Madam Speaker, in my reply to PQ B/405 on 06 May 2025, I informed the House that an amount Rs3.55 billion was deposited by government-related entities in Silver Bank Limited. This was purposely done to create a misleading enhancement of the bank’s balance sheet. The decision to invest so much money in such a dubious bank with no track record was outright incompetence bordering, I should say, on criminal offence in the exercise of the previous administration’s duty in safeguarding public funds. So much was invested in the Silver Bank Limited despite the then government themselves issuing a circular requesting government-related entities to invest their surplus cash balances into the Treasury Certificates, which are much safer. They issued the circular, and yet, this is what they did with Silver Bank! Stealing public money – that is what they were doing! As at date, more than Rs900 million are still due to these government-related entities.

34 I am informed that the Bank of Mauritius, by virtue of section 65 of the Banking Act 2004, appointed Mr Arvindsingh K. Gokhool as Conservator of Silver Bank Limited on 13 February 2024. And believe it or not, a monthly fee of Rs3.5 million was payable as conservation fee. Since Mr Gokhool was a Director of Advisory Services at Grant Thornton (Advisory Services) Ltd., the monthly fee was payable to the company. As from 16 November 2024, the Bank of Mauritius negotiated the fee and it was revised downward to Rs2.5 million per month. I am informed by the Bank of Mauritius that the current management retained the services of Mr Gokhool as it would have been costly to replace him. However, the new management decided that even the Rs2.5 million was too high and reduced it to Rs1.5 million as from 18 December 2024. Due to the substantial delay in finalising the proposed sale of Silver Bank Limited, the new management of the Bank of Mauritius further reduced the fee to Rs300,000 per month with effect as from 01 February 2025. With regard to part (a) (i) of the question, I am informed that the Bank of Mauritius, for the period from 13 February 2024 to March 2025, has paid a sum of Rs39.7 million to Grant Thornton (Advisory Services) Ltd. who is the employer of Mr Arvindsingh Gokhool. As regards part (a) (ii) of the question, I am informed by the Bank of Mauritius that on 31 March 2025, Mr Gokhool resigned from Grant Thornton (Advisory Services) Ltd., but the conservation fee of Rs300,000 per month is now being paid to Vedaanta A&A Services Ltd., of which, the same Mr Gokhool is the sole shareholder and director. An amount of Rs2.3 million has been paid to Vedaanta A&A Services Ltd. from April 2025 to date. With regard to part (a) (iii) of the question, I am informed by the Bank of Mauritius that no other firm or individual, except Mr Gokhool, has served as Conservator of Silver Bank Limited since 13 February 2024. As regards part (b) of the question, I am informed by the Bank of Mauritius that, for the period of February 2024 to 27 November 2025, only Rs206.3 million have been recovered out of the total loan portfolio of Rs8.2 billion of Silver Bank Limited. This, Madam Speaker, represents only 2.5 percent of the total portfolio.

35 This gives us a stark indication of just how toxic the Silver Bank’s loan portfolio is. The toxicity of the loan portfolio was directly exacerbated by the influence of the previous government. I must say to the House that it is a shame that he is still there! But there are reasons that they have given me because of the cost of paying compensation and all those things. But all of this will be subject to an inquiry.

Mr Jhummun, time is up. I said I would give him one, but time is already up. The Table has been advised that the following PQs have been withdrawn: B/1119, B/1120, B/1121, B/1122, B/1123 and B/1125. Thank you. Now, we go to questions to Ministers. Hon. Caserne! MAUPASS – REGISTERED USERS & ENROLMENT STRATEGIES