Madam Speaker, MauBank Ltd is a subsidiary of MauBank Holdings Ltd, which, in turn, has the Government of Mauritius as its sole shareholder. With regard to the financial situation of MauBank Ltd, I am informed that the bank reported a profit after tax of around Rs829 million for the year ending 30 June 2025. It had total assets amounting to Rs57.6 billion, total deposit liabilities of Rs50.8 billion, and equity and reserves of Rs5.2 billion. Now, Madam Speaker, when you look at these figures, you can see that the bank has recorded a profit in 2025, but MauBank Holdings Ltd, which is the main shareholder, registered a deficit of Rs220 million and had a negative equity of Rs2.5 billion, resulting from accumulated losses since its inception in 2015. At the outset, MauBank Ltd had inherited a toxic loan portfolio of approximately Rs5.1 billion. In 2018, this was transferred to a sister company owned by MauBank Holdings Ltd, namely EAMC Ltd. This carve out allowed MauBank Ltd to show to the public a clean balance sheet with profits by removing the non-performing assets. Over the years, MauBank Ltd became a den of corruption. A den, Madam Speaker, and mismanagement resulting in the paradoxical situation of negative equity in MauBank Holdings Ltd. Let me give you a concrete example, Madam Speaker. Various loans amounting to a total of Rs675 million – I hope you are listening, Leader of the Opposition, because you put a question on 01 May – listen to this! A total of Rs675 million was granted to Kuros Construction Ltd and the latter was allowed to provide as collateral, believe it or not – what was their collateral? – a State Land given by the Government at Bel Ombre. No proper diligence was carried out prior to the allocation of these loans to Kuros Construction. Hence, such an astronomical loan was granted by the bank against State-owned asset without any personal collateral or whatsoever from the owner/s. All this was allowed by the duo Premchand Mungur and Vishuene Vydelingum. Today, people are asking why it has been removed. Listen to this! Today, Kuros still owes. They borrowed Rs675 million. How much do you think they still owe? Rs675 million! In other words, they paid nothing! No collateral and they paid nothing. And now, they are in default with MauBank Ltd. This is the type of largesse which was common under the former regime at the MauBank Ltd. We all know who was pulling the strings from behind considering the nexus between Kuros and the former Finance Minister Padayachy.

Savat dodo! An hon. Member: Alias savat dodo!

With regard to part (a) of the question, I am informed that no funds have been transferred by MauBank Ltd to the Consolidated Fund during the current financial year. On the contrary, Madam Speaker, it was Government that injected Rs4.1 billion into MauBank Holdings Ltd since its inception in 2015 up to November 2024.

(Interruptions)

In addition, MauBank Holdings Ltd had to contract a loan of USD 100 million from the African Development Bank Ltd to enable the bank to expand its loan to the SME sector. Furthermore, an additional amount of Rs1.1 billion has been injected into MauBank Holdings Ltd during this fiscal year to allow it to meet its debt obligations towards the African Development Bank Ltd, where it borrowed the money before the elections. With regard to part (b) of the question, I am informed that MauBank Ltd did not contract any loans. All borrowings were contracted by the holding company, which is MauBank Holdings Ltd. Madam Speaker, it is clear that MauBank Holdings Ltd has been the entity shouldering the burden. The dividends paid by MauBank Ltd to MauBank Holdings Ltd were largely insufficient to cover the financial costs of the loan and the servicing obligations. This has resulted in a serious deterioration in the financial position of MauBank Holdings Ltd. For the financial year ended 30 June 2025, based on unaudited financial statements, MauBank Holdings Ltd had a negative equity of Rs2.95 billion. Madam Speaker, taken together, the financial position of MauBank Ltd and MauBank Holdings Ltd reflects a situation where operational profit at the bank level was made at the cost of the Holding Company and public finances. Thus, MauBank Ltd was showing a profit while the holding company’s financial situation was really precarious. In this context, several measures are being taken to restore the financial viability of the MauBank group of companies. These include – (a) the restructuring of existing debt obligations; (b) improving the profitability of MauBank Ltd to enhance its dividend payment capacity; (c) the disposal of non-core assets, and (d) the recovery of the carved out non-performing loans.

Yes, one question.

Can the hon. Prime Minister state whether Government has appointed a Transaction Advisor to find any potential buyer of MauBank Ltd., and if any potential buyer has been identified? Thank you.

I believe they are looking at this. But who would want to buy a bank with that kind of debt?

Yes, Dr. Aumeer, last question!

Can I ask the hon. Prime Minister, in the light of the disturbing information that he has shared in the House regarding Kuros Ltd., whether he intends to have a specific forensic enquiry about it and in the meantime, freeze the assets of that company?

The assets are already frozen. We are looking at all the things I mentioned because we cannot let people get away with murder like this. They will have to answer for their deeds.

Time is, unfortunately, over! Now, the Table has been advised that the following PQs have been withdrawn: B/568, B/569, B/570, B/571, B/572, B/576, and B/577. Questions addressed to hon. Ministers! Yes, Hon. Third Member for Port-Louis South and Port-Louis Central. E-HEALTH PROJECT – IMPLEMENTATION & OPERATIONALITY