At a time when cornerstones of our economy are in disarray, leaving our country stranded, a dark threat is looming around the imminent corner. The NIC Group owned by the Government of Mauritius and held through the National Property Fund Ltd, is about to wreck.
The company licensed by the Financial Services Commission of Mauritius has failed to file its statements since 2015. The NIC, which the Jugnauth led government claimed as a flagship of our insurance sector capable of emerging as one of the region’s major player had failed to take off. An obvious fate given the company had been ripped off its assets and reluctance of the government to allocate required funds. The requirements which stood at 2 billion in 2015 has now hit a peak of 8 billion. Over the last 4 years the company saddled with a chronic financial problem has been remaining afloat through money from new policy holders. Which in the government’s own definition can be reasonably termed as a Ponzi.
The salvage operation has been another good business for the likes of Hajee Abdoulah and Appanah. As a now common expression goes “operation successful but patient dead”. Sources reveal three potential moves being considered by government. Namely a) winding up b) merger with SICOM c) bail out by Mauritius Investment Corporation. Any of the 3 would impact on the 300 jobs and further stir the ongoing turmoil.