FinancePRO Issue1 Dec

FinancePro
Issue 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.
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HIGHLIGHTS
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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.
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THE VOICE OF ACCOUNTANTS
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EXECUTIVE DIRECTOR Deyan Ristic Office: (230) 406 9622 M: 57274343 E: dristic@hatchingsltd.com EDITOR Mike Lynch Office: (230) 406 9622 M: 54992303 E: mlynch@hatchingsltd.com DESIGNER Royal-Praise O. Omololu Published by Evann Publishing Moka Business Centre, Moka, Mauritius T: (230) 406 9622. E: info@evannpublishing.com
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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
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The ACCA has rewarded 33 of the best students, or High Achievers, who took part in the 2012-2013 National Accounting Examinations.
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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 islands 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
Clairette Ah-Hen, Chief Executive of the Financial Services Commission

Photograph by Royal-Praise Photography
FINANCIAL SERVICES COMMISSION
WE ARE ALL CONNECTED THE FSCS CLAIRETTE AH-HEN STRESSES PREDICTABILITY, STABILITY AND CREDIBILITY FOR FUTURE GROWTH
wo years into the job, Clairette Ah-Hen, Chief Executive of the Financial Services Commission, believes the organisation has made huge progress, even though she would have liked to achieve more. As she told the magazine in an interview, Sometimes I have to take a step back and realise that we have limited resources and dont have all the tools that we would like, but even then tremendous progress has been made, many positive changes have been implemented, and most of the FSC staff have delivered. All in all, I think I should be satisfied. How much has Mauritius achieved in positioning the country as a global financial centre? It is my belief that Mauritius is already recognised
as an international financial services centre. I look at it from three main perspectives : Predictability; Credibility and Stability (PCS) First, you need to have investors who are global players and who value predictability in a jurisdiction, such as having rules already in place, rules which they understand, and have the knowledge of how they are to be implemented. Secondly, you have credibility, which is another key ingredient. One of the ways we attain this is to ensure that we are measured by international standards and benchmarks. We need to make sure that the application of our rules, 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. Keeping abreast of the changes made by the international standard-setters is also very important.
Q:

For example, when we talk about capital markets, Mauritius belongs to an international body called IOSCO (International Organisation of Securities Commissions). IOSCO is made up of more than 100 regulators and it sets out principles and the legal guidelines for a proper framework for investors. These include the powers of the Regulator and how these are ensured and enforced in order to protect investors. The regulator has to adhere to these principles, and in doing so, there are factors to be looked at, for instance, does the Regulator have enough well-trained resources, do they know their subject matter etc. Operators, for their part, must be made aware of how to behave in terms of the laid-out standards, such as disclosure to investors etc. The IOSCO principles are well laid down and all its members must apply the same criteria. This, in essence, gives credibility to our jurisdiction. Finally, another important aspect is stability. Following the vulnerable global economic situation, Mauritius has unfortunately also been affected and people are feeling it. For example, returns on savings and investments for pensioners and investors are so low that people are no longer sure in what to invest. This is what is happening and many pension schemes are showing deficits because of the way stockmarkets have gone down. Despite these economic uncertainties, the country has been able to demonstrate predictability, credibility and stability, which in no small part is the role of the FSC. As the Regulator of financial services for non-banking, we have a national as well as an international role in ensuring that we use and remain up-to-date with, global benchmarks. Always keeping abreast of changes, which impact on the world, while at the same time safeguarding the needs of the nation and our operators, are constant challenges which we have so far successfully overcome. 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, so we need to make sure that we are always on top. For example, as a member of IOSCO and IAIS, we are subject to Peer Reviews, i.e our peers in the Africa and Middle East region assess us; we assess each other according to the principles set down by the organisation. Another type of assessment is through our recent signature of a Memorandum of Understanding (MoU) with the body that regroup all the European Regulators, the European Securities and Market Authority (ESMA). Through the signing of this MoU, the FSC took the initiative to be on board the Alternative Investment Fund Managers Directive (AIFMD), 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. This means that after July 22, 2013, Mauritius licensed funds are able to continue to market their funds in Europe. The MoU with ESMA stipulates that in terms of regulatory objectives, we have mechanisms in place to be able to ensure effective supervision. It also means that should there be any new requirements, and a need to exchange information between regulators, we are able and ready to do that.
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, but it also shows that Mauritius has a sound regulatory framework. Europe is still an important partner for Mauritius; so this MoU is in the best interests of our country.
Q: Are you satisfied that the rules which need to be in

