the Mauritius Investment Corporation Ltd., he will, for the benefit of the House, obtain therefrom, informat…
(No. B/832) Dr. F. Aumeer (Third Member for Port-Louis South & Port-Louis Central) asked the Prime Minister, Minister of Defence, Home Affairs and External Communications, Minister of Finance, Minister for Rodrigues and Outer Islands whether, in regard to the Mauritius Investment Corporation Ltd., he will, for the benefit of the House, obtain therefrom, information as to the names of the companies of the construction industry that benefitted therefrom, indicating – (a) the sums disbursed thereto in each case; (b) whether the National Social Living Development Ltd, awarded thereto contracts for the construction of social housing units, and (c) whether any of these companies is currently encountering difficulties to honour its obligations thereto.
Reply: With regard to part (a) of the question, I am informed by the Bank of Mauritius that three companies in the construction industry have benefited from investment by the Mauritius Investment Corporation Ltd (MIC). These companies and the respective sums disbursed are as follows – (a) Kuros Construction Solutions Ltd, who is closely related to the former Minister of Finance, Dr. Padayachy – Rs225 million; (b) Best Construct Co. Ltd. – Rs150 million, and (c) Ramasawmy & Ramasawmy Co. Ltd. – Rs40 million. Concerning part (b) of the question, according to the information submitted by the New Social Living Development Ltd, out of these three companies, Kuros Construction Solutions Ltd and Ramasawmy & Ramasawmy Co. Ltd. have been awarded contracts for the construction of social housing units, amounting to Rs2.4 billion and Rs548 million, respectively.
145 With regard to part (c) of the question, I am informed by the Bank of Mauritius that Ramasawmy & Ramasawmy Co Ltd is currently meeting its debt servicing obligations vis-à- vis the MIC. However, Kuros Construction Solutions Ltd and Best Construct Co. Ltd. are in default for their debt servicing obligations. I am also informed that Best Construct Co. Ltd. is in liquidation since June 2025. According to the New Social Living Development Ltd (NSLD), Kuros Construction Solutions Ltd has accumulated significant delays in the construction of the social housing units. The NSLD has served a notice on the contractor for termination of the contracts allocated to Kuros Construction Solutions Ltd. The latter has informed that the proportion of the contracts will be executed by another contractor for the same contract value. This is a clear example of gross mismanagement and abuse of public funds where huge amounts were disbursed to the cronies of the previous regime. RODRIGUES – WATER PROJECTS – FUNDS BUDGETED