Mauritius

East African Cables, SBM Agree on $2.85 Million Debt Restructuring

In January 2020, the media reported a court petition by the State Bank of Mauritius (SBM) to liquidate the East African Cables over a $2.85 million (Ksh285 million) debt, Ventures Africa reported. However, the two parties have reached an agreement, recently, on the restructuring of the $2.85 million (Ksh285 million) debt that is due and payable on demand. “The withdrawal of the petition is a significant step towards the company’s turnaround plan that includes strengthening of the balance sheet, operational improvement and having the right funding structure for growth and profitability,” sai

Mauritius
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Swiss Banker Blows Whistle on Tax Evasion

From his home in the quiet village of Rorbas, outside Zurich, Rudolf M. Elmer is chipping away at the centuries-old traditions of Swiss banking secrecy, The New York Times reported. Mr. Elmer, who ran the Caribbean operations of the Swiss bank Julius Baer for eight years until he was dismissed in 2002, moved to Mauritius in the Indian Ocean and began parceling out to global tax authorities what he said were the secrets of his former employer.
Africa
Mauritius
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