FinancePRO Issue1 Dec

FinanceProIssue No.1 DECEMBER 2013 FOR FINANCE AND FINANCIAL SERVICES PROFESSIONALS IN MAURITIUS IN THIS ISSUE CLAIRETTE AH-HEN OF THE FSC CLUTCH OF AWARDS FOR MRA High Achiever in accounting INSURERS’ CHIEF HAS BUSY TERM WELCOME to the first issue of FINANCEPRO, a regular online magazine for people in finance and financial services. This magazine wants to salute your continuing professional achievements, personal successes and contributions to social issues in Mauritius and share them with the rest of your fraternity. So with this first issue of FINANCEPRO, we open our pages to you and sincerely welcome contributions on your chosen professions, life “outside” the office, and any other subjects you believe will enrich the lives of those working in finance and financial services. Be part of FinancePro It’s YOUR magazine. Be part of it. HIGHLIGHTS 12 30 REWARDING TIME FOR MRA A stellar performance in human resource management by the Mauritius Revenue Authority has been recognised Melvina Puvanam Cunjumalay (pictured right) certainly knows the formula for success, recently topping the ACCA exams list STATE BANK SCHOLARSHIP Medha Haheeram is counting her blessings after winning a State Bank scholarship which gave her a winning start in her chosen career. 34 THE ‘VOICE’ OF ACCOUNTANTS 20 EXECUTIVE DIRECTOR Deyan Ristic Office: (230) 406 9622 M: 57274343 E: [email protected] EDITOR Mike Lynch Office: (230) 406 9622 M: 54992303 E: [email protected] DESIGNER Royal-Praise O. Omololu Published by Evann Publishing Moka Business Centre, Moka, Mauritius T: (230) 406 9622. E: [email protected] 2 | FINANcE pRo ISSUE 1 DECEMBER 2013 , , According to Bheem Ramruttan, CEO of the Mauritius Institute of Professional Accountants, MIPA is the “voice” of the accounting profession in Mauritius. SALUTING THE HIGH ACHIEVERS 28 The ACCA has rewarded 33 of the best students, or ‘High Achievers’, who took part in the 2012-2013 National Accounting Examinations. 4 10 16 24 HIGHLIGHTS FinancePro FSC CHIEF PRAISES ROLE OF FINANCIAL SERVICES The financial services community represents the future of the country says FSC Chief Executive Clairette AhHen. SECTOR WILL NEED PROFESSIONALS WITH MORE SKILLS We speak to Madhavi Ramdin of the ACCA who says that because of the island’s steadily developing services sector more and more skills and expertise are demanded. INSURERS’ CHIEF ON INDUSTRY CHALLENGES The next 18 months are likely to be challenging for Kris Lutchmenarraidoo, President of the Insurers Association of Mauritius and Group CEO of Mauritius Union AN EXPERT BRIEFING ON RISING AFRICA With they eyes of the financial services sector on Africa, we talk to a leading Africa analyst based in Nairobi FINANcE pRo ISSUE 1 DECEMBER 2013 | 3 Chief Executive of the Financial Services Commission Photograph by Royal-Praise Photography 4 | FINANcE pRo ISSUE 1 DECEMBER 2013 .Clairette Ah-Hen. Secondly. I look at it from three main perspectives : Predictability. “All in all. Q: FINANcE pRo ISSUE 1 DECEMBER 2013 | 5 . which is another key ingredient. As she told the magazine in an interview.” How much has Mauritius achieved in positioning the country as a global financial centre? It is my belief that Mauritius is already recognised T as an international financial services centre. rules which they understand. Credibility and Stability (PCS) First. and most of the FSC staff have delivered.FINANCIAL SERVICES COMMISSION WE ARE ALL CONNECTED THE FSC’S CLAIRETTE AH-HEN STRESSES PREDICTABILITY. “Sometimes I have to take a step back and realise that we have limited resources and don’t have all the tools that we would like. We need to make sure that the application of our rules. One of the ways we attain this is to ensure that we are measured by international standards and benchmarks. STABILITY AND CREDIBILITY FOR FUTURE GROWTH wo years into the job. believes the organisation has made “huge progress”. you have credibility. and have the knowledge of how they are to be implemented. such as having rules already in place. Keeping abreast of the changes made by the international standard-setters is also very important. Clairette Ah-Hen. Chief Executive of the Financial Services Commission. you need to have investors who are global players and who value predictability in a jurisdiction. even though she would have liked to achieve more. but even then tremendous progress has been made. I think I should be satisfied. the method we use to regulate them as well as the clarity of our descriptions and definitions in our legislation are in line with international norms. many positive changes have been implemented. The MoU with ESMA stipulates that in terms of regulatory objectives. However. This is what is happening and many pension schemes are showing deficits because of the way stockmarkets have gone down. Finally. does the Regulator have enough well-trained resources. in our quest to strive for excellence. such as disclosure to investors etc. the FSC took the initiative to be on board the Alternative Investment Fund Managers Directive (AIFMD).  International Organisation of Securities Commissions (IOSCO). gives credibility to our jurisdiction. The financial services sector has become so complex that if we are not cautious the only person to understand the rule would be the one who has written it. and a need to exchange information between regulators. Following the vulnerable global economic situation. returns on savings and investments for pensioners and investors are so low that people are no longer sure in what to invest. for instance. because application of a rule can only be made through understanding it. do they know their subject matter etc. as you can then apply the rules at greater depth. ‘I recognise that you cannot have rules just for the sake of having rules’ This is not only beneficial to attract more investors from that region or for operators who have been trading in the region to continue that business. Securities and Non-bank Financial Authorities). Europe is still an important partner for Mauritius. Through the signing of this MoU. 2013. there is always room for improvement insofar as implementation is concerned. These include the powers of the Regulator and how these are ensured and enforced in order to protect investors. for their part. Despite these economic uncertainties. Rules will not meet a particular standard if they are not fully understood by all the operators and the people involved. As the Regulator of financial services for non-banking. so we need to make sure that we are always on top. which in no small part is the role of the FSC. Operators.FINANCIAL SERVICES COMMISSION For example. in essence. So we are assessed by all our peers and vice versa. International Organisation of Pension Supervisors (IOPS) and regional bodies (Southern African Development Community (SADC) through CISNA (Committee of Insurance. which impact on the world. You need to have rules that are understood by everyone. we are able and ready to do that. This. There is a continuous monitoring system from international bodies such as the IMF to see whether we deliver and of course the first line of assessment usually starts with the Regulator. we generally ensure that the required principles and standards are met. Mauritius belongs to an international body called IOSCO (International Organisation of Securities Commissions). a European Union Directive which regulates fund managers (wherever they are based in the world) of Alternative Investment Funds (AIF) that manage an AIF established in Europe or who market shares of an EU fund. credibility and stability. is that you cannot have rules just for the sake of having rules. The IOSCO principles are well laid down and all its members must apply the same criteria. Another type of assessment is through our recent signature of a Memorandum of Understanding (MoU) with the body that regroup all the European Regulators. In drafting a rule. IOSCO is made up of more than 100 regulators and it sets out principles and the legal guidelines for a proper framework for investors. the European Securities and Market Authority (ESMA). Q: Are you satisfied that the rules which need to be in place are in place? One of the issues I recognise. we have mechanisms in place to be able to ensure effective supervision. but it also shows that Mauritius has a sound regulatory framework. while at the same time safeguarding the needs of the nation and our operators. For example. another important aspect is stability. This means that after July 22. 6 | FINANcE pRo ISSUE 1 DECEMBER 2013 . and in doing so. we assess each other according to the principles set down by the organisation. as a member of IOSCO and IAIS. the country has been able to demonstrate predictability. must be made aware of how to behave in terms of the laid-out standards. global benchmarks. It also means that should there be any new requirements. Mauritius has unfortunately also been affected and people are feeling it. The regulator has to adhere to these principles. i. so this MoU is in the best interests of our country. are constant challenges which we have so far successfully overcome.e our peers in the Africa and Middle East region assess us. Q: Who assesses the regulator? The FSC forms part of international organizations such as the International Association of Insurance Supervisors (IAIS). we have a national as well as an international role in ensuring that we use and remain up-to-date with. when we talk about capital markets. we are subject to Peer Reviews. For example. especially for a small place like Mauritius. Always keeping abreast of changes. there are factors to be looked at. Mauritius licensed funds are able to continue to market their funds in Europe. We have differences because we have different interests. I have learned that I might have the knowledge and the vision. insurance needs capital markets for their investments. and of the Chartered Institute of Management Accountants.FINANCIAL SERVICES COMMISSION I have always and still believe in identifying the principles and then building on the rules as and when required. especially compared to the international private sector where you have so many demands. Take insurance for example. going in different directions. she was an Associate Professor and Dean of the Faculty of Law and Management of the University of Mauritius as well as a visiting fellow of the University of Birmingham (UK). FINANcE pRo ISSUE 1 DECEMBER 2013 | 7 Q: Is there one particular issue which has been a challenge to achieve progress over the past two years? In the financial services sector. though. C Q: Have you instilled a different culture at the FSC? I believe in empowerment. she was responsible for monitoring compliance with financial reporting standards across the Sub-Saharan Africa for a large international accounting firm. Prior to 2006. but if people don’t take it onboard and don’t take the same path as me. Sometimes. In her capacity as Chief Executive of the FSC. 10 or 20 years down the road. I have to step back and be more philosophical – that work is not all and everyone must get enough space and opportunity to realise his/ her own goals. You have two different mindsets but yet in some ways we are all inter-linked and interrelated. where you look at long term insurance – which is 5. She is also a Chartered Global Management Accountant (CGMA) and a member of the Mauritius Institute of Professional Accountants (MIPA). Audit and Disclosure of the IOSCO. the financial sun never sets. she is a member of the Mauritius Financial Reporting Council and a member of the Board of the Statistics Mauritius. That is the beauty of financial services. we are focused on the more prudent aspect because it is over a long period of time. So I think I should be satisfied. So I think I would have liked more people to work harder and achieve more. She holds an MPhil and a BA (Hons) in Accounting and Finance and is a fellow member of the Institute of Chartered Accountants in England and Wales (ICAEW). Before joining the FSC. ‘In the sector it has been a big challenge to get everyone to work together’ . it has been a big challenge to get everyone to work together. we would be on different sides of the road. There are those who are at par with me. so