF-NSF Investment Committee deliberated and agreed to the extension of capital repayment until 31 March 2025, but interest due was to be paid immediately. AHL informed the NPF and NSF that they would only be able to repay the interest due in September 2024 by the end of December 2024, following the sale of some of their clusters under UIL Ltd. It is also to be noted that a penalty of 3% above the applicable interest rate is being imposed on Hold Attitude Ltd for the delay in repayment of interest and capital. As at date, interest due on 30 December 2024 has not yet been settled. The NPF-NSF Investment Committee is closely monitoring the situation regarding the repayment of capital and recovery of interest with respect to investment by NPF and NSF in Hold Attitude Ltd. In line with the provision of the existing law and the subscription agreement, in the event of default, the NPF-NSF Investment Committee will have to take a decision in the sole and best interest of the two funds, the NPF and the NSF. Thank you, Madam Speaker.

Yes, Mr Juman!

Merci, Madame la présidente.

52

It was very comprehensive.

Yes.

But you still have a question?

Yes, I still have. Thank you.

Je ne veux pas vous décourager.

Merci, M. le ministre. Malgré l’assurance donnée par l’ancienne ministre que la totalité de la somme, R 1,45 milliard, serait remboursée en fin de septembre/octobre, cela n’a pas été le cas. Maintenant, on est dans une situation où on n’arrive même pas à payer l’intérêt. On a R 1,45 milliard qui est à risque. M. le ministre, est-ce qu’on doit attendre jusqu’à mars pour pouvoir récupérer l’argent venant de la sueur des travailleurs ?

I am informed the issue will be discussed in the next meeting of the NPF- NSF Investment Committee. I am also informed that the committee could not meet because of lack of quorum in the two previous meetings.

Last, Madam Speaker. Thank you. Can I know from the hon. Minister if there has been any due diligence exercise conducted on UIL, and if yes, who conducted the same, and if not, why not?

I do not have this information, but I can assure the Member when I have the information, I will inform the House.

Okay, your last question was already replied to. So, I will now move to hon. Second Member for Rodrigues, Mr François! COVID-19 PANDEMIC – DIALYSIS PATIENTS DEMISE – FACT-FINDING COMMITTEE REPORT