{"id":18023,"date":"2022-07-13T06:20:51","date_gmt":"2022-07-13T06:20:51","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine"},"modified":"2022-07-13T07:41:39","modified_gmt":"2022-07-13T07:41:39","slug":"the-jewels-have-lost-their-shine","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine","title":{"rendered":"The Jewels Have Lost Their Shine"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The news yesterday was dominated by the resignation of Mauritius Telecom\u2019s CEO, Sherry Singh \u2013 and his alleged break from the Jugnauths\u2019 inner circle.
\nThe grapevine had since the last six months suggested that the MT\u2019s CEO and long-time confidant of the Prime Minister was being kept outside the circles of power, and at this stage the real reasons for Sherry Singh\u2019s dramatic decision to quit are not known.
\nMauritius Telecom, which under the stewardship of Mr Singh had evolved as one of the most innovative companies in the private sector landscape, from its earlier sole monopoly status in the telecommunications sector, has however seen its profitability tumble down drastically over the past few years.
\nFor financial year ending 30 Dec 2020, Mauritius Telecom is reported to have suffered a loss, after tax, of Rs.188.4 M, whereas its direct competitor, Emtel, made a profit of Rs. 552.1 million after tax.<\/p>\n

We are not aware if this dismal record or the recent initiative of Mauritius Telecom to take on the financial behemoths through its MyT Money mobile payment service had become the bone of contention between Sherry Singh and the PMO.
\nBoth the MIC\u2019s disbursements to private sector conglomerates and, earlier, the Bramer Bank dismantling followed by the BAI debacle could indicate forces at work in our economic ecosystem which escape our understanding.
\nThere may be no reason to suspect an analogy between the resignation of an MT CEO and an ambitious Group (BAI) which could have been perceived to have started rocking the boat of the traditional private sector.<\/p>\n

But all that however is a matter of conjectures, and Sherry Singh will hopefully enlighten the country about the real reasons for his decision to quit.<\/p>\n

As if it were not enough, there was earlier the public embarrassment \u2013 a first time in its history \u2013 of the Chairman of SBM Holdings Ltd, Sattar Hajee Abdoula \u2013 \u201ca seasoned Chartered Accountant and one of the leading insolvency practitioners in Mauritius\u201d, according the SBM\u2019s website, who demonstrated his poor understanding of the rules governing the holding of an annual general assembly of the company.<\/p>\n

The latest AGA was cancelled following open protests from shareholders. But that is secondary to the current predicament of the State Bank Group \u2013 another erstwhile jewel in the country\u2019s crown -following the publication of its financial statements.
\nThe Bank has seen its profit going down year after year (from Rs 2.6 billion in 2017 to Rs 1.2 billion in 2018, to Rs 15 million in 2019) for different reasons, but mostly due to non-performing loans running into billionsof rupees granted since 2015 to dubious businessmen, based locally and abroad.
\nThe other \u2018jewel\u2019 \u2013 Air Mauritius \u2013 came crashing down in the wake of the Covid pandemic, but the conditions for the ultimate failure of our national airline had been set much earlier, through a host of ill-advised decisions, including the ill-timed purchase of two brand new Airbus airliners the company could not afford and had to lease out at considerable losses.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. The news yesterday was dominated by the resignation of Mauritius Telecom\u2019s CEO, Sherry Singh \u2013 and his alleged break from the Jugnauths\u2019 inner circle. The grapevine had since the last six months suggested that the MT\u2019s CEO and long-time confidant of the Prime Minister was being kept outside the circles of power, […]<\/p>\n","protected":false},"author":84,"featured_media":18022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[233,245,241],"class_list":["post-18023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nThe Jewels Have Lost Their Shine - Mauritius<\/title>\n<meta name=\"description\" content=\"The news yesterday was dominated by the resignation of Mauritius Telecom\u2019s CEO, Sherry Singh \u2013 and his alleged break fro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Jewels Have Lost Their Shine\" \/>\n<meta property=\"og:description\" content=\"The news yesterday was dominated by the resignation of Mauritius Telecom\u2019s CEO, Sherry Singh \u2013 and his alleged break fro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-13T06:20:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-13T07:41:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/07\/postQueueImg_8-62ce771e69183.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"465\" \/>\n\t<meta property=\"og:image:height\" content=\"244\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"The Jewels Have Lost Their Shine\",\"datePublished\":\"2022-07-13T06:20:51+00:00\",\"dateModified\":\"2022-07-13T07:41:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine\"},\"wordCount\":511,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/07\/postQueueImg_8-62ce771e69183.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/the-jewels-have-lost-their-shine\",\"name\":\"The Jewels Have Lost Their Shine - 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