there is no time to sit idle! Q: Are you personally satisfied with the progress you have made within the FSC during your two years here? Probably in Mauritius. UK (CIMA). Then there are those who drag their feet a little and those who want to rush. operating so quickly every day that you have to be constantly on your toes. but we are all heading in the same direction and towards the same vision. She was the first Chief Executive Officer of the Mauritius Financial Reporting Council in 2005. the day is over. Here many people seem to think that when the sun sets. I think I have brought that to the organisation. many changes have been brought and most of the staff have worked hard and done their best. The focus is mainly on the behaviour of people. at the same pace. Then you have capital markets. and held the post of Senior Advisor for Corporate Affairs in the Ministry of Economic Development from 2003 to 2004. She is also a member of the Financial Services Board-Regional Group for Sub-Saharan Africa and sits in the Committee 1–Issuer Accounting. I believe we are now on that same path. we have made huge progress. It is now basically about the pace at which we achieve our goals. But because we are part of the global community. This is because my motto which is derived from my upbringing is: we can look at every situation with an expectation that we can make it better. the Financial Services Consultative Council and the Financial Stability Committee. Some would describe it as the culture of organisations. so many targets to meet in a short time. lairette Ah-Hen was elected Vice– Chairperson of the SADC-CISNA in 2012–2013. time may not be as important as elsewhere. Despite all the constraints. then as the Regulator we could spend more time on finding those who spend lots of time and money finding loopholes to escape the regulatory supervision and framework. what new challenges will the FSC encounter? Let me answer this by giving you an analogy: let’s take a road and the cars using that road. of course. For example. in times of change. how will the financial services sector evolve and change. We have to wear several hats. With limited resources. you will constantly be in the doing-mode. In many ways we represent those.e. then we cause problems for the others. even though it’s a tough job. Of course. who stand to benefit but do not have a say. other changes we could bring. Having said that there are procedures for which there is no compromise. the action of one is going to have an impact on the other. i. if you like. When we have a strict but effective anti-money laundering environment. know of the hazards ahead and as a result can be extra careful while navigating. We are not saying that because a licence has been granted the operator can do everything the operator wants. We should be carrying out our monitoring role while at the same time have a broader perspective. If everyone was onboard with that. So we have to realize we are interdependent and interconnected and must assume our roles and responsibilities. then we could look at other things which require personal attention and at expanding our horizon. it is a national issue and a risk to the entire jurisdiction. We are all part of a bigger picture. Sometimes we also have the role of referee in a match. Working as we do in an international environment. While we are their guardian.FINANCIAL SERVICES COMMISSION What is common is that the FSC works in the “public interest”. A heavy responsibility in such a wide and diverse sector… I believe it is one of the sectors that represent the future of Mauritius. most of our cars are still manual cars but it does help sometimes if you have an automatic car but over which you have control. because if the insurance companies are not profitable. I have only one country and if you are given the opportunity to lead one of its most important organisations. If everything is manual. fewer profits. for example. anti-money laundering and anti-terrorism financing rules. It’s my privilege to do it. we have to put all the mechanisms in place and make sure that the appropriate signs at various intervals are in operation so that operators. That’s my way of looking at it and I am humble to accept it as recognition given to me. Once in a while. we cannot ask insurance companies to charge low premiums or pay policyholders who have not adhered to the terms of the contract. Q: Q: Q: Is there a message you would like to send to the financial services community? We are all connected. we may get less money coming in. the investors and the policyholders.  We definitely do not want any kind of money laundering. Everyone has a specific role to play and if we don’t perform. In Mauritius. they are not sustainable. I don’t think you can say No to that. but the alternative is worse because the risk fraudsters pose is too great of a threat to our country and is a bigger price to pay. all-encompassing words but still true. 8 | FINANcE pRo ISSUE 1 DECEMBER 2013 . we also need to keep a balance. this is the way I believe we can develop the market. The challenge of financial centres remains at ensuring that their reputations are not infringed by identification with financial crime and other abusive practices. it would be good to have the automatic mode option to deal with routine tasks. this is crucial. If we allow someone to use Mauritius to launder money. similar to drivers. as well as that of the organisers of the tournament. And probably I was given it because it’s a tough job. Three years down the road. the Regulator would make checks. Similarly. such huge. They contribute. ACCA plays an important role in the fields of accountancy. says Vashist. he says. he says. he is passionate about accounting and finance. ACCA Mauritius supports more than 2. “In each country where the worldwide ACCA organisation has set up an office. finance and management. through the local ACCA organisation towards supporting Students and Members in learning and professional development.Vashist Gohee of the ACCA V is committed to knowledge and to supporting the accountancy profession ashist Gohee. it also opens up doors for ACCA Members to fulfil their ambition in a number of countries”. are all committed to continue helping the profession”. From Vashist Gohee. The chairperson views his function at ACCA Mauritius as one thanks to which he will continuously work towards defining best business practices. as it is accepted and sought after worldwide. Vashist is not only a chartered certified accountant from ACCA. he served as Finance Manager at Ireko Design and Construction Ltd. According to Vashist. finance and management fields”. “ACCA was my first-choice professional qualification because it is a valued one. the chairperson of the ACCA Mauritius Network Panel is committed to meeting new challenges. the ACCA Mauritius office and myself. moving to British American Insurance Co (Mtius) Ltd in January 2004 as Head of Group Accounting. but has also graduated in Economics and holds an MBA with specialisation in Financial Management. FINANcE pRo ISSUE 1 DECEMBER 2013 | 9 . as well as in discussing with government and decision makers about issues that influence the accountancy. The ACCA Mauritius Network Panel. The Chief Financial Officer of Apollo Bramwell Hospital. He was then appointed as Executive Assistant to DCFO within the Group. the chairperson and country head play a pivotal role. that fosters the abilities of professional accountants and. “The world and our own economy are facing more and more challenges. he was Senior Vice President Finance at Ireko Holdings Ltd and then was appointed CFO of British American Hospitals Enterprise Ltd (Apollo Bramwell) in July 2012. supporting economic diversity and equitable employment. In August 2007.300 certified chartered accountants who provide expertise and advice in helping to tackle such challenges. The chairperson of ACCA started his career in 1998 as Audit Semi Senior at Kemp Chatteris Deloitte. he points out. in January 2006. ACCA Mauritius January 2009 to June 2012. finance and management in Mauritius. is a key stakeholder in the landscape of accountancy.300 ACCA members and more than 10. ACCA also granted to BSP School of Accountancy & Management the Gold Approved Learning Partner status. In February. The number of qualified ACCA accountants working in a developing and diversified economy continued to grow and the demand for the ACCA qualification kept on increasing. Madhavi Ramdin. after being the first Mauritian institution to have been granted the Gold status a few years back. Its chartered certified qualification is chosen by over 80% of the total number of professional accountants on the island and ACCA is the only such body to have an official office in Mauritius. So a full-time office was set up in December 2000. is the Head of ACCA Mauritius. the global body for professional accountants. In February 2013. several training organisations provide ACCA courses. ACCA thus felt the need to develop an even closer relationship with its members and students. a young lady with a track record at executive level in Mauritius and abroad. ACCA Mauritius shows its commitment to social responsibility through its active participation in charitable activities and by obtaining contributions from its network of ACCA Approved Employers to reach out to needy children and elderly people. a specialised tuition institution. ACCA opened an official branch in Mauritius in 1980. which is a first for Mauritius. Approved Employers sponsor students towards their ACCA studies and support members in their continuous professional development. brand offers excellent prospects’ ‘ACCA as a world leading Madhavi Ramdin ACCA. ACCA’s Approved Learning Partner programme gives formal recognition to leading tuition providers. Through its ACCA Approved Employer scheme. 10 | FINANcE pRo ISSUE 1 DECEMBER 2013 .000 ACCA students.Today. LCA (Mauritius). LCA (Mauritius) hence moved to the highest level of the Approved Learning Partner status. ACCA helps employers to better train ACCA students to become finance professionals. Mauritius has more than 2. was conferred ACCA Platinum Approved Learning Partner (ALP) status. In Mauritius. ” The demanding ACCA exams include papers that test students on issues such as performance management and financial management. This network extends to Mauritius. ACCA “helps business grow” according to recent survey ACCA published in June 2013 figures about its membership and results of a recent survey in 35 countries. ACCA members locally and abroad occupy key positions such as CEOs and CFOs in major companies. in Mauritius more than 2. 