Africa-Press – Mauritius. The Deputy Chairman of Committees, Eshan Juman, who had been expelled from the’hemicycle before for daring to challenge the government on investments of Rs 1.5 billion of the National Pension Fund (NPF), was most legitimate. In front of the’avalanche of the figures and details of confirmation of the new minister of the Social Security, Ashok Subron, it could only’ sketch a sentence confirming that the’old minister Fazila Daureeawoo had been contradicted. The latter had claimed that the promoters of’United Investments Limited (UIL) had repaid this amount of Rs 1.5 billion, representing the contribution of employees and employers, had been repaid. This note is still inscribed in the books of the NPF, while for the two previous meetings to bring UIL back to reason have failed for lack of quorum. At the’ National Assembly yesterdaythe minister seemed to show a willingness not to give up in the face of these maneuvers.
As of December 3, this group, which took the name Hold Attitude Ltd, owed Rs 1,084,948,311 to the NPF and Rs 485,966,194 to the National Savings Fund, or more than Rs 1.5 billion. This is what’ indicated yesterday in Parliament the Minister of’Social Integration, Social Security and National Solidarity to an inquiry by the deputy Eshan Juman, who wanted to inquire about investments made within’UIL.
Hold Attitude Ltd is a company linked to UIL and was created as a result of’aubile restructuring in 2019. The Minister informed that the amount invested in’UIL), a’investments holding company listed on the Mauritian development and business market (DEM), has not yet been recovered. He pointed out that’ after a restructuring of the’ entreprise, the financial and non-financial clusters of’UIL were separated, and that Hold Attitude Ltd was then grouped under the cluster Hospitality. Adding that, from now on, the NPF and the NSF deal with it.
Making the’history of the file, Ashok Subron explained that’in March 2022, the NPF and NSF have invested a total of Rs 1.45 billion in the Secured Bonds issued by Hold Attitude Ltd, including Rs 1,001,439,000 for the MFN and Rs 448,561,000 for the NSF. He argues that the guarantee offered was a pledge of 40% of the shares of’Attitude Hospitality Ltd, arguing that in February 2024, these shares were valued at approximately Rs 2.29 billion by KPMG.
The minister stated that on September 20, Hold Attitude Ltd applied to the’investissement NPF/NSF committee to extend the maturity dated September 30, 2024 to March 31, 2025 in order to have time to list the shares of’Attitude Hospitality Ltd on the Mauritius Stock Exchange. Hold Attitude Ltd, he argued, was informed by correspondence on 24 September last that the’investment committee NPF/NSF would not grant any postponement of the repayment date and that’il was strictly reminded to settle the amount due and interest at the’ due date of 30 September last.
Ashok Subron indicates that the committee of’investissement NPF/NSF has decided, last September 25, that, in the event that Hold Attitude Ltd does not reimburse the amount of the capital of the surety and interest due for the period from October 1, 2023 to September 30, 2024, the MFN and NSF would initiate the default and initiate proceedings with SBM to have these pledged shares transferred to the property of MFN and NSF.
The Minister pointed out that Hold Attitude Ltd has made another application, namely an extension of the repayment of the capital for a period of two to three years, or more as soon as’Attitude Hospitality Ltd is listed and that’a meeting had taken place with the committee of’investment NPF/NSF which deliberated and accepted the extension of the repayment of the capital until March 31, 2025, but that the interest due had to be paid immediately. He added that’s a penalty of 3% above the applicable’ interest rate is imposed on Hold Attitude Ltd for late repayment of interest and principal.
He adds that the’investment committee NPF/NPS is closely monitoring the situation regarding the repayment of capital and the recovery of interest with regard to investments by the NPF and the NSF in Hold Attitude Ltd.
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