place are in place? One of the issues I recognise, especially for a small place like Mauritius, is that you cannot have rules just for the sake of having rules. Rules will not meet a particular standard if they are not fully understood by all the operators and the people involved. 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. You need to have rules that are understood by everyone, because application of a rule can only be made through understanding it. In drafting a rule, we generally ensure that the required principles and standards are met. However, in our quest to strive for excellence, there is always room for improvement insofar as implementation is concerned, as you can then apply the rules at greater depth.
Q: Who assesses the regulator?

The FSC forms part of international organizations such as the International Association of Insurance Supervisors (IAIS), International Organisation of Securities Commissions (IOSCO), International Organisation of Pension Supervisors (IOPS) and regional bodies (Southern African Development Community (SADC) through CISNA (Committee of Insurance, Securities and Non-bank Financial Authorities). So we are assessed by all our peers and vice versa.

I have always and still believe in identifying the principles and then building on the rules as and when required. 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, 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, time may not be as important as elsewhere, especially compared to the international private sector where you have so many demands, so many targets to meet in a short time. Here many people seem to think that when the sun sets, the day is over. But because we are part of the global community, the financial sun never sets. So I think I would have liked more people to work harder and achieve more. Sometimes, though, 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. Despite all the constraints, we have made huge progress, many changes have been brought and most of the staff have worked hard and done their best. So I think I should be satisfied.
Q: Have you instilled a different culture at the FSC?

I believe in empowerment. I have learned that I might have the knowledge and the vision, but if people dont take it onboard and dont take the same path as me, we would be on different sides of the road, going in different directions. I believe we are now on that same path; I think I have brought that to the organisation. It is now basically about the pace at which we achieve our goals. There are those who are at par with me, at the same pace. Then there are those who drag their feet a little and those who want to rush, but we are all heading in the same direction and towards the same vision.
lairette Ah-Hen was elected Vice Chairperson of the SADC-CISNA in 20122013. In her capacity as Chief Executive of the FSC, she is a member of the Mauritius Financial Reporting Council and a member of the Board of the Statistics Mauritius, the Financial Services Consultative Council and the Financial Stability Committee. She is also a member of the Financial Services Board-Regional Group for Sub-Saharan Africa and sits in the Committee 1Issuer Accounting, Audit and Disclosure of the IOSCO. 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), and of the Chartered Institute of Management Accountants, UK (CIMA). She is also a Chartered Global Management Accountant (CGMA) and a member of the Mauritius Institute of Professional Accountants (MIPA). Before joining the FSC, she was responsible for monitoring compliance with financial reporting standards across the Sub-Saharan Africa for a large international accounting firm. She was the first Chief Executive Officer of the Mauritius Financial Reporting Council in 2005, and held the post of Senior Advisor for Corporate Affairs in the Ministry of Economic Development from 2003 to 2004. Prior to 2006, 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).
Q: Is there one particular issue which has been a challenge to

achieve progress over the past two years? In the financial services sector, it has been a big challenge to get everyone to work together. Some would describe it as the culture of organisations. We have differences because we have different interests. Take insurance for example, where you look at long term insurance which is 5, 10 or 20 years down the road; we are focused on the more prudent aspect because it is over a long period of time. Then you have capital markets, operating so quickly every day that you have to be constantly on your toes. The focus is mainly on the behaviour of people. You have two different mindsets but yet in some ways we are all inter-linked and interrelated, insurance needs capital markets for their investments. That is the beauty of financial services.
In the sector it has been a big challenge to get everyone to work together