76% saying that ACCA delivers complete finance professionals and 79% agreeing that ACCA “helps grow my business by providing accountants with the skills and capabilities I need”. The survey shows that business leaders and employers of professional accountants have endorsed ACCA as a global leader in its sector. During her meetings.A CCA (the Association of Chartered Certified Accountants). which ensure they are prepared for the demands of modern. “Our qualifications are based on international accounting standards. ACCA supports 162. in leading football clubs and airlines. global businesses. To date. It strives to align to the needs of employers in all sectors and to prepare accountants for business thanks to its qualifications.600 professional accountants are ACCA Members. is the global body for professional accountants.” In addition. Accountant and Auditor Generals. we can readily support our students and members in their studies and career development. around 90% agreeing that ACCA is a respected brand and is a world class organisation. be it in Government or in private companies. allowing our members to acquire membership of other associations. making them globally relevant. making the qualification locally relevant too”.000 in 2012 to nearly 162. thanks to the country’s steadily developing services sector that demands more and more skills and expertise in the accountancy and financial services fields.000 Students in 173 countries. During her visit. the Network Panel and members. with 89% of employers saying they would recommend ACCA to another organisation. ACCA Mauritius hosted the official visit of the organisation’s worldwide CEO. first-choice qualifications to people who look for a rewarding career in accountancy. World-wide membership of ACCA has increased from 154. FINANcE pRo ISSUE 1 DECEMBER 2013 | 11 . “Thanks to our presence in Mauritius.” says Madhavi. but also financial and management accounting skills that are also part of the ACCA curriculum and thanks to which they can move between roles. in banks. The body for professional accountants believes that the latter bring value to economies in all stages of development. Finance Ministers. finance and management.” says Madhavi. “Moreover. Research & Technology and the Minister of Education and Human Resources. through a network of 89 offices and centres and more than 8. industries and sectors.300 of the 2. CEOs from major accountancy firms as well as executives from the ACCA Mauritius office. ACCA qualifications are recognised by key regulatory and education authorities the world over and we have mutual membership agreements with several international accountancy bodies. Madhavi Ramdin expands on some key reasons for such a choice. the Vice-Prime Minister and Minister for Finance and Economic Development. Helen Brand. They also offer local law and tax options.000 Members and 426. “We have members in Mauritius who work at the highest level in every sector. she says. founded in 1904. ACCA offers business-relevant. the ethics module is a mandatory component of the ACCA syllabus. “Accountants are increasingly playing a more central and strategic role in decision-making within organisations.500 Approved Employers worldwide. she gave the assurance that ACCA Mauritius will continue to play an active role in promoting Mauritius as a leading hub for international financial and business services. ACCA also fosters access to the profession of certified chartered accountant to people of all backgrounds and hence aims at removing artificial barriers to entry and ensuring that qualifications and their delivery meet the diverse needs of trainee professionals and of their employers. Indeed. Science.000 in 2013. the Minister of Tertiary Education. she met the President of the Republic. We not only ensure that studying with ACCA provides a core knowledge in all areas of accountancy. ACCA’s qualifications are also benchmarked against education levels around the world. the leading territory for ACCA in Sub-Saharan Africa. ACCA’s worldwide CEO Helen Brand visit to Mauritius is nod to small island In August 2012. by producing workready professionals. after the MRA picked up four major accolades at the recent Human Resource Development Council’s HR Excellence Awards for the Public Sector. Page 6) For the HR Excellence awards. He told FINANCE PRO: “Within the MRA we function in a collegiate manner. Minister of Education and Human Resources. . the authority’s Director General. The words of Sudhamo Lal. use these as benchmarks. that only says that the policies. “As a consequence of this. the MRA submitted a report and related evidence in June this year and a team of HRDC assessors visited the authority.” Mr Lal was individual winner of the “CEO with HR Orientation Award”. According to the HRDC.Teamwork the essence of MRA efficiency Tax authority wins awards for HR practices OVER THE YEARS. the mentality at the Mauritius Revenue has changed. After this. The MRA also won the HR Champion of HR Excellence.” (SEE INTERVIEW. The awards night was on October 18 at Le Merdian Hotel. quality HR practices. Vasant K. accompanied by his team. The awards reward employers and HR professional who demonstrate significant efforts and results in the management of people through high-quality and innovative HR practices. receiving the HR Champion Award for the Public Sector from Dr. procedures and processes that were adopted at strategic level were implemented successfully which resulted in some results. the management team and others. Bunwaree. an evidencebased presentation was made to a jury by Mr Lal and an MRA team at the end of August. HR Excellence in Strategic HRM. it’s now all about teamwork. it is The Team. HR Excellence in Employer of Choice. the MRA was awarded the “Special Jury HR Excellence Award” and the “Award for Commitment to Strategic Human Resources Management”. “This platform also provides a unique opportunity to document the high12 | FINANcE pRo ISSUE 1 DECEMBER 2013 Director General of the MRA Sudhamo Lal (centre). and also raise awareness of the necessity of and benefits of investing in sound people management practices. so the credit for receiving the awards is not restricted to on department of HR. if the DG gets something as HR Champion.In 2011. So the MRA provides training to enable employees to attain the competencies required for effective performance on the job and to seek career progression. training needs assessments.its people. ethical and highly motivated staff. Number of Training Courses Year In-house 48 49 External 35 43 Overseas (including Mission) 91 119 Total 174 211 No of Staff Trained 979 933 Jan to Dec 2010 Jan to Dec 2011 Jan to Dec 2012 66 42 104 212 986 Jan to Oct 2013 58 39 108 205 1537 Training dispensed and number of employees having benefitted from training during the years 2010 to October 2013. All staff benefit from different types of training either internal. FINANcE pRo ISSUE 1 DECEMBER 2013 | 13 . capacity building and training in order to have a competent. future staffing requirements and future work programmes. All training is based on identified training needs of either the employee or the MRA as determined through performance appraisal reports. The training policy of the MRA encourages all employees to undertake training courses which are either relevant to their present work or to the activities of the authority to achieve its goals.Training is a priority for MRA Team Leaders Mrs Vashuda Degnarain (5th left) and Mr. external or overseas. Dhoojanaden Maukinum (centre) and the MRA HR Team One of the main goals of the MRA is to promote human resource development. The fundamental aim of training is to help the MRA achieve its purpose by adding value to its key resource . except our human capital. not to equip them with the tools of the trade just to show their effectiveness without being just and fair. Public Administration. Prior to joining the MRA. as you have been with the authority since it was set up. we don’t have any resources as such. the setting up of the MRA was the biggest change management exercise undertaken by the government. was it always one of your priorities to make your people No. They must be honest with compassion. The idea of establishing the MRA was to obtain administrative efficiencies from the synergies of various personnel departments. National Management. equitable and honest way. Our job is to raise revenues for the government in such a manner that the optimum revenues are collected with quality.INTERVIEW: Sudhamo Lal of the MRA ‘Credit belongs to The Team’ FP: First. 14 | FINANcE pRo ISSUE 1 DECEMBER 2013 . And to get the optimum taxes. Law. Sudhamo Lal joined the MRA as the first employee and Director General (DG) on May 15. Example: a taxpayer can come to me and he has made a lot of mistakes which I can take advantage of and give him a very fat bill. those powers can be used in such a way that it increases revenue but doesn’t ensure equity or fairness. congratulations to the entire MRA team on winning these awards. Quite an achievement. Tax Fraud Administration and Revenue Forecasting. Once you give the officers powers. M. We never use the word ‘maximum’. he has undergone training in Economics. In terms of professional development. raise output etc. Mr. he worked in direct tax administration in Pakistan. 2005. Accountancy. I believe my mandate is more difficult than any other typical HR person. He holds a first degree in Law and a post-graduate degree in Agri-Economics and Soil Science. Mr Lal. efficiency and effectiveness. Taxation. 1? In fact. My job is to ensure that the officers who have the power to raise and collect taxes must do this in a transparent. my job is to train my people to be balanced and fair. It must be noted that we don’t manufacture anything. Every organisation manufacturing goods would like to increase its production. if you like. suggestions that can help improve the quality of service. I have to see exactly what is my due. they don’t receive an increment. people in the MRA have a different mindset than elsewhere. we function in a collegiate manner. We also believe that you can’t talk of integrity. who meet the public. he or she can do this from home through the Internet. Of course. instead of assistant commissioners. they all know that if they work hard. it works in a collegiate atmosphere. which was not there before. The mentality has changed.This is customer service. so we believe we have raised the standards of service. On the last day of the deadline. Any assessment by an officer which does not stand the test of appeal before the independent unit is a negative. First. were our people polite. the management team and others. we expect from them performance-based behaviour. a most important stakeholder is the employees. And it’s happening. in the work ethic of your officers? Our job is to collect taxes within a performance-based culture. they all know that if they work hard. if the DG gets something as HR Champion that only says that the policies. any complaint made against an officer goes to the negative column. Ninety-two percent of returns are now received electronically. procedures and processes that were adopted at strategic level were implemented successfully which resulted in some results. Decisions are made cumulatively. ideas ‘out of the box’. they will be duly rewarded. how to talk to difficult customers. friendliness and facilitation. a taxpayer no longer has to come to the MRA to file a return. etc. Apart from the taxpayers themselves. VAT and PAYE. So there is a DG. when they arrived. During the year. ethics. then our mission is not complete. This is the standard of service. As a consequence of this. Today we have a specialised workforce: Some people are responsible only for the receipt of the returns and giving assistance civilised behaviour unless you have people with full stomachs who can meet basic needs. the queue of taxpayers stretched through Port Louis. into those who meet the public? Previously. He or she feels they are part of the process. What are the major differences you have seen from when you arrived to lead the MRA and today? Let me give you an example. we also recognise some outstanding people. quality. so the credit for receiving the awards is not restricted to one department of HR. it’s all about teamwork. If they don’t perform. I would be within my legal rights to do that. And we have a continuous monitoring mechanism of taxpayers coming to the service centre. and the time taken to attend to the matter. are regularly trained on how to interact with people.’ to taxpayers. Also at the MRA there is no automatic promotion. How does all this manifest itself in the people’s approach to work? Naturally. First. Any action is carried out in a collegiate manner and by the teams. the MRA was not quite operational but nevertheless income tax returns were filed. it is The Team. How do you personally feel about the recognition given to the MRA by the awards? The MRA itself is not a cylindrical organisation. how to ask the questions. How much money is to be raised is not a KPI and none of our officers has a financial target.5 minutes. Unless they undergo that change of mentality. enter the data. Today. We have a dedicated taxpayer service department which has people with their computers in different parts of the city for taxpayers filing their returns. they will be duly rewarded. which takes only an estimate five minutes. There is no concept of a queue. So we give our employees decent wages. and making an assessment and all such things. ‘Naturally. we go by the quality. who will receive a bonus. people in the MRA have a different mindset than elsewhere. honesty with compassion. We have benchmarks and KPIs for each and every officer. In the first year. I don’t have to go one rupee beyond that. We also find out if they were satisfied or not. encouraging people to innovate the processes. Within the MRA. So instead of restricting ourselves to the product. As a quid pro for this. the department’s work was not organised along functional lines . Our performance indicators are service delivery and output based. so everyone is prepared to take ownership. Then we have a system of recognising innovation. we have technical officers and Team Leaders. but then I am not being honest with compassion. deputy commissioners etc.Technically. There is also a system of hotlines and the Internet. various returns including income tax. Now. People who are on the ‘frontline’ desk. We take the opportunity to harness people’s potential. FINANcE pRo ISSUE 1 DECEMBER 2013 | 15 . are submitted at our service centre and even on the peak days the average waiting time was not more that 9. then a management team of about 14-15. the MRA’s performance. efficiency. How have you instilled this concept of service with a smile. How do you instill that message.there was a person responsible for taking your return. This will certainly be an on in Mauritius within the industry area on which I intend to focus. The deadly floods in Port Louis highlighted this a few months ago. how they should be insured and for what. If all operators were to take the same line – as I am sure many others do. Mr Lutchmenarraidoo gave many “Having been in office for only a short briefings to the media to explain to the time. The problem is that people don’t take the time to read their policies. who are difficult moments”. “The main complaint from clients The pricing of insurance policies is a is that when they have a claim. which was provided for in the Insurance Act 2005 and which Minister on service and quality of product. which is a recurring theme for industry players.” Also on the agenda is settlement of claims.INSURERS’ ASSOCIATION INSURANCE REMAINS A PUZZLE FOR MANY MAURITIANS Now head of the insurers’ association says there should be more attention paid to education T he next 18 months are likely to be challenging for Kris Lutchmenarraidoo. I have had to take time to study public what victims may be entitled the matter. to do at the association’s level. they shop around and mostly they just look at the price without looking at the components of the policy which has been proposed to them. “We are in the business of insurance and it is our duty to settle claims when they arise. about Rs800. matters which concern the industry as a whole. it’s a big problem before they get paid by some matter of some concern.” “In fact.” explains Mr Lutchmenarraidoo. “An insurance contract defines what you are insured for. of the importance of insurance among members of the public. which is all their losses were not fully covered by very nice on paper. except for exclusions which are spelled out. companies. of course – there would not “My main worry about what’s going be an issue. or rather lack of it. Of course. why certain situations were not covered. which is what I keep telling my own people. but I think we have departed a little bit from what we have their insurance policies. is the awareness.” is that many companies are trying to focus on price to win business. Many people believe that when they take an all-risks policy everything is covered. I want to encourage some reflection and what the industry as a whole and return to what we ourselves have was doing to support those “in these put on paper and in so doing improve the service to our customers.” Some of the victims of the flood not only suffered emotional damage.000 to the fund which was set up in the wake of the tragedy. President of the Insurers Association of Mauritius and Group CEO of Mauritius Union. As head of the insurers’ association. the emphasis should be Fund. One of the main issues. to and in what circumstances. the emphasis should be on service and quality of product” 16 | FINANcE pRo ISSUE 1 DECEMBER 2013 . “People don’t really understand the intricacies of insurance. there are many other relegating the importance of service. the industry contributed he says. he adds. “A simple example: The only compulsory insurance in Mauritius is motor insurance. the main reason for our very existence. objectives of the association again TURN TO PAGE 18 and we have a code of practice and an “In my view. of Finance Xavier Luc Duval said in his “I have been going through the 2012 budget was now to be set up. agreed customer charter. Take the Compensation “In my view. Kris Lutchmenarraidoo. President of the Insurers Association of Mauritius and Group CEO of Mauritius Union FINANcE pRo ISSUE 1 DECEMBER 2013 | 17 . “If this is well structured. But as he says: “You should aim high. Then there can be conflict between insurance companies and it goes to the Arbitration Committee. “In other countries – I have seen it in action in South Africa – they have set up a central database where policy 18 | FINANcE pRo ISSUE 1 DECEMBER 2013 . we have now agreed that it will initially cover only damages to people who are victims of hit-and-run cases or those who suffer damage when the other party is not insured. and how it should be managed.“ “I want to encourage some reflection and return to what we ourselves have put on paper and in so doing improve the service to our customers. “Today. “We are in an environment where the national savings rate has been going down and down and one way we feel we could encourage people towards more longterm savings would be to give them fair treatment on their life policies and pension plans. you invest your money in a bank but however much money is invested. and we think they have understood our point. the policeman will say that if there is no physical injury. how contributions should be made. It would help the whole industry if we could achieve that. “I think I can safely say that 50% of our drivers do not have the level of education to allow them to complete this. “We have approached the Financial Services Commission and made our proposals on how the fund should be set up. We also have KYC (know your client) procedures.” he explains. We have explained this to the Mauritius Revenue Authority and the FSC. and it is being studied by the Ministry of Finance.We are also going to make a case to the Ministry of Finance to review this. The law says if the driver is not in a position to fill in the form. Mauritius Union itself has three products online. no third party damage or whatever.” he believes. Whatever premium is paid is from the client’s income after tax. “. a policeman can be asked for assistance. though. So there is some disparity. “We need to find a better way of doing this.” So a busy agenda lies ahead for the President of the Insurer’s Association of Mauritius. says the insurers’ chief. but so many cases. who are the main reason for our very existence” “The rules say that the committee should give a ruling within six weeks. Mauritius could also have a centralised database where insurance companies could start by registering all their policyholders and their particulars. A final point the insurers’ association president wished to make was the tax paid on life policies. but there are barriers to the practice. many details would have to be ironed out. some unnecessary. The form. because even if you don’t achieve 100% success. “Of course.” A trend in the international market has caught Mr Lutchmenarraidoo’s attention: the increasing use of the Internet to distribute insurance products. the interest is not taxed.FROM PAGE 16 “While there was some divergence between the industry and the ministry as to what the fund would cover. to insurance companies. “In the banking sector.” An area which can often be controversial is the “agreed statement of facts” procedure after a road accident. Most of the time. are piling up there that they take much longer. The FSC has submitted proposals to the State Law Office and we will collaborate with the FSC and the ministry to have the fund in place as soon as practical. and an appeal could also be made to the public who will be having recourse to insurance companies to register themselves.” Mr Lutchmenarraidoo has also talked to the authorities about the appointment of an Ombudsman for the insurance sector and has learned that legislation is being actively considered to appoint an Ombudsman for the entire financial services industry. it should push companies to adopt more ‘best practice’ than they are doing now. there is no tax credit or concession on the premium the client pays to insurance c o m p a n i e s . “The rules and regulations state that clients must sign the proposal form and the policy document should be signed and counter-signed by the client. is not such a simple document. you will have made some progress… a beginning. holders are registered. the drivers should settle it between themselves. FINANcE pRo ISSUE 1 DECEMBER 2013 | 19 . Previously the profession was self-regulated. at which more than 1. Chief Executive Officer of the Mauritius Institute of Professional Acountants. painstaking work carrying a hefty price tag but vital to the efficient operation of the institute. which was set up in 2005 following the promulgation of the Financial Reporting Act a year earlier. Bheem was named the first CEO of MIPA in 2010. However. In the meantime. The Financial Reporting Council and the National Committee on Corporate Governance came into being at the same time. B Bheem Ramruttan.professional accountants in Mauritius MIPA should be regarded as the ‘voice’ of heem Ramruttan. he remains busy restructuring the institute. A little further ahead – most probably in May next year – MIPA will host the third Africa Congress of Accountants. He explains: “The objective of MIPA was to regulate the accounting profession in Mauritius. Any day now his organisation will have a new website. already has a couple of redletter days in his diary for this year and next. worldwide the World Bank is behind the establishment in each country of its own PAO. Public Accounting Organisation.000 delegates are expected. which can better regulate and enhance the services of accounting. Chief Executive Officer 20 | FINANcE pRo ISSUE 1 DECEMBER 2013 . both the IMF and World Bank. We needed to rebrand the local regulatory body.” He points out that there are foreign accountancy bodies in Mauritius. stresses the CEO. so this was a challenge. the Pan African Federation of Accountants. has more than tangible benefits.000 accountants. As for the new website.” MIPA has different types of membership: Public accountant. those who can offer their services to the public (about 350).” He cites the example of the Bar Council and the Medical Council – “You may study elsewhere to gain your degree but when you are practising back in Mauritius you are regulated by the local bodies. should be seen as the “voice” of the accounting profession in Mauritius as it has a direct channel to the Financial Reporting Council. and after logging in can access technical articles. make members understand and be aware of the importance of MIPA “We examined the Financial Reporting Act and last December we managed to amend the legislation. have found there is a direct correlation between the level of investment in a country and its financial reporting framework.” he explains. accountant. “Of course.500 members.” he adds. We are also the seventh largest member of PAFA. Generally Acceptable Accounting Practice. and declare online whether they have followed their required hours of continuous professional development. and those in accounting firms who have to register as member firm as well. We are an associate member of the International Federation of Accountants. “There are only two or three countries in Africa that are members of the auditing professional body worldwide. we can also approach the World Bank. “For example. That’s why it was important to have a strong regulatory body for the profession. through their own research.” So MIPA was born. our profession is well respected when we go outside the country to conferences etc. MIPA. through their own research. which is a legal requirement in any case. both the IMF and World Bank. Being a member of MIPA. some accountants question why they are paying to be members of more than one professional body. so that today we have nearly 2.” As for future actions. which have a local office simply to manage local issues. if we wanted to introduce an international financial reporting standard for SMEs. members will have their own accounts.500 professional accountants registered with the institute but in Mauritius there were more than 2. with plans to become a full member next year. the organisation wants to introduce a GAAP. have found there is a direct correlation between the level of investment in a country and its financial reporting framework’ “We need local people to regulate us and we can’t expect an organization which is based in the UK to regulate the profession here.” One of the CEO’s first tasks was to get his members involved with the organization. which can then advise the government about what that “voice” is advising. for micro businesses.