Mr Deputy Speaker, Sir, I am informed by the FSC that four complaints have been received in respect of Mrs R. A and one complaint in respect of Mr A. M. Two of the complaints relating to Mrs R. A were by way of anonymous letters, one received at the FSC in September 2022 and one forwarded by the Financial Crimes Commission in July 2024. The remaining two complaints were from staff and were received in September 2024 and November 2025 respectively. As regards the one complaint relating to Mr A. M, it was received in December 2025 and was from a staff member of the FSC. Mr Deputy Speaker, Sir, as regards part (a) of the question, the complaints made against Mrs R. A in the anonymous letter received in September 2022, related to allegations of collusion between the Director and the Managing Director of a management company. As per the findings of the inquiry, the collusion referred to in the complaint letter was not established. However, it was concluded that supervision was negligent in addressing the complaints that were received against the MC and its officers. Written explanations were sought from the concerned officers including Mrs R.A. However, the board had requested that the matter be put on hold. In July 2024, the Financial Crimes Commission, (FCC), informed the FSC of an email from an anonymous source alleging collusion between a licensee and Mrs R.A. The enforcement directorate of the FSC could not pursue the matter further as the FCC did not have any additional information as required by the FSC to initiate an investigation. Mr Deputy Speaker, Sir, as regards the three complaints from staff of the FSC against Mrs R.A and Mr A. M, the status is as follows; one of the complaints against Mrs. R.A is expected to be resolved with the organisational review that the FSC is currently undertaking and as regards the two other complaints, the respective internal inquiries initiated by the FSC are still ongoing. Mr Deputy Speaker, Sir, as regards part (b) of the question, the total cost involved are, firstly, for the inquiry carried out regarding the anonymous letter received in respect of Mrs R.A in 2022, the FSC retained the services of an external law firm at the total cost of Rs402,500. As regards the complaint from the staff against Mrs R.A received in November 2025, the FSC has retained the services of an external legal counsel at the cost of Rs115,000 plus VAT. As regards the complaint from the staff of the FSC against Mr A.M, the FSC has enlisted the services of an external legal counsel to carry out a full investigation at the cost of Rs125,000 plus VAT. Thank you.

Yes, hon. Beechook!

Yes, thank you, Mr Deputy Speaker, Sir. May I know from the hon. Minister, how many times Mrs R.A had been suspended and reintegrated to her post?

From what I understand, she was recruited in March 2019. I don't have information regarding her suspension. During the investigation in December 2022, I believe she was asked to be out of office, not to be present on the premises during the investigation. But I understand that notice was not served but instead she was on sick leave and then on annual leave. I don't have any information regarding a suspension from the FSC.

Yes.

Does the hon. Minister have the information to please inform the House, why was Mr A.M promoted to the post of Head of Supervision Directorate despite having no experience in global business, funds and capital markets?

Mr Deputy Speaker, Sir, from what I understand, the structure of that department which is the directorate called supervision, it had a Director and then it has five departments and Mr A. M was heading one of those departments. As per the procedures and the policies in place at the FSC, he was the highest in the grade when there was a reorganisation. The Director of that supervision was moved to another department. Mr A.M. was the most senior in terms of grade. That is why he was given that. It was not a promotion. It was a temporary measure of assigning additional responsibilities to oversee the Supervision Department.

Yes! You have another one?

Mr Deputy Speaker, Sir, could the hon. Minister please advise as regards to Mrs. R.A., since it was found that supervision was superficial, did that committee find out who was responsible for such superficiality? What actions have been taken to prevent future occurrences?

So that happened in 2022. The collusion itself was not established, but they found that there may have been weaknesses in the procedures and the way the complaint was handled. The charges were prepared. But I understand that the board, at that time, was told to put everything on hold. I must say, Mr Deputy Speaker, Sir, that there is a new board in place at the FSC. There is a new director in place. There is major restructuring going on. They have recruited an external professional consultant who is doing a restructuring exercise that will be completed by June. The whole organisation of FSC is being re-looked into because there has been quite a lot of mismanagement and issues at the FSC, as many of my colleagues are aware. There are so many questions that have been put on FSC’s operations.

Last one!

I have a question, Mr Deputy Speaker, Sir. As the former Head of the Insurance Department, is the hon. Minister aware what was the involvement of Mr A.M. in the Afri Life Insurance Ltd., owned by one Mr Prateek Gupta, who is the ultimate beneficiary owner of the Silver Bank?

The question is not part of the of the main question. So, I can find out. I can investigate.

Okay. The hon. First Member for Piton and Rivière du Rempart! TERRE ROUGE–VERDUN–TRIANON LINK ROAD –TRAFFIC CONGESTION ALLEVIATION