What is common is that the FSC works in the public interest, such huge, all-encompassing words but still true. In many ways we represent those, the investors and the policyholders, who stand to benefit but do not have a say. While we are their guardian, we also need to keep a balance. For example, we cannot ask insurance companies to charge low premiums or pay policyholders who have not adhered to the terms of the contract, because if the insurance companies are not profitable, they are not sustainable. Sometimes we also have the role of referee in a match, if you like, as well as that of the organisers of the tournament. We have to wear several hats. A heavy responsibility in such a wide and diverse sector I believe it is one of the sectors that represent the future of Mauritius. I have only one country and if you are given the opportunity to lead one of its most important organisations, I dont think you can say No to that. Its my privilege to do it, even though its a tough job. And probably I was given it because its a tough job. Thats my way of looking at it and I am humble to accept it as recognition given to me. Three years down the road, how will the financial services sector evolve and change, what new challenges will the FSC encounter? Let me answer this by giving you an analogy: lets take a road and the cars using that road. In 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. Similarly, in times of change, it would be good to have the automatic mode option to deal with routine tasks, then we could look at other things which require personal attention and at expanding our horizon, i.e. other changes we could bring. If everything is manual, you will constantly be in the doing-mode. Having said that there are procedures for which there is no compromise; for example, anti-money laundering and anti-terrorism financing rules. Working as we do in an international environment, this is crucial. The challenge of financial centres remains at ensuring that their reputations are not infringed by identification with financial crime and other abusive practices. We definitely do not want any kind of money laundering. If everyone was onboard with that, 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. Of course, 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, similar to drivers, know of the hazards ahead and as a result can be extra careful while navigating. Once in a while, of course, the Regulator would make checks. 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. With limited resources, this is the way I believe we can develop the market. If we allow someone to use Mauritius to launder money, it is a national issue and a risk to the entire jurisdiction. When we have a strict but effective anti-money laundering environment, we may get less money coming in, fewer profits, 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.
Q:
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Q: Is there a message you would like to

send to the financial services community? We are all connected; the action of one is going to have an impact on the other. We are all part of a bigger picture. Everyone has a specific role to play and if we dont perform, then we cause problems for the others. So we have to realize we are interdependent and interconnected and must assume our roles and responsibilities.
Vashist Gohee of the ACCA
is committed to knowledge and to supporting the accountancy profession