“Indeed. who would guide the accounting profession in Mauritius if each of the accountants’ bodies were selfregulated by their own organisations? Confusion. “And if we want to make something happen which we believe is in the interests of the country and the profession. pay membership fees online. including those professionals who also belong to organizations such as the ACCA and others. “We had 1. He is also introducing technical support for members regarding accountancy and auditing standards. which make up 80% of the companies in Mauritius. ‘Indeed. those registered as a PFA and public FINANcE pRo ISSUE 1 DECEMBER 2013 | 21 . which gives an indication of our standing. “We already have a technical committee but are looking for a ‘driver’ for the project. Their profession. As an affiliate of the CII. “but there is a growing trend in the health and life areas. for the most part the smaller firms don’t. .” he says. liability.INSURANCE INSTITUTE THE MISSION IS TO BE INTERCONNECTED SAYS JEAN YVES The Insurance Institute of Mauritius was set up in 1994 by a group of professionals who were members of the Chartered Insurance Institute (CII) in the UK. Well into his second year as president of the local institute. Mauritius has the organisation’s mandate to help educate and train members to achieve their professional qualification.000 insurance salespersons. there are about 2. “We would certainly encourage more interaction between different sections of the financial services sector. loss adjustments. as I see it. we are not pragmatic enough in my view. pensions and so on. “There is an imbalance throughout the sector. At the moment. Information technology tools are a must. The large companies have the financial resources. technical resources and knowledge. “we have also introduced courses on various aspects of the financial services requirements – be it law. Jean Yves Violette.” “Unfortunately. is to get the sector on the same platform to resolve issues such as rating for premiums.” Mr Violette’s major concern is having a sound financial basis for pricing of insurance across-the-board. each one is simply applying a rating for premium without knowledge based on available data. They are now huge and complex as you have corporate bodies insuring health. and education that is topped up by the local institute and at least twice a year by visits from CII tutors.” The institute has about 500 members. The challenge. With the ever-evolving and complex world of insurance. “Our members offer assistance to students in order for them to get a good grasp of the subject. He explains: “A few of the larger insurance companies make the optimum use of this technology. “We are not looking at the big picture. “Our mission really is to ensure that we are interconnected in the financial services arena. which is accepted as an international benchmark. agents and brokers and they have to be registered with the Financial Services Commission in terms of basic training or qualifications and we have been discussing with the FSC the possibility of having customised courses for these people to meet its requirements. I fear that in various sectors it will be a similar situation as in the UK some 20 years back. life. a body whose professional qualification is most sought after in the industry. since the exigencies of insurance operations have evolved. “In Mauritius. According to the head of the institute. incurring a large investment. or the States – inadequate funds to meet claims.” says Mr Violette.” 22 | FINANcE pRo ISSUE 1 DECEMBER 2013 The institute also runs information sessions for its own members and those of the wider financial services community on “burning issues” of the day.” says Mr Violette. “Sooner or later. not all smaller companies are able to do this. “We were traditionally geared towards general insurance. not simply centered in the insurance sector. explains that students take correspondence courses with the CII. or training in fraud detection. Principal Claims Manager at Swan Insurance. we are not anticipating. one of the main issues facing the industry is the use of information technology on a standardised scale. including financial. or many financial companies.” Having so many years in the insurance industry. Just imagine if there was no back-up elsewhere… “We are not looking the big picture. encourage an insurance culture – not only within the business community but also in the general public. he has seen the sector evolve and change and. 

 “Nowadays you have to have everything checked and double-checked” Having been in the sector since 1975. of course. “While the continued education of insurance professionals is our guiding mandate. “The social aspect of insurance is also big challenge for the industry. it delivers the course sessions at its Training Centre in Port Louis and Ebene. For Mauritius to become a reference in financial services. have thought it through. we are not pragmatic enough in my view. All courses are registered at the Mauritius Qualifications Authority. This would be a real challenge and I don’t believe our insurers.” He asserts that both the institute and the Insurers’ Association should collaborate to raise the level of education and knowledge about the benefits of insurance.” New scheme to help students gain experience THE HEAD OF Grant Thornton Business School in Mauritius has extolled the benefits of the ACA qualification from the Institute of Chartered Accountants in England and Wales as he unveiled a scheme to get local students experience overseas. say in the centre of the city or in one of our larger towns. “The ACA qualification is considered prestigious and is solicited the business world. Nick Leake. We must create awareness. it will need professionals having acquired quality training and international experience. 
 For off-the-job training. Training can be delivered both on-the-job and off-thejob. become more complex.” FINANcE pRo ISSUE 1 DECEMBER 2013 | 23 . CEO Sattar Hajee Abdoula told potential employers who visited the school in Ebene students can now acquire three-months professional experience in British companies. losses can be immense. If I phoned a garage. after the repair he might even call back and tell you he would send an invoice for Rs400 because the damage was not as bad as he first thought. Just imagine if we had a larger catastrophe than the recent Port Louis flood earlier thhis year. we are not anticipating.“This becomes more pressing when it comes to the effect of situations like climate change. during the recent flood. Without appropriate or adequate insurance cover. carries with it huge implications. we would gladly help the association with the education of the general public. some companies had their archives and some IT equipment underground in Port Louis. “Nowadays you have to have everything checked and double-checked. Small things like this made it great working in insurance.” The business school provides a wide spectrum of accounting and management courses that are said to meet the needs of both private and public sector. “The quality of education dispensed by the institution is very important in the choice of the employer wishing to invest in the training of its employees. who told the visiting potential employers “Britain is known for its financial centre and acquiring professional experience in a British environment can further reinforce the aptitudes of the graduates. “The growth in wealth and the multiplication of business activities.” he added. Mr Violette has become concerned about the general lack of awareness about the importance of being properly insured. “For example. “When I started in claims in 1975 it was based on ‘utmost good faith’. For on-the-job training the school first carries out a training needs analysis on-site at the client’s premises in order to fully customise the training to the specific requirements of the client. say. and was told the repair would cost Rs500. The Grant Thornton initiative is supported by the British High Commissioner in Mauritius. each challenge in life as an opportunity to grow. I was then given an opportunity to stay in Kenya. companies and investors on the African continent. over the past years. So I left the French government and stayed in Nairobi.Briefing from Africa With the eyes of the Mauritian financial services sector more and more focused on Africa. one of my roles is to always think like the public sector. as well as on policy and political communications. helping them to understand complex political and commercial dynamics and manage challenging relationships with demanding and critical audiences including regulators. in Kenya. and the recent Budget announcement that Rs500 million was to be injected in a MauritiusAfrica Fund over five years. Finally. government communications and stakeholder engagement. can you please give us a description of the journey? Proparco. Realising this had an impact on my personal. we talk to a leading investment consultant base in Nairobi. FP: Family life? I am married. FP: Milestones along the way? The main milestones all have one thing in common: realising the importance of the other side’s view. in sectors including trade. specially for countries or places: how can nations be clear about their specific value proposition to the world. who specialises in competitive identity. It is a principle and a way of working that we employ to generate a sustainable competitive advantage for our clients and the communities they serve. In this context. I was on my way to being a diplomat. based on their own unique characteristics . Having always wanted to work on the African continent. TURN TO PAGE 25 . and I must confess that it 24 | FINANcE pRo ISSUE 1 DECEMBER 2013 is a Director of africapractice. audio-visual. I am also working for governments. as Commercial Attaché for the French Embassy. to assist them articulating their public policies to the various audiences they need to inform.geographic. it became clear to me that the land of opportunity was actually right where I was. sports and culture.and on the specific genius and aspirations of their people. environment. I met my wife during my second posting in Kenya. historic. Rather than mentioning hundreds of millions of dollars in deals. the Kenyan capital. we can easily end up having ‘no view’. I would rather see this as milestones on my journey that enable me to value each encounter. With every assignment that we carry out we seek to align the interests of our client with those of the state. to realise their ambition – this is what we call Public Diplomacy. Q&A Pierre-Emmanuel Maubert FP: From working in the French government to being a Director of africapractice. and trying to integrate it in my own thinking. Trade and Industry. and ensure that the Public Affairs strategies we design for private investors take this into account. We advise some of the largest institutions. FP: Please describe your role in africapractice and what makes it a pivotal part of the company? africapractice is a pan-African strategy and communications consultancy. media. professional and spiritual life. representing foreign investors and working on cultural policies in Kenya. decided to open an office in Nairobi in 1997. He has more than 15 years experience advising governments and institutions on competitive identity and public diplomacy. In French. capital markets. He has worked for the French Ministry of Foreign Affairs and the French Ministry of Finance. I