We wish to inform our stakeholders that, pursuant to section 65 of the Banking Act 2004, the Bank of Mauritius appointed Mr. Mushtaq Oosman as Conservator of BanyanTree Bank Ltd, on 01 April 2020.
Under the Banking Act 2004, Mr Oosman is required to take charge of the bank and all of its property, books, records, and effects and to exercise all powers necessary to preserve, protect and recover any of the assets of the bank, collect all monies and debts due to it, assert causes of action belonging to the bank and file, prosecute and defend suits on its behalf. He also has all such powers and duties as are provided under Part IX of the Banking Act 2004.
Mr Oosman will report to the Bank of Mauritius once his assessment of the situation of the Bank is completed. With the concurrence of the Bank of Mauritius, he will consider a possible rehabilitation plan for the Bank.
An update on the situation will be provided to all stakeholders in due course.
We apologise for any inconvenience that the appointment of the Conservator may cause and thank you for your understanding.