ashist Gohee, the chairperson of the ACCA Mauritius Network Panel is committed to meeting new challenges, he says.
The world and our own economy are facing more and more challenges. ACCA Mauritius supports more than 2,300 certified chartered accountants who provide expertise and advice in helping to tackle such challenges. The ACCA Mauritius Network Panel, the ACCA Mauritius office and myself, are all committed to continue helping the profession, says Vashist. The Chief Financial Officer of Apollo Bramwell Hospital, he is passionate about accounting and finance. ACCA was my first-choice professional qualification because it is a valued one, that fosters the abilities of professional accountants and, as it is accepted and sought after worldwide, it also opens up doors for ACCA Members to fulfil their ambition in a number of countries, he says. Vashist is not only a chartered certified accountant from ACCA, but has also graduated in Economics and holds an MBA with specialisation in Financial Management. The chairperson of ACCA started his career in 1998 as Audit Semi Senior at Kemp Chatteris Deloitte, moving to British American Insurance Co (Mtius) Ltd in January 2004 as Head of Group Accounting. He was then appointed as Executive Assistant to DCFO within the Group, in January 2006. In August 2007, he served as Finance Manager at Ireko Design and Construction Ltd. From
Vashist Gohee, ACCA Mauritius
January 2009 to June 2012, 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. According to Vashist, ACCA plays an important role in the fields of accountancy, finance and management. In each country where the worldwide ACCA organisation has set up an office, the chairperson and country head play a pivotal role. They contribute, through the local ACCA organisation
towards supporting Students and Members in learning and professional development, as well as in discussing with government and decision makers about issues that influence the accountancy, finance and management fields, he points out. The chairperson views his function at ACCA Mauritius as one thanks to which he will continuously work towards defining best business practices, supporting economic diversity and equitable employment.
Today, Mauritius has more than 2,300 ACCA members and more than 10,000 ACCA students. ACCA opened an official branch in Mauritius in 1980. 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. ACCA thus felt the need to develop an even closer relationship with its members and students. So a full-time office was set up in December 2000. Through its ACCA Approved Employer scheme, ACCA helps employers to better train ACCA students to become finance professionals. Approved Employers sponsor students towards their ACCA studies and support members in their continuous professional development. ACCAs Approved Learning Partner programme gives formal recognition to leading tuition providers. In Mauritius, several training organisations provide ACCA courses. In February 2013, LCA (Mauritius), a specialised tuition institution, was conferred ACCA Platinum Approved Learning Partner (ALP) status, which is a first for Mauritius. LCA (Mauritius) hence moved to the highest level of the Approved Learning Partner status, after being the first Mauritian institution to have been granted the Gold status a few years back. In February, ACCA also granted to BSP School of Accountancy & Management the Gold Approved Learning Partner status. 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.
brand offers excellent prospects
ACCA as a world leading
Madhavi Ramdin
ACCA, the global body for professional accountants, is a key stakeholder in the landscape of accountancy, finance and management in Mauritius. 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. Madhavi Ramdin, a young lady with a track record at executive level in Mauritius and abroad, is the Head of ACCA Mauritius.
CCA (the Association of Chartered Certified Accountants), founded in 1904, is the global body for professional accountants. To date, ACCA supports 162,000 Members and 426,000 Students in 173 countries, through a network of 89 offices and centres and more than 8,500 Approved Employers worldwide. This network extends to Mauritius, the leading territory for ACCA in Sub-Saharan Africa, thanks to the countrys steadily developing services sector that demands more and more skills and expertise in the accountancy and financial services fields. Indeed, in Mauritius more than 2,300 of the 2,600 professional accountants are ACCA Members. Madhavi Ramdin expands on some key reasons for such a choice. Our qualifications are based on international accounting standards, making them globally relevant. They also offer local law and tax options, making the qualification locally relevant too, she says. Moreover, ACCA qualifications are recognised by key regulatory and education authorities the world over and we have mutual membership agreements with several international accountancy bodies, allowing our members to acquire membership of other associations. ACCAs qualifications are also benchmarked against education levels around the world. In addition, the ethics module is a mandatory component of the ACCA syllabus. We have members in Mauritius who work at the highest level in every sector, be it in Government or in private companies. ACCA members locally and abroad
occupy key positions such as CEOs and CFOs in major companies, Finance Ministers, Accountant and Auditor Generals, in banks, in leading football clubs and airlines, says Madhavi. ACCA offers business-relevant, first-choice qualifications to people who look for a rewarding career in accountancy, finance and management. The body for professional accountants believes that the latter bring value to economies in all stages of development. It strives to align to the needs of employers in all sectors and to prepare accountants for business thanks to its qualifications. 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. Thanks to our presence in Mauritius, we can readily support our students and members in their studies and career development, says Madhavi. Accountants are increasingly playing a more central and strategic role in decision-making within organisations. We not only ensure that studying with ACCA provides a core knowledge in all areas of accountancy, but also financial and management accounting skills that are also part of the ACCA curriculum and thanks to which they can move between roles, industries and sectors. The demanding ACCA exams include papers that test students on issues such as performance management and financial management, which ensure they are prepared for the demands of modern, global businesses.
ACCAs worldwide CEO Helen Brand visit to Mauritius is nod to small island
In August 2012, ACCA Mauritius hosted the official visit of the organisations worldwide CEO, Helen Brand. During her visit, she met the President of the Republic, the Vice-Prime Minister and Minister for Finance and Economic Development, the Minister of Tertiary Education, Science, Research & Technology and the Minister of Education and Human Resources, CEOs from major accountancy firms as well as executives from the ACCA Mauritius office, the Network Panel and members. During her meetings, 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, by producing workready professionals.
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. World-wide membership of ACCA has increased from 154,000 in 2012 to nearly 162,000 in 2013. The survey shows that business leaders and employers of professional accountants have endorsed ACCA as a global leader in its sector, with 89% of employers saying they would recommend ACCA to another organisation, around 90% agreeing that ACCA is a respected brand and is a world class organisation, 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.
Teamwork the essence of MRA efciency