have focused a lot of our research on Competitive Identity. But when the French government proposed to move me to Dallas. So. cultural . the shareholders and the communities they serve. and later on joined forces with africapractice which had just opened an office here. or projects. investment promotion. with three children. I seized the opportunity to move to Kenya. and ‘point’ can also mean ‘no’ – so by sticking to our ‘point de vue’. so to speak. was also a part of me realising that I wanted to call Kenya home. literally. customers and suppliers. policies that we supported or progressive Presidents we worked for. Texas. with three years postings around the globe. or partner with. to understand the merits of its approach on specific issues. We call this Shared Advantage™. a point of view is translated as ‘point de vue’. the private lending arm of the French Development Agency. created my own company. especially in this process of developing their own regulatory environments.FROM PAGE 24 FP: For companies doing business in Africa. African governments welcome dialogue with the private sector. For investors. Most of the risks on the continent are associated with a lack of visibility. this is where government relations and public affairs are so critical on the continent: there is an opportunity for the private sector to work with regulators. TURN TO PAGE 26 FINANcE pRo ISSUE 1 DECEMBER 2013 | 25 . This is completely normal. or predictability. business becomes even more interesting. respectful of the specificities of each country. of the regulatory environments. that profits and returns on investment can be big. But if one can reduce the risks without touching the return. And it’s a rule of business that the higher the risk. and input in the process of defining conducive environments for all. and are currently in the process of revisiting them for the benefit of their own people. can be long. and precisely what creates the opportunities for investors to get involved in the process. and healthy. the higher the return. Many institutions are still in an early phase of consolidation – let us never forget that most African countries are only 50 years old. thus reducing the risks. Most countries had inherited institutions and regulatory environments from the colonising powers. and the process of building working institutions. what do you see are the values of risk management in what has been considered by many as an unpredictable region? Everybody agrees that Africa currently represents the next pole of growth in the world. their own solutions – the past 10 years have shown to all that the models inherited from the Occident were not flawless. We strive to create informed and constructive dialogue between governments. Indeed. to track the relationships. This enables us to move from a stakeholders’ universe. precisely because it integrates a twoway traffic. South Africa often projects itself as the entry door to the continent – it seems to me that the Mauritius value proposition is more powerful. be a key part of your assignments. why they are important. ‘How African is Mauritius ready to be?’ If African countries. in a sustainable and inclusive way. How would you project that relationship? Mauritius is particularly well placed to be a bridge between these two continents that represent the main poles of growth. first and foremost. Please explain. it could unlock a lot of cooperation and business for Mauritius on the continent. Being a bridge is good. Once we have a map. are understood and appreciated by the other parties. it becomes easier to envisage possible roads to success. we expect. Mauritius has some expertise and skills that are much needed in Africa – finance is an obvious one. their position to influence them and their own personal or institutional relation to them. FP: Relationship management for stakeholders would. be they through regional economic communities or at the African Union level holds much promise – not just because the markets become bigger. We then use our proprietary software. but also empower African companies to trade with. the impact of various engagements and activities aimed at ensuring that most stakeholders are supportive of the project. how they are related and inter-dependent. and easier to deal with.Briefing from Africa FROM PAGE 25 FP: What exactly is ‘issues management’ and what influence do you exert on the process? Public Affairs are the affairs of the public. in the recent past and in the future. Mauritian businesses have been looking to broaden and strengthen ties with Africa. FP: With your long and in-depth experience of the continent. The integration processes. we need to understand each one’s view of the issues at hand. what could be done to address them and the way each government wants to approach and handle them in the best interest of all. be they governments or the private sector. This is also possibly where Mauritius can contribute greatly to the reflection. to avoid some of the shortcomings of the models of the past. and even better if the traffic goes both ways! How can Mauritian companies encourage not just Asian investment on the continent. but it’s better if there is traffic on this bridge. One needs courage to revisit them. and African solidarity can hearten countries to invent these new models of doing business. her own worldview and her own specificities. and she is seizing them with a renewed sense of confidence in herself. what do the next five years hold for Africa and the surrounding region in terms of economic development? Africa is currently seizing the opportunities that can truly transform the continent. by bringing her own experience of integrating African and Asian ideas and charting her own way forward. but I would want to explore cultural affinities also. and companies. precisely because the stakeholders’ universe has been organised – this is the strategy part of Stakeholders Relationship Management: articulating through messages and communication the value proposition that our client brings to other stakeholders and to the situation at hand. private sectors. Once we have identified them. issues that are of public interest. it could unlock a lot of cooperation and business for Mauritius on the continent. or an issue. but also the communities that are most impacted by specific projects and ensure that the contributions of our clients. or associations of people under the forms of local companies for example. to a stakeholders’ map. we can identify solutions that the private sector can bring to the table in its discussion or negotiations with governments. Asia. all the people or organisations that are impacted by a project. or invest in. the island itself has been positioning itself as the “bridge” or “gateway” between Asia and Africa. one has to first identify all the stakeholders of this situation. In Gauge™. or that should have a say in this project. but also because it’s always easier to chart new solutions when you are not alone. It is the role of government to prescribe the ways in which these issues are addressed because the State is responsible. to its citizens. truly see Mauritius as an African brother who understands them because they share some cultural similarities. FP: Over the past few years. and companies. *africapractice is represented Hatchings Ltd. in Mauritius by 26 | FINANcE pRo ISSUE 1 DECEMBER 2013 . So one key question could be: ‘How African is Mauritius ready to be?’ If African countries. its people. truly see Mauritius as an African brother who understands them because they share some cultural similarities. Working together can embolden African countries to assert their own models. To understand a situation. based on criteria of influence and attitude towards a project. By identifying what is at stake around specific issues. focusing on African and regional perspectives. BANK ONE NOMINATES THE NEXT CHIEF EXECUTIVE SeniOr BanKer Ravneet Chowdhury has been nominated Chief Executive-Designate. subject to the necessary approvals. the bank says Mr. non-profit member organization of financial analysts. with modern laws and financial instruments which have the confidence of international investors. Mr Duval said the financial services sector represents more than 10% of GDP.5 million.Copex Management Services Limited and Copex Trustees Limited . Operating under the Ministry of Business. Scheduled to take up his post on January 1. “who has advised the Board that he wishes to play a less active role in view of his personal commitments”. says the bank. According to the FSC. an Indian national. The scheme allows entrepreneurs a monthly salary of Rs20. In his speech. Middle East and African regions. while reinforcing its local presence. notably through our banks as well as our two Stock Exchanges. Enterprise and Co-operatives. More than 60% of our new entities created in the financial sector in Mauritius are presently targeted towards Africa. “Our financial centre attracts renowned institutions. Managing Director of the CFA Institute for Europe. employs about 15. The sector is regulated according to international norms. Apart from funding. it launched the ‘Start-ups Entrepreneurship Scheme’. Dussoye.have had their operating permits suspended with immediate effect. Bank One has significantly increased its market share by diversifying its customer base while introducing a performance-driven culture to achieve a customer-centric business model. Oman. has had a brilliant career in the banking industry.” Mr. During his career. to guide Bank One’s strategic focus on international banking in Africa and the region. MBGS FUNDING THE MAURITIUS Business Growth Scheme (MBGS) has received more than 900 requests concerning various funding plans since it was set up three years ago. being given the rank of Commander of the National Order of the Equator Star. having worked in Southern and East Africa for a number of years. The local body ensures local representation.000 professionals and has more than 20 years experience in the Global Business arena. MINISTER HONOURED Minister OF Finance Xavier-Luc Duval has stressed the importance of using Mauritius as a financial centre. The 10th anniversary celebration was marked by the visit of Nitin Mehta. such as the COMESA Infrastructure Fund and the PTA Bank. portfolio managers. the MBGS has mentoring services for entrepreneurs. The board says on the bank’s website that it wishes to place on record the excellent work done by Mr. “Mauritius remains a centre where the promoters have the possibility of raising funds for important projects. Chowdhury. it has approved 232 projects for a total of Rs236. with an enhanced brand image. Dussoye has successfully turned around the former First City Bank Ltd into a profitable and a wellrespected institution. occupying various senior positions in Standard Chartered Bank prior to his appointment as CEO of Standard Chartered Bank. the companies are the targets of an inquiry and the suspension is said to be in the customers’ interests.” he added.” It adds: “The Board of Directors believes it is time for Bank One to take a new strategic direction. he has had extensive African experience.FINANCENEWS BANKING AWARD THE CHARTERED FINANCIAL Analysts Institute is celebrating 10 years of its professional association in Mauritius.000 for one year. In a statement. He made the remarks at a business forum soon after receiving the highest distinction of Gabon from President Ali Bongo Ondimba. Nowadays known as the CFA Society of Mauritius. “Under the leadership of Mr. a global. And in 2012. He has also worked previously for ABN AMRO and American Express Bank. FINANcE pRo ISSUE 1 DECEMBER 2013 | 27 . will “remain at the service of the Bank until further notice”. and other investment professionals. mainly for the management of local candidates and the delivery of the CFA degree. Two companies . Dussoye. it is part of the CFA Institute. FSC ACTS THE FINANCIAL Services Commission (FSC) continues to censure companies in the Global Business sector which do not respect the rules and regulations which apply in the sector. he replaces Raj Dussoye who. It is a great pride for me to have a degree recognised by an organisation as prestigious as the ACCA.” said Mr Cunjamalay as his daughter accepted the