Madam Speaker, I'm informed that Stella di Mare Mauritius Limited was granted a 60-year industrial lease over part of the Pas Géométriques and State Land at Les Salines, Koenig, covering an extent of 25 arpent and 25 perches for the construction of a five-star hotel. The lease, which is valid from 11 June 2021 to 10 June 2081, was amended in 2022 to allow a change of purpose from the construction of a five-star hotel to hotel development under the Invest Hotel Scheme. There has not thereon been in favour of MIC any transfer of lease held by Stella di Mare Mauritius Limited. As regards part (a) of the question, the annual rental chargeable is Rs16,305,854 and shall be adjusted every three years based on CPI. The outstanding rental, including interests, as of 14 May 2026 amounts to Rs18,953,172.34. Regarding part (b) of the question, I am informed that construction had reached foundation level but subsequently stopped. Allow me, Madam Speaker, and I thank the hon. Member for the opportunity of giving this information, at one point in time, the Stella di Mare informed the Ministry, on 04 November, 2024 that it is proposing to secure financing from the MIC. I'm adding to the plethora of events as recounted by the hon. Prime Minister. So, on 04 November 2024, the Stella di Mare informed the Ministry of Housing and Lands that it is proposing to secure financing from the Mauritius Investment Corporation to the tune of Rs425 million and had requested the Ministry's written permission, in accordance with Article 5(b) of the lease agreement, to pledge the interest of the lease in favour of the MIC. No permission of the Ministry was granted. Following searches carried out in LAVIMS, it was found that according to inscription volume transcribed – the number is there – dated 06 November 2024, MIC has subscribed from Stella di Mare Mauritius Ltd charges amounting to Rs425 million as follows – • Fixed charge over the plot of State Land of 25 acres, 25 perches, and • a floating charge on all movable and immovable assets. What I am trying to say here is that in spite of the fact that the Ministry refused to give its consent, it did go ahead and obtained the pledge. So, as it stands, the situation is as follows, the pledge they hold is null and void. I am also informed, the MIC did, at a certain point in time – and it was sometime in 2024 – disburse the amount of Rs325 million to Stella di Mare. Right now, since ever we have come to power and we've done away with that ridiculous regime that was running this country, and added to the Rs325 million that was given away as though it was theirs, the MIC is now using all the tools at its disposal in order to ensure that they can recover the Rs325 million. My Ministry has to recover the millions that are also owed in terms of lease. But there is also another amount that is owed which is basically the cost sharing mechanism which amounts to Rs38,132,630.10.

Yes !

L'honorable ministre, peut-il nous dire si son ministère envisage de transférer le bail à un promoteur pour un projet de villa et d'appartements ? Sachant qu'à l'origine, c'était un projet d'hôtel 5 étoiles qui peut apporter davantage d'emplois et de devises sur le long terme plutôt que des villas et des appartements.

As it stands right now, I am aware that even though in my view that the pledge is null and void since it never obtained the authorisation of the Ministry, I have been approached by the MIC and we are working together to ensure that they can recover the Rs325 million. Now, it will be up to the MIC to inform the Ministry of what its board has decided. Once the board of the MIC has decided to come to an agreement for the recovery of the Rs325 million, it will be sent to my Ministry for my approval as Minister of Housing and Lands. I will then go to Cabinet to obtain Cabinet's approval with regard to the way forward. At this particular juncture, no, there is no such project or intention to transfer to anyone for any project of any sort at this particular stage.

Okay, your next question. You have one more?

Si possible.

Yes.

Merci. L'honorable ministre est-il au courant que les deux directeurs de la compagnie ne sont pas des résidents ? L'adresse enregistrée au Registrar of Companies est celle du secrétariat. Donc, est-ce que la compagnie n'est pas en train d'enfreindre la section 132 du Companies Act?

Do you know that, hon. Minister?

There is the issue which concerns the need to comply with the Companies Act. There needs to have a local resident as director. That's one issue. But right now, what I am concentrating on is not to get into those little details of breaches that are clearly that is not the only one; there are many breaches. But I have to ensure to not react instinctively. If I am to react instinctively and cancel the lease, what happens is that MIC finds itself with a hole of Rs325 million and then we end up with simply a beautiful academic solution. Whereas the people of this country need us to be more intelligent and conscientious in trying to recoup what is owed by those who have taken it because of certain people who allowed it to be given away as though it was theirs!

Do not get carried away.

No, no.

Do not get carried away.

It is the truth.

Yes, hon. Member, you have another question for the Minister? POLICY A1 OUTLINE PLANNING SCHEME – PROPOSED AMENDMENTS