Tax authority wins awards for HR practices
OVER THE YEARS, the mentality at the Mauritius Revenue has changed; its now all about teamwork. The words of Sudhamo Lal, the authoritys Director General, after the MRA picked up four major accolades at the recent Human Resource Development Councils HR Excellence Awards for the Public Sector. 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. According to the HRDC, 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), accompanied by his team, receiving the HR Champion Award for the Public Sector from Dr. Vasant K. Bunwaree, Minister of Education and Human Resources.
quality HR practices, use these as benchmarks, and also raise awareness of the necessity of and benefits of investing in sound people management practices. Mr Lal was individual winner of the CEO with HR Orientation Award. The MRA also won the HR Champion of HR Excellence, HR Excellence in Strategic HRM, HR Excellence in Employer of Choice. He told FINANCE PRO: Within the MRA we function in a collegiate manner, so the credit for receiving the awards is not restricted to on department of HR; it is The Team, the management team and others. As a consequence of this, if the DG gets something as HR Champion,
that only says that the policies, procedures and processes that were adopted at strategic level were implemented successfully which resulted in some results. (SEE INTERVIEW, Page 6) For the HR Excellence awards, the MRA submitted a report and related evidence in June this year and a team of HRDC assessors visited the authority. After this, an evidencebased presentation was made to a jury by Mr Lal and an MRA team at the end of August. The awards night was on October 18 at Le Merdian Hotel.In 2011, the MRA was awarded the Special Jury HR Excellence Award and the Award for Commitment to Strategic Human Resources Management.
Training is a priority for MRA
Team Leaders Mrs Vashuda Degnarain (5th left) and Mr. Dhoojanaden Maukinum (centre) and the MRA HR Team One of the main goals of the MRA is to promote human resource development, capacity building and training in order to have a competent, ethical and highly motivated staff. So the MRA provides training to enable employees to attain the competencies required for effective performance on the job and to seek career progression. 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. The fundamental aim of training is to help the MRA achieve its purpose by adding value to its key resource - its people. All training is based on identified training needs of either the employee or the MRA as determined through performance appraisal reports, training needs assessments, future staffing requirements and future work programmes. All staff benefit from different types of training either internal, external or overseas.
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.
INTERVIEW: Sudhamo Lal of the MRA
Credit belongs to The Team

