Verde 54 Frontier Solutions Ltd, she will, for the benefit of the House, obtain from the Financial Services…
(No. B/419) Mr K. Rookny (Third Member for Pamplemousses & Triolet) asked the Minister of Financial Services and Economic Planning whether, in regard to Verde 54 Frontier Solutions Ltd, she will, for the benefit of the House, obtain from the Financial Services Commission, information as to – (a) the date on which operation licence was granted thereto, and (b) whether any inquiry has been initiated on the activities thereof and, if so, give details thereof.
Mr Deputy Speaker, Sir, with regard to part (a) of the question, I am informed by the Financial Services Commission that Verde Frontier Solutions Ltd was granted an Investment Adviser (Corporate Finance Advisory) Licence on 10 August 2020, pursuant to Section 30 of the Securities Act 2005 and Rule 5(1) of the Securities (Licensing) Rules 2007. With regards to part (b) of the question, I am informed that the Financial Services Commission has been cooperating with the Financial Crimes Commission since 24 February 2025 in connection with an investigation initiated by the FCC. In the meantime, the FSC has also initiated a regulatory investigation pursuant to Section 44 of the Financial Services Act 2007 on the activities of Verde Frontier Solutions Ltd which is currently ongoing. Thank you.
Yes, hon. Rookny!
Mr Deputy Speaker, Sir, could the Minister please advise whether, with regard to the date of application of Verde and the date on which the licence has been granted, there may have been any fast-track for granting of the said licence and the reason thereof?
Mr Deputy Speaker, Sir, I am informed that with regard to the date of licence, the application was submitted on 03 July 2020 and the licence was granted on 10 August 2020. It is difficult for me to say if it has been fast-tracked but it took like a month to grant the licence.
You have another question?
Yes.
Okay! Let’s give priority to your question.
Mr Deputy Speaker, Sir, could the Minister please inform the House on the date on which the FSC has instituted enforcement actions or investigation on Verde?
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The investigation was instituted as per the information received from the FSC on 02 May 2025.
Do you have a question? On the same topic?
Same topic!
Okay!
Thank you, Mr Deputy Speaker, Sir. Hon. Minister, can I know whether, as the hon. Member just said, the application was sent for views and recommendation on Sunday 09 August and also, if the Minister can tell the House whether the same officer, Mr Kamal Burun, who gave the licence and now at the head of enforcement directorate, is investigating on same?
I do not have the information, Mr Deputy Speaker, Sir, but I will definitely look into it.
Hon. Third Member for Vieux Grand Port and Rose Belle! GRAND PORT DISTRICT COUNCIL – VACANCIES