Madam Speaker, with regard to part (a) of the question, I am informed that for Financial Year 2013-2014, Air Mauritius Ltd realised a profit of Rs359,219,000, whereas from 2015 to 2024, Air Mauritius Ltd incurred a loss amounting to Rs17,721,683,000. We cannot even call this mismanagement.

(Interruptions)

Madam Speaker, I am also informed by Air Mauritius Ltd that during the Financial Year 2017-2018, the company disposed of one A340-300 aircraft on a Sale and Lease Back arrangement and this incurred a loss of Rs107,800,000. In Financial Year 2021-2022 when the company was placed under voluntary administration, the following aircrafts were disposed of – (i) in June 2021, two A319-100 aircraft and consequently, losses to the tune of Rs338,100,000 were incurred, and (ii) in November 2021, one A330-200 aircraft was sold and a loss amounting to Rs637,000,000 was recorded.

35 It is worth highlighting that in June 2021, Air Mauritius Ltd entered into a consignment agreement with a private company for the disassembling of two A340-300 aircrafts estimated at Rs220,500,000 to have them as spare parts for sale by the private company to any third party. The sum received from the partial disposal of the two aircraft was Rs151,900,000, out of which Air Mauritius Ltd received Rs83,300,000. It was an agreed formula that Air Mauritius Ltd incurred a loss of Rs137,200,000. The net loss incurred for the sale of aircraft amounts to Rs1,220,100,000.

(Interruptions)

This is how they managed Air Mauritius! This is what they did! It’s a crime! As regards part (b) of the question, I am informed that Government has not injected capital directly in Air Mauritius Ltd but it did so indirectly through Airport Holdings Ltd (AHL) by providing the latter with an advance of Rs12 billion in September 2021 in the context of the Watershed meeting to enable the company to provide funds to Air Mauritius Ltd – don’t forget that an Administrator was appointed – for meeting its urgent financial requirements and to cater for other associated cost. I am informed that this advance was used by AHL as follows – • Rs9.5 billion as loan to Air Mauritius; • Rs812 million for acquiring shares of Air Mauritius Limited; • Rs42 million for acquiring shares of Pointe Coton Resort Hotel Company Ltd; • Rs135 million for acquiring shares of Jet Prime Ltd; • Rs14 million injected as capital in subsidiaries of AHL; • Rs1.007 billion as loans to subsidiaries of AHL; and • Rs324 million for the acquisition of floors at MEDCOR building; • further, Rs166 million on the administrative expenses from August 2021 to June 2024. Madam Speaker, the Ministry of Finance needed Rs25 billion to show, to fool the people, to give the illusion that there is economic growth. In fact, they needed Rs25 billion to show that the debt was lower as related to the GDP ratio. This is what they did: lies, illusions, false figures! AHL was set up comprising 23 entities, including Air Mauritius Ltd.

36 The actual net assets were valued at Rs10 billion. However, a goodwill amount of Rs41 billion was added to the Rs10 billion to reach a figure of Rs51 billion. What is worst, Madam Speaker, is that the MIC was instructed to buy 49 % of AHL at a value of Rs51 billion. MIC paid Rs25 billion to acquire 49 % of the shares of AHL where the actual assets were worth only Rs5 billion. In other words, somebody has stolen the money – in other words – and we will find out. No culprit will be left without being forfeited! And I must emphasise, Madam Speaker, that the World Bank has confirmed that the 49% was worth only Rs5 billion. Confirmed by the Worl Bank! This is a case of excessive overvaluation carried out at the expense of MIC, which is 100 % owned by the Bank of Mauritius. It will mean, therefore, that MIC will have to impair with obvious consequences. I wish to apprise the House that, following the injection of Rs25 billion by the Mauritius Investment Corporation in AHL on 09 December 2021, AHL reimbursed the advance of Rs12 billion to Government on the same day – same day transaction. On its part, Air Mauritius reimbursed an amount of Rs830 million to AHL and an additional amount of Rs622 million has been offset by AHL through the purchase of the subsidiaries of Air Mauritius. The House may also wish to note that the Board of AHL has at its meeting held in March 2025, agreed to convert the remaining loan balance of Rs8.045 billion of Air Mauritius Ltd into Non-Voting Convertible Redeemable Preference Shares. Madam Speaker, KPMG has been requested by AHL to probe into an amount of Rs2.5 billion which should have been retained for working capital – cash flow need for MK, but was instead used for other purposes for which we have yet to understand where the money went if there was proper authorisation as that amount was derogated from its original purpose. A forensic audit by KPMG is underway to understand all these very loose calculations that were done.

I am sorry, time is up! Time is up! No supplementary!

Pena kestion? First time!

Hon. Members, the Table has been advised that the following PQs have been withdrawn: B/366, B/374, B/381, B/391, B/393, and B/394. I now call on Second Member for Belle Rose and Quatre Bornes, Ms Anquetil!

37 PAVILLON FOOTBALL GROUND – STREET LIGHTINGS – MAINTENANCE