FP: First, congratulations to the entire MRA team on winning these awards. Quite an achievement. Mr Lal, as you have been with the authority since it was set up, was it always one of your priorities to make your people No. 1? In fact, the setting up of the MRA was the biggest change management exercise undertaken by the government. The idea of establishing the MRA was to obtain administrative efficiencies from the synergies of various personnel departments. It must be noted that we dont manufacture anything; we dont have any resources as such, except our human capital. Our job is to raise revenues for the government in such a manner that the optimum revenues are collected with quality, efficiency and effectiveness. We never use the word maximum. And to get the optimum taxes, my job is to train my people to be balanced and fair, not to equip them with the tools of the trade just to show their effectiveness without being just and fair. Once you give the officers powers, those powers can be used in such a way that it increases revenue but doesnt ensure equity or fairness. I believe my mandate is more difficult than any other typical HR person. Every organisation manufacturing goods would like to increase its production, raise output etc. My job is to ensure that the officers who have the power to raise and collect taxes must do this in a transparent, equitable and honest way. They must be honest with compassion. 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.
Mr. M. Sudhamo Lal joined the MRA as the first employee and Director General (DG) on May 15, 2005. He holds a first degree in Law and a post-graduate degree in Agri-Economics and Soil Science. In terms of professional development, he has undergone training in Economics, Accountancy, Taxation, Law, Public Administration, National Management, Tax Fraud Administration and Revenue Forecasting. Prior to joining the MRA, he worked in direct tax administration in Pakistan.
Technically, I would be within my legal rights to do that, but then I am not being honest with compassion. I have to see exactly what is my due; I dont have to go one rupee beyond that. How do you instill that message, honesty with compassion, in the work ethic of your officers? Our job is to collect taxes within a performance-based culture. We have benchmarks and KPIs for each and every officer. How much money is to be raised is not a KPI and none of our officers has a financial target. Our performance indicators are service delivery and output based; any complaint made against an officer goes to the negative column. Any assessment by an officer which does not stand the test of appeal before the independent unit is a negative. And we have a continuous monitoring mechanism of taxpayers coming to the service centre, when they arrived, and the time taken to attend to the matter. We also find out if they were satisfied or not, were our people polite, etc. So instead of restricting ourselves to the product, we go by the quality, efficiency, friendliness and facilitation. What are the major differences you have seen from when you arrived to lead the MRA and today? Let me give you an example. In the first year, the MRA was not quite operational but nevertheless income tax returns were filed. On the last day of the deadline, the queue of taxpayers stretched through Port Louis. Today, various returns including income tax, VAT and PAYE, are submitted at our service centre and even on the peak days the average waiting time was not more that 9.5 minutes. There is no concept of a queue, so we believe we have raised the standards of service. Of course, a taxpayer no longer has to come to the MRA to file a return; he or she can do this from
home through the Internet, which takes only an estimate five minutes. Ninety-two percent of returns are now received electronically. This is the standard of service. How have you instilled this concept of service with a smile, if you like, into those who meet the public? Previously, the departments work was not organised along functional lines - there was a person responsible for taking your return, enter the data, and making an assessment and all such things. 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. So we give our employees decent wages. As a quid pro for this, we expect from them performance-based behaviour. If they dont perform, they dont receive an increment. Also at the MRA there is no automatic promotion. How does all this manifest itself in the peoples approach to work? Naturally, people in the MRA have a different mindset than elsewhere. First, they all know that if they work hard, they will be duly rewarded. During the year, we also recognise some outstanding people, who will receive a bonus. Then we have a system of recognising innovation, suggestions that can help improve the quality of service, the MRAs performance, ideas out of the box, encouraging people to innovate the processes. We take the opportunity to harness peoples potential. And its happening. How do you personally feel about the recognition given to the MRA by the awards? The MRA itself is not a cylindrical organisation; it works in a collegiate atmosphere. So there is a DG, then a management team of about 14-15. Decisions are made cumulatively. Any action is carried out in a collegiate manner and by the teams, so everyone is prepared to take ownership. He or she feels they are part of the process. Within the MRA, we function in a collegiate manner, so the credit for receiving the awards is not restricted to one department of HR; it is The Team, the management team and others. As a consequence of this, if the DG gets something as HR Champion that only says that the policies, procedures and processes that were adopted at strategic level were implemented successfully which resulted in some results.
Naturally, people in the MRA have a different mindset than elsewhere. First, they all know that if they work hard, they will be duly rewarded.
to taxpayers. We have a dedicated taxpayer service department which has people with their computers in different parts of the city for taxpayers filing their returns. There is also a system of hotlines and the Internet, which was not there before. People who are on the frontline desk, who meet the public, are regularly trained on how to interact with people, how to ask the questions, how to talk to difficult customers.This is customer service. The mentality has changed; its all about teamwork. Now, instead of assistant commissioners, deputy commissioners etc, we have technical officers and Team Leaders. Apart from the taxpayers themselves, a most important stakeholder is the employees. Unless they undergo that change of mentality, then our mission is not complete. We also believe that you cant talk of integrity, ethics, quality,
INSURERS ASSOCIATION
INSURANCE REMAINS A PUZZLE FOR MANY MAURITIANS

