BPOPF moves to acquire Bramer Life

Information gathered by BusinessWeek reveals that negotiations are at an advanced stage for new investors to takeover Bramer Life after the insurance business, currently under statutory management, was shaken by a financial scandal at its Mauritian parent company.

The Non-Banking Financial Institution Regulatory Authority (NBIFRA) placed the insurance company under statutory management in April after its majority shareholder BAI Co was accused of being involved in a ‘Ponzi Scheme’.