Former GlobalCapital chairman could face money laundering charges

The former chairman of GlobalCapital plc, Dawood Rawat, could be issued with an international arrest warrant on suspicions of money laundering.

The Mauritian tycoon could be issued with charges in absentia, after he left the country two months ago for health reasons.

Mauritian press reported that he could be facing charges of money laundering, fraud, and embezzlement of funds, for diverting the investments of his clients by illegally transferring the funds to other countries.

The Central Criminal Investigation Division of Mauritius said it would file for a court order to obtain a “full disclosure” of the personal bank accounts of Dawood Rawat, as well as those of his partners and family members who are part of the executive committee of the subsidiary groups of the BAI.

Rawat resigned the GlobalCapital plc chairmanship after ITS shareholder BAI Co. Ltd had to go under the stewardship of a conservator, ordered by the financial services commission of Mauritius.

BAI Co. Ltd holds 48.45% of the ordinary shares of GlobalCapitaL.

BAI owners the Bramer Banking Corporation (BBCL), whose licence was revoked over suspicions that it was engaged in a $690 million Ponzi scheme. BBCL is a subsidiary of British American Investment Co (Mauritius) Ltd through BAI Co (Mauritius) Ltd.

Supporters of Rawat believe Mauritian prime minister Anerood Jugnauth “is moving ruthlessly to take over private-sector institutions opposed to his crony politics, and has ordered his secret police to harass prominent members of minorities such as Muslims. One such Muslim is Dawood A. Rawat, chairman of the British American Group (BAI).”

FirstPost.com claimed that the government had “rather loudly generated a whispering campaign.”

Bramer’s 30,000 deposit accounts will be taken over by State Bank of Mauritius.

GlobalCapital said its business and operation were totally separate and distinct from those of any of its shareholders, including BAI, and that the appointment of conservators of BAI did not relate to the business, operations or assets of the GlobalCapital Group.

Joseph R. Aquilina was appointed interim chairman of GlobalCapital.