Now head of the insurers association says there should be more attention paid to education
he next 18 months are likely to be challenging for Kris Lutchmenarraidoo, President of the Insurers Association of Mauritius and Group CEO of Mauritius Union. One of the main issues, which is a recurring theme for industry players, is the awareness, or rather lack of it, of the importance of insurance among members of the public. The deadly floods in Port Louis highlighted this a few months ago. People dont really understand the intricacies of insurance, how they should be insured and for what, explains Mr Lutchmenarraidoo. A simple example: The only compulsory insurance in Mauritius is motor insurance. Many people believe that when they take an all-risks policy everything is covered. An insurance contract defines what you are insured for, except for exclusions which are spelled out. The problem is that people dont take the time to read their policies, 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. Some of the victims of the flood not
only suffered emotional damage; agreed customer charter, which is all their losses were not fully covered by very nice on paper, but I think we have departed a little bit from what we have their insurance policies. to do at the associations level. As head of the insurers association, Mr Lutchmenarraidoo gave many Having been in office for only a short briefings to the media to explain to the time, I have had to take time to study public what victims may be entitled the matter. to and in what circumstances, why certain situations were not 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, who are difficult moments. the main reason for our very existence, In fact, the industry contributed he says. about Rs800,000 to the fund which was set up in the wake of the tragedy. Also on the agenda is settlement of claims. The main complaint from clients The pricing of insurance policies is a is that when they have a claim, its a big problem before they get paid by some matter of some concern, he adds. companies. We are in the business of insurance and it is our duty to settle claims when they arise, which is what I keep telling my own people. If all operators were to take the same line as I am sure many others do, of course there would not My main worry about whats going be an issue. This will certainly be an on in Mauritius within the industry area on which I intend to focus. is that many companies are trying to focus on price to win business, Of course, there are many other relegating the importance of service. matters which concern the industry as a whole. Take the Compensation In my view, the emphasis should be Fund, which was provided for in the Insurance Act 2005 and which Minister on service and quality of product. of Finance Xavier Luc Duval said in his I have been going through the 2012 budget was now to be set up. objectives of the association again TURN TO PAGE 18 and we have a code of practice and an
In my view, the emphasis should be on service and quality of product
Kris Lutchmenarraidoo, President of the Insurers Association of Mauritius and Group CEO of Mauritius Union
FROM PAGE 16 While there was some divergence between the industry and the ministry as to what the fund would cover, 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, he explains. We have approached the Financial Services Commission and made our proposals on how the fund should be set up, how contributions should be made, and how it should be managed. 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. An area which can often be controversial is the agreed statement of facts procedure after a road accident. The form, says the insurers chief, is not such a simple document. I think I can safely say that 50% of our drivers do not have the level of education to allow them to complete this. Then there can be conflict between insurance companies and it goes to the Arbitration Committee.
holders are registered. Mauritius could also have a centralised database where insurance companies could start by registering all their policyholders and their particulars, and an appeal could also be made to the public who will be having recourse to insurance companies to register themselves. Of course, many details would have to be ironed out, and it is being studied by the Ministry of Finance. It would help the whole industry if we could achieve that. 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. If this is well structured, it should push companies to adopt more best practice than they are doing now, he believes. A final point the insurers association president wished to make was the tax paid on life policies. Today, there is no tax credit or concession on the premium the client pays to insurance c o m p a n i e s . to insurance companies. Whatever premium is paid is from the clients income after tax. In the banking sector, you invest your money in a bank but however much money is invested, the interest is not taxed. So there is some disparity. We have explained this to the Mauritius Revenue Authority and the FSC, and we think they have understood our point. ,We are also going to make a case to the Ministry of Finance to review this. 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. So a busy agenda lies ahead for the President of the Insurers Association of Mauritius. But as he says: You should aim high, because even if you dont achieve 100% success, you will have made some progress a beginning.
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, who are the main reason for our very existence
The rules say that the committee should give a ruling within six weeks, but so many cases, some unnecessary, are piling up there that they take much longer. The law says if the driver is not in a position to fill in the form, a policeman can be asked for assistance. Most of the time, though, the policeman will say that if there is no physical injury, no third party damage or whatever, the drivers should settle it between themselves. We need to find a better way of doing this. A trend in the international market has caught Mr Lutchmenarraidoos attention: the increasing use of the Internet to distribute insurance products. Mauritius Union itself has three products online, but there are barriers to the practice. 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. We also have KYC (know your client) procedures. In other countries I have seen it in action in South Africa they have set up a central database where policy
professional accountants in Mauritius
MIPA should be regarded as the voice of
heem Ramruttan, Chief Executive Officer of the Mauritius Institute of Professional Acountants, already has a couple of redletter days in his diary for this year and next. Any day now his organisation will have a new website, painstaking work carrying a hefty price tag but vital to the efficient operation of the institute. A little further ahead most probably in May next year MIPA will host the third Africa Congress of Accountants, at which more than 1,000 delegates are expected. In the meantime, he remains busy restructuring the institute, which was set up in 2005 following the promulgation of the Financial Reporting Act a year earlier. The Financial Reporting Council and the National Committee on Corporate Governance came into being at the same time. Bheem was named the first CEO of MIPA in 2010. He explains: The objective of MIPA was to regulate the accounting profession in