Former GlobalCapital chairman ready to face French court

One of the lawyers of former GlobalCapital plc chairman Dawood Rawat has announced that his client is ready to appear in court in France to answer to the queries of the Mauritian authorities, of allegedly running a Ponzi scheme.

Shakeel Mohamed said Dawood Rawat had expressed his wish for transparency over the accusations, and had written a letter to the Mauritian director of public prosecution informing him of his intentions.

Mohamed said that Rawat could not make the journey back to Mauritius for health reasons, and that he was currently under treatment in Europe.

The lawyer argued that no incriminating evidence as to the alleged Ponzi scheme had been provided. “The accusations against my client are baseless.”

Rawat could be issued with an international arrest warrant on suspicions 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 one of its main shareholders, BAI Co. Ltd of Mauritius, 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’s owners, the Bramer Banking Corporation (BBCL), had its licence 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.” 

But Bramer’s 30,000 deposit accounts have now been taken over by State Bank of Mauritius.

GlobalCapital has 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.