Mr Deputy Speaker, Sir, MauBank Holdings Ltd had on 30 May 2022 appointed the consortium composed of GA Company SRL, Gibraltar Advisory, Priscus Finance and Verde Frontier Solutions Ltd as Transaction Advisor for the disposal of its shares and its subsidiaries. I wish to highlight that Verde Frontier Solution Ltd is currently under investigation by the Financial Crimes Commission for suspected irregularities for the award of contracts from many public entities. They are also the ones who published fake poles on the eve of the election to say that they were going to win the election. Mr Deputy Speaker, Sir, the contract between MauBank Holdings Ltd and the consortium was vetted by Mr Yerrigadoo and Ms S. Carrim, Barrister at law. As per the terms and conditions of the contract, the Transaction Advisor had to, among other things, shortlist qualified bidders, conduct due diligence in respect to the preferred bidder and prepare the sale and purchase agreement, and oversee transaction closing and the transfer of the proceeds of the sales. This is what they were supposed to do. I am further informed that by the said contract, the Transaction Advisor was entitled to a fixed sum and a success fee.

32 I must say, Mr Deputy Speaker, Sir, no sale ever materialised, but nevertheless, the consortium was paid a fixed sum of Rs17,967,436. This is the kind of thing they did that today we are in the economic mess that we are. Abuse of power, giving, dishing out money – this is the result today! No doubt, Mr Deputy Speaker, Sir, there was largesse unseen when it came to favouring Verde Frontier Solutions Ltd under the previous regime. But all is being investigated by the Financial Crimes Commission. His contract has been terminated on 12 May of this year.

The hon. First Member for La Caverne & Phoenix! MRA & ADSU – CUSTOMS ANTI-NARCOTICS SECTION – DRUG SEIZURES