winner’s shield from the LCA’s Mr Gill. Family and friends of the laureates were on hand on what was an emotional occasion for many. 28 | FINANcE pRo ISSUE 1 DECEMBER 2013 1 overall in the 2012-213 exams.000 professionals took part.” . told the audience: “It is an immense pleasure for us to honour the top students for the 2012-2013 ACCA examinations. The ACCA qualification is highly appreciated by students and specialists in finance and accounting sectors. head of the ACCA Mauritius.” Madhavi Ramdin. “I am so happy to see my daughter on the podium today that I can barely control my emotions.000 professionals in the finance sector by 2015. The chief guest was Mr Ravi Gill. she added. who was ranked No. Accountants reward High Achievers 2012-2013 THE Association of Chartered Certified Accountants (ACCA) in Mauritius has rewarded 33 of the best students who took part in the December 2012 and June 2013 National Accounting Examinations. The examinations assessed students who chose the ACCA and have been trained in institutes or studied independently. “More and more youngsters are coming for ACCA exams in recent past years and a report from the Human Resource Development Council (HRDC) published in 2012 indicated that the country would need at least 3. a growing number of students have chosen accounting as a career and there is a big demand for accountants in the business world. None more so than the father of Melvina Cunjamalay. which paves the way for students who want to have professional recognition and aspire to key positions.” In recent years. I dedicate my success to my parents and fiancé and the invaluable support of my teachers for their help during my studies. More than 7. Managing Director of London College of Accountancy (LCA). Those being honoured at a recent celebratory event at Ebene Cybertower 1 were classified in first place in each of the exam modules or those who were runners-up. which sponsored the occasion. Melvina added: “I am very honoured to have obtained first place at the national level.” According to the LCA’s Ravi Gill: “The ACCA is a global qualification and we are very grateful to the ACAA for the support it offers to the London College of Accountancy. LCA Mauritius students are among the best at the national level. “Training programmes are highly structured and relevant for the sector and our qualifications are recognised across the world. all at their first attempt. I also note with pleasure that this year again.The 33 happy students who were awarded ACCA 2012-2013 exams honours. 400 partners-employers who support training of their employees as part of the curriculum and the ACCA certification. The ACCA office here is often referred to by the Government of Mauritius to share its views on legislation relevant to the activities of accountants. The course. After completing the exams. The ACCA has a total of 154.700 Mauritian accountants from different certification streams are ACCA-qualified. Ninety per cent of 2.Photo captions: TOP LEFT: Ravi Gill. Managing Director of London College of Accountancy (LCA) meets accounting experts. For the record. another of the students who topped up the ACCA 2012-2013 exams.000 students in 170 countries worldwide.000 members and 432. ACCA Mauritius has more than 12. The organisation’s global network includes more than 80 offices and centres as well as more than 8. FINANcE pRo ISSUE 1 DECEMBER 2013 | 29 . The Mauritian branch was officially launched in 1980 and the national office was opened in 2000. The ACCA qualification is based on a unique and updated course according to the needs of the changing economy and global accounting standards. ABOVE: Melvina Cunjamaly with her family and fiancé.000 members including students. students can become an ACCA Member (which gives them Chartered Accountant status). TOP RIGHT: Muhammad Adam Ataoullah. is applied in 170 countries where accelerated and recognised training is provided. developed in the UK by the ACCA. She began ACCA studies after joining the MCB Group as the bank was a “Gold Employer” for the ACCA study programme. fiancé and friends helped her to focus on the subject and work diligently. certainly knows the formula for success. 30 | FINANcE pRo ISSUE 1 DECEMBER 2013 . “Without my parents’ and fiancé’s help. “I love science but the financial world has always fascinated me. recently topping the ACCA exams list. she wanted to experience something different academically when she went to university. I chose to study ‘finance with law’ at university.” explained the former Dr Maurice Curé Secondary School student as she held her winning trophy after the awards ceremony at Ebene. “Education is a never-ending quest. they are not important. I would have dropped the subject a long time ago. Family support and hard work were the keys to her achievement she told FINANCE PRO.” Melvina said she had to take further studies in accounting once she joined the ACCA programme. I simply wanted to learn something different. She is a science enthusiast who studied the subject through higher education but chose accounting when she began tertiary studies at the University of Mauritius (UoM). “I had to take extra tuition to be able to get a clear picture of accounting.” she concluded. Melvina was awarded a BSC in Finance with Law and now now works at the MCB in Port Louis.” As for job titles. After three years of study at the UoM. accounting and finance can appear boring.” she explained. “Science is certainly not boring so that was not the reason why I left it behind after joining the UoM.MELvINA HAs A foRmuLA foR succEss She’s an ACCA High Achiever Melvina PUvanam CUnJamalaY. a business development coordinator at the Mauritius Commercial Bank. Before joining the MCB. They also help the mind to think and act fast. Switching from science to finance was not easy but being able to count on the support of her parents. “There is nothing in a title. I will never give up or stop learning.” Melvina will spend some time acquiring experience in accounting before joining a Masters programme or MBA (Master of Business Administration). Melvina has a different version: “Figures are good for your health as they keep you awake and focussed. Despite performing brilliantly in science studies at school. To some.” she added. What matters is loyalty to the company you are working for and motivation for what you are doing. Melvina worked for Barclays Bank as well as for the State Bank of Mauritius (SBM).” Melvina admitted. She took the job at the bank as a graduate trainee which allowed her to have a look at all the different departments of finance before she took up the role of business coordinator recently. “This facility which the bank provides has been an encouraging factor for me to go forward for the ACCA study programme. I became passionate about it and began to love accounting when I was writing my essay for tertiary exams. 26. ethics and technical competencies. the ACCA is committed to support MIPA to compile a response to IFAC’s Compliance Self-Assessment questionnaire. In addition. and Bheem Ramruttan. for five years. enhancing ethical standards and strengthening regulation and governance. offshore. the ACCA will is also a member of the other body. and Seychelles. ACCA Mauritius trust. the new General Manager of ABC Global Management Services. He has been in Companies Act 2001 and the the financial sector for 15 years. he wants to develop new products and recruit officers to reinforce the technical capacities will need to implement for an IFACcompliant CPD policy. International Education Standards and SMO 6. In connection with SMO 6. Financial Reporting Act 2004. continued education and professional development schemes that contribute significantly to acquiring and upholding high standards of professionalism. was signed by Jamil Ampomah. is a leading provider of wealth management. In this context. corporate and regularly informs its members of specialist financial services for the requirements of the Financial private individuals’ and corporate Reporting Act 2004 to register with clients’ varying and complex MIPA and will continue to do so in needs. ACCA will also help MIPA in drafting The company. ACCA will provide MIPA with information and guidance on possible investigation and disciplinary structures that MIPA could implement. present in Mauritius its Charter. As General Manager of ABC Global. has had a rich career in the Global Business sector and has worked as Senior Manager Corporate and Trust at CIM Global Management. Another is to enable enhanced membership services to MIPA members. order to encourage members to abide by local legal regulations. in respect of training. support to MIPA in delivering the activities outlined in its IFAC ((International Federation of Accountants) Action Plan relating to the following two specific Statements of Membership Obligations (SMOs): SMO 2. and to help it in changes regarding provisions of the Mauritian of the enterprise. provide guidance to MIPA regarding As part of its mission to develop the necessary structure the latter skills in accounting and finance in Mauritius. The memorandum of understanding (MoU). It has three main objectives. The first is to promote the sustainable development of the profession by strengthening technical and information exchange. both practising and non-practising.Accountants sign 5-year MoU AN AccoRd has been reached by the Mauritius Institute of Professional Accountants (MIPA) and the ACCA Mauritius to promote the development of the profession and the accountancy sector as a whole. Ramruttan seal the agreement Global Management has new General Manager SHAMMEMKHAN Abdoolakhan. ACCA Sub Saharan Africa Director. Additionally. Chief Executive of MIPA. Investigation and Discipline. FINANcE pRo ISSUE 1 DECEMBER 2013 | 31 . the ACCA will provide Mr Ampomah and Mr. MIPA and ACCA will keep each other informed of any disciplinary action taken against a member who Regarding SMO 2. The event was sponsored by Standard Chartered Bank (an ACCA Global Approved Employer).” .8 million).1 million) as well as loans under the Government Guaranteed Scheme (Rs17. among the numerous courses we offer.8 million in the period under review. This new collaboration will enable us to improve the level of our training and further encourage a larger number of students to study with us.300-plus professional accountants who have already attained membership.mcb. 32 | FINANcE pRo ISSUE 1 DECEMBER 2013 CIMA’s new partnership THE CHARTERED Institute of Management Accountants (CIMA) has launched a new partnership with the BSP School of Accountancy and Management in addition to those with the Mauritius Employers Federation and the Elite Business School.3 million. Put together with the participation of Ernst & Young. This consists of traditional loans given by the commercial banks (Rs92. Phoenix. said of the new partnership: “As one of the main training institutions in the accounting sector. making up more than 85% of the total number of professional accountants in Mauritius. MemBership of the Association of Chartered Certified Accountants (ACCA) was given a major boost when the organisation welcomed 220 new members at a ceremony at River House.FINANCE NEWS BANKING AWARD AFRASIA BANK has been named the “Best Private Bank in Mauritius” by the “Banker” magazine during the Global Private Banking Awards organised by Professional Wealth Management (PWM) and the magazine at the Kempinski Hotel in Geneva. The Director-General and Executive Director of AfrAsia Private Banking. Thierry Vallet. MCB ONLINE INFO BUSINESS BANKING customers from small and medium enterprises of the Mauritius Commercial Bank (MCB) are now benefitting from an online Knowledge Centre www. New Members for this year were given ACCA pins and a special gift was also made to ACCA Members who received their certification 25 years ago.8 million. Mr the Virahsawmy importance of underlined Continuing Professional Development (CPD) and of seizing the array of opportunities offered to professionals who have obtained ACCA membership. Sham Mathura. ACCA Sub Saharan Africa Director. State Bank of Mauritius (SBM) tops the student’ loans ranking with Rs50. said the award at global level is recognition of the bank’s commitment to create value for its niche market and to distinguish itself through unique products through an open architecture investment approach. followed by the Mauritius Post and Cooperative Bank (MPCB) at Rs30. attended Minister of the Environment and Sustainable Development Dev Virahsawmy and Jamil Ampomah. Major boost in membership STUDENT LOANS COMMERCIAL BANKS in Mauritius approved Rs110 million in student loans for the six months period starting from April to September this year (source: Bank of Mauritius). we want to include the CIMA qualification which is recognised worldwide. The 220 new members add to the 2. mu/knowledgecentre. it is is a documentation centre which offers multimedia material to accompany entrepreneurs at every level of their development. The Mauritius Commercial Bank (MCB) is third with loans totalling Rs12. Director of BSP School. They wanted to have different training and development in both academic knowledge and persona. the aim was to have the opportunity for better career progression and become a complete finance professional with the highest level of competence.LEFT: Ravind Dindoyal ABOVE: Ansahbee Beeharry and Wassima Juhoor ON THE PaTH TO EXPERTiSE Ansahbee Beeharry. Ravind was appointed Business Finance Manager in 2007 while he was completing the final stage of his ACCA qualification. 