Madam Speaker, as per the Bank of Mauritius Act, one of the objects of the Bank is to ensure the stability and soundness of the financial system in Mauritius. In this respect, the Bank regulates and supervises financial institutions and any other institutions which has authority to carry out financial activities in Mauritius. For this purpose, the Bank has established a Supervision Department. As per the Bank’s organisational structure, the Department is headed by three Directors: two for prudential supervision and one for Anti-Money Laundering/Combatting Financing of Terrorism/Counter Proliferation Financing (AML/CFT/CPF) in short. They report to the Second Deputy Governor and the Governor of the Bank of Mauritius. Currently, there are two Directors in post. With regard to part (a) of the question, I am informed by the Bank of Mauritius that the Directors of Supervision are responsible, inter alia, for overseeing the prudential and AML/CFT/CPF supervision of 18 banks, 6 non-bank deposit taking institutions, 5 money changers and 7 foreign exchange dealers. The roles and responsibilities assigned to the Directors of Supervision are inter alia as follows – (i) To formulate and oversee the execution of strategic initiatives and projects in relation to prudential and AML/CFT/CPF supervision; (ii) To formulate and implement regulatory and supervisory frameworks for both of them, that is, prudential and AML/CFT/CPF supervision through the implementation of risk-based on-site examination and off-site supervision; (iii) To ensure that the relevant legislative framework, policies and guidelines are in place and updated on an ongoing basis in line with international standards that they are implemented effectively by financial institutions; (iv) To oversee prudential and AML/CFT/CPF compliance by banks, non-bank deposit taking institutions, money changers and foreign exchange dealers and ensure that they implement effective programs that have adequate governance and risk management and internal control frameworks; (v) To make relevant recommendations to the Second Deputy Governor for necessary corrective actions to be undertaken by financial institutions in relation to possible deficiencies observed and ensure proper follow-up procedures for the implementation, and (vi) To recommend enforcement actions and ensure that appropriate remedial measures are taken by the financial institutions. Madam Speaker, with regard to part (b) of the question, I am informed by the Bank of Mauritius that the supervision department was headed by the following officers during the period 2014 to 2024 – (a) From 17 November 2014 to 17 November 2017, Mr Amar Kumar Bera served as Director. He was seconded by the Reserve Bank of India to the Bank of Mauritius; (b) From 18 November 2017 to 03 June 2018, the position of Director was vacant. During that period, Mr Chinniah, Mrs Hurrymun and Mrs Chuttarsing-Soobarah in their capacity as Assistant Directors, jointly oversaw the operation of the Department; (c) From 04 June 2018 to 08 June 2019, Mr Ajay Kumar Choudhary was the Director of Supervision. He was also seconded by the Reserve Bank of India; (d) From 09 June 2019 to 11 May 2020, the post of Director was once again vacant. The Department was collectively supervised by Mr Chinniah, Mrs Hurrymun and Mrs Chuttarsing-Soobarah, Assistant Directors; (e) From 22 May 2020 to 13 July 2021, Mr Chinniah and Mrs Hurrymun were assigned duties as Acting Directors of Supervision; (f) From 14 July 2021 to 28 September 2025, Mr Chinniah and Mrs Hurrymun were the Directors. As from 29 September 2025, Mr Chinniah was no longer Director of Supervision as he had been appointed Second Deputy Governor. Mrs Hurrymun continued to serve as Director of Supervision, and (g) From 23 January 2024 to 24 September 2024, Mrs Chuttarsing-Soobarah was appointed Acting Director of Supervision and subsequently, as the third Director of Supervision as from 25 September 2024. Madam Speaker, over the past few months, we have uncovered multiple financial scandals involving various local financial institutions under the former, if I may call it, kleptocratic regime. (a) The Silver Bank Ltd which, as per the Conservator’s Report, as at March 2024, had Rs8.1 billion of non-performing loans out of a total loan portfolio of Rs8.3 billion; (b) The SBM Bank (Mauritius) Ltd which had written-off a massive cumulative amount of Rs14.34 billion of loans during the period 2014 to 2024 – Rs14.34 billion, Madam Speaker, written off; (c) The Development Bank of Mauritius Ltd, which as at 30 June 2025, had some Rs400 million of its total portfolio classified as non-performing, of which Rs304 million relate to five companies that are either in liquidation or under receivership, and (d) Maubank Holdings Ltd, which has a negative equity of Rs2.95 billion, resulting from accumulated losses since its inception in 2015. Madam Speaker, when we look at these four banks, a total amount of around Rs25 billion has disappeared from their balance sheets either in the form of money siphoned-off, impaired loans or loans written-off. It is Rs25 billion, Madam Speaker. All these point to one common factor – a major deficiency in the supervisory role of the Bank of Mauritius during the 10-year rule of the previous Government. The inadequate regulatory oversight by the Bank of Mauritius has allowed these banks to engage in risky and fraudulent practices. Such deficient supervision has delayed the implementation of corrective actions and led to the accumulation of significant toxic assets within these financial institutions. It can expose the economy to systemic instability, reduce investor confidence, and harm the country’s reputation as an international financial institution. That is the result of the MSM regime. It is not only the weakness at the Supervisory level of the Bank of Mauritius that was wrong but also the dysfunctioning boards of these commercial banks that led to the approval of toxic loans, because they had boards. We cannot, Madam Speaker, remain silent in the face of this issue. Doing nothing is simply not acceptable. As a responsible Government, we are taking the actions required and ensure that the Bank carries out its mandate with full independence, greater rigour, transparency, and accountability, in the interest of safeguarding the stability and integrity of the financial system. The Bank of Mauritius Act and the Banking Act will be reviewed to align them with international best practices in banking regulation and supervisory oversight. The Bank of Mauritius will look into the role of staff in these supervisory shortcomings and undertake a comprehensive restructuring of its Supervision Department and a thorough review of the existing supervisory practices. Madam Speaker, in the light of the disturbing information concerning the Supervisory role of the Central Bank, I am informed that the Bank of Mauritius has taken actions already– (i) to review its internal operations to improve its Supervisory Role, and (ii) they have asked for the services of a professional from the Reserve Bank of India to reinforce capacity in the Supervision Department and to investigate previous shortcomings. Government is fully committed to restoring confidence and reinforcing the integrity of the financial system. We will carry out the key reforms, strengthen the independence of supervision at the Bank of Mauritius, and ensure stronger accountability. This will lead to a more robust regulatory framework and a safer, more transparent and more resilient banking sector.

