Mauritian financial scandal shakes Bramer Life :: Mmegi Online

Botswana’s newest entrant into the life insurance industry, Bramer Life has been rocked by a financial scandal at its Mauritian parent company, that yesterday resulted in the Non-Banking Financial Institutions Regulatory Authority (NBIFRA) placing the local firm under statutory management.

The Authority’s decision came after it emerged that the Mauritian parent company, BAI Co was being liquidated after a P6.7 billion financial scandal was unearthed at its sister company.

BAI Co, which owns 80 percent of Bramer Life, was last week placed under conservatorship in Mauritius with the banking licence of its sister company, Bramer Banking Corp limited (BBCL) revoked. NBFIRA communications manager, Tapologo Kwapa confirmed that Bramer Life has been placed under curatorship with Nigel Dixon-Warren of KPMG appointed statutory manager.

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