32. both 22. FINANcE pRo ISSUE 1 DECEMBER 2013 | 33 . As for Wassima. He started ACCA in 2001 and completed his qualification in 2008. she intends to further her career by taking up courses in Islamic finance. by following formal and structured training. “The ACCA membership makes me realise that I am now among those professionals having the right ethical behaviour and finance experience. Wassima Juhoor and Ravind Dindoyal were just three of the young professional accountants who took part in the recent ACCA New Members Ceremony.” he said to explain why he chose ACCA to add to his qualifications and expertise. Ernst & Young) since 2009 and started ACCA courses in the same year. Ansahbee Beeharry and Wassima Juhoor. we can reach high levels of knowledge and aspire to key positions in accountancy and management. but share the same eagerness for ACCA in building their careers. “Being ACCA members. Ansahbee intends to do an MBA in the near future. Acquiring ACCA membership provides the new accounting and finance professionals with a sense of achievement and with this achievement also comes the responsibility to keep up to date with ongoing developments in the accounting and finance fields.” said Wassima. Ravind.” they said. “We are proud to be a part of the global organisation and appreciate the support being provided to us as professionals. “I chose ACCA taking into account the professional supervision and the fact that the qualification is recognised worldwide.” he added. Being an ACCA member will open doors to new opportunities and allows us to interact with other members. For Ansahbee. “Undertaking ACCA studies and having such qualifications were highly regarded and very well valued by professional accountants and employers. have a different story and track record. is a Business Finance Manager at Standard Chartered Bank (Mauritius) Ltd. Both young women have worked in the audit department of the accountancy firm EY (previously.” The next step for him in the ACCA path for career development is to obtain the even more prestigious FCCA (Fellow of ACCA) designation. who returned to the State Bank (SBM) in 2012 after a two-year stint at Bramer Bank. thus generating sustainable business and building the brand.200 staff in Mauritius. Happily. TuRN To pAgE 35 34 | FINANcE pRo ISSUE 1 DECEMBER 2013 .co Judging Panel was unanimous in naming SBM as Best Bank Mauritius for 2013. two of them are employed at SBM. training and reward. Mr Sonoo. when the scheme was launched in 2010. As a key source of competitive advantage. attributed the bank’s most recent success to his staff and customers. According to the SBM website. Baa1/P-2 for foreign currency deposits. and his management team are celebrating yet another award.” Jairaj Sonoo The CFI.State Bank success ‘down to staff and customers’ JAIRAj SoNoo. Scholarship ‘a blessing’ for Medha This Year is an important landmark for the State Bank of Mauritius (SBM) Scholarship Scheme as the 57 beneficiaries of the first batch. For the second year in a row. “these employees are core to the organisation in providing quality service to customers. a London-based print journal and online resource reporting on business and finance. India and Madagascar. have now completed their studies and joined the labour market. its innovations and its obvious concern for all stakeholders. SBM employs more than 1.co). human capital has gained increasing importance notably through a clear programme of retention. one of whom is Medha Haheeram who spoke to FINANCE PRO. Baa1 for foreign currency issuer rating and Cfor Bank Financial Strength ratings. The judges pointed to the bank’s outstanding growth record. Moody’s Investors Service continues to rate SBM the highest amongst its peers in Mauritius: Baa1 for global local currency deposits. the bank has been named “Best Bank in Mauritius” by Capital Finance International (CFI. Chief-Executive-Banking (Indian Ocean Islands) of the State Bank of Mauritius. motivation. The scholarship not only covered the costs of tuition fees. Banking a wise choice FROM PAGE 34 Why have you chosen banking as a career? I firmly believe that opting for a career in banking is a very wise choice in today’s job market. There are immense opportunities for growth and career progression. project work.Scholarship Scheme SBM laUncheD the Scholarship Scheme in 2010 and in addition introduced a special scholarship scheme for the Technical Vocational Education Training (TVET) sector in 2011. but also an additional stipend. I am today a proud graduate from the University of Mauritius. mentoring/coaching. As such. I cannot forget that it is SBM which gave me my first exposure to the work environment. I was offered the golden opportunity to have my very first work experience as an intern in the Finance Division for the months of June and July 2011 so I got acquainted to a performance-driven work culture and some very friendly colleagues. continuous learning seminars. At the SBM. The bank believes • It is considered to be the best means to move up the social ladder • It is an efficient way to break the vicious circle of poverty • It improves the quality of the country’s labour force and contributes to the development of the nation • But above all. pursuit of academic degrees. which helped me pay for all additional expenses incurred throughout my three years of study. I was also eligible for the SBM IT Project. SBM has an outstanding reputation in the industry where learning is at the centre of employee development. FINANcE pRo ISSUE 1 DECEMBER 2013 | 35 while I was studying at the university. This year. SBM will be awarding another 400 scholarships to bright and needy students. I have now realised my dream of pursuing an undergraduate degree in a course of my choice. Why did you apply for the SBM Scholarship Scheme? Despite possessing academic merit. bringing the total number to 1. How did the SBM Scholarship Scheme help you? Thanks to the scheme. SBM has an intensive CSR programme with main focus of its CSR agenda being Education and Empowerment geared towards vulnerable groups. The bank has already awarded 600 scholarships which were given to bright and needy students. as well as disabled students. Being an awardee of the SBM Scholarship. another SBM Corporate Social Responsibility (CSR) initiative. Employees can grow and achieve their career aspirations through on-thejob training. Over and above this. library and examination fees. doing what I love to do to the best of my abilities. the bank also provided me with a refurbished PC which proved to be a very useful tool in my research and academic work What does your family think about the scholarship scheme and your career in banking? My parents see the scholarship as a blessing.000. It was a real pleasure to know that there is a company out there which cares about the empowerment of youth and is assisting students in their educational pursuits. it was difficult for me to pursue higher studies due to financial constraints. selfdirected learning. I therefore saw the SBM Scholarship Scheme as an opportunity to have access to tertiary education and at the same time it was an opportunity to remove the financial burden from my parents’ shoulders. Why did you choose to apply for a job at SBM? I was looking for an institution which can provide me with not only a job but a career. I am today living my dream. Student Union fees and other administrative fees. and professional accreditation and job rotation. including 12 from Rodrigues. It is a reliable and resilient sector of our economy which is expanding and becoming more competitive. through the SBM Scholarship Scheme. it enables bright and needy students to have a brighter and successful future. . Around 300 of SBM’s scholarship beneficiaries are studying at tertiary level while another 300 are pursuing courses at the Mauritius Institute of Training & Development (MITD). This option was consequently exercised by AfrAsia Group in July 2013 and the transaction was closed in September with ACM becoming a 100% subsidiary of AfrAsia Group. The bank’s main shareholders are the African Development Bank (ADB) and the Popular Bank of China along with the member states of COMESA. CEO of AfrAsia Group. more synergies are expected so as to grow the business regionally.” AfrAsia’s private banking offering is being improved through a now fully-owned asset management arm which adds growth opportunities for the group. colleagues know about professional achievements.” The change in the shareholding GrOUp with AfrAsia in my capacity as Managing Director at AXYS Capital Management. Ebène. asset management has always been an important component of the bank’s private banking offering and with this acquisition. Swadicq Nuthay structure has not affected the internal operations of ACM which will continue to be headed by Swadicq Nuthay.AfrAsia positioning for the future aFrAsia has rebranded AXYS Capital Management as AfrAsia Capital Management (ACM) after acquiring from AXYS Group the remaining 50% shares it did not hold. In March 2010 AXYS Group sold 50% of its stake in ACM to AfrAsia along with the right to purchase the remaining 50% stake at a predetermined period. strengthening the group’s foundation on the local ground and even better positioning us for the future. So far. its fourth country branch after Burundi. “The combination of these two successful companies will bring value-driven growth while we create significant density in our key markets and further leverage our business model in the region. That being said. Said Swadicq Nuthay: “I have worked Mauritius seen as banking hub Mauritius has become the Indian Ocean hub for the COMESA Bank which has opened a new office in Blue Tower. the bank has provided about $10 billion to fund trade and investment in the region and has already worked with commercial banks in Mauritius to help fund private operators. East Africa Community (EAC) and SADC.com 36 | FINANcE pRo ISSUE 1 DECEMBER 2013 FINANCEPRO is your regular online magazine so feel free to use its pages to let your THIS IS YOUR MAGAZINE . The PTA Bank attaches high importance to projects and programmes which represent potential to make a regional economic impact. making ACM a reference in the region. Chief Executive. points of view and commentaries on the industry. “This new transaction will enable us in advancing in our growth strategy. At the end of last year. Kenya and Zimbabwe. social activities. ACM was previously a joint venture. AfrAsia Capital Management and his team of portfolio managers. Fitch Ratings revised PTA Bank from “stable” to “positive”. Contact mlynch@hatchingsltd. AfrAsia Capital Management is expected to fuel and complement the wealth management business line while playing an important role in the provision of expertise to private banking clients.” explained James Benoit. personal successes. We have built over the years a solid brand and launched together with AfrAsia several investment products.