Thank you.

One supplementary?

No, I will not.

One supplementary. It is only fair, Madam Speaker.

No, no, I will not because we have…

I will make it short…

I said no.

Madam Speaker, …

(Interruptions)

I have one supplementary.

No, I said …

I am asking for only one…

No! Your question was already on my list to be put for next time, to be withdrawn.

Can I just ask…

(Interruptions)

Non!

No, c'est moi qui décide.

But you have called the question. And now it is only norm that I have one…

(Interruptions)

… in the past other speakers have been given multiple supplementary questions.

I am going to raise the Sitting if you go on like that.

But it is unfair, Madam Speaker.

Maybe it is unfair, maybe.

It is totally unfair.

Maybe it is unfair. Will you let me speak? Hon. Members, I pray for your indulgence regarding timekeeping. It is true that when the question was put, it was almost time to stop and because of the importance of the question, I allowed the question.

Depriving me of…

May I speak?

I cannot put the question again. I have no right now to ask a supplementary. You should not have called the question if you would not give me a supplementary. You are depriving me the right of asking a question.

(Interruptions)

It is totally unfair.

(Interruptions)

I am sure...

You cannot challenge the authority….

Hon. Member, I am sure that you will be able to put a different question.

No.

Yes. Never mind, I have given a ruling.

I will show you how!

Now, hon. Members, I also have to inform you. unfortunately, I was trying to give a chance to get this question through. So, maybe I was wrong. Maybe! I am not perfect. Now, I have been advised the following PQs have been withdrawn: B/720, B/721, B/722, B/724, B/725, B/726, B/727, B/728, B/729, B/732, B/734 and B/748. I hope I haven't forgotten anyone. Next, what I have to say now is that I am also allowing the hon. Minister of Housing to reply to his questions before we start with hon. Lobine’s question because he is travelling tonight. We all know why he is travelling tonight. So, I will allow his questions to be put. First question, hon. First Member for Vacoas and Floréal, Ms J. Bérenger!

Donc, c'est B/741?

B/740.

B/740. SALINES KOENIG, RIVIÈRE NOIRE – PAS GÉOMÉTRIQUES – LEASE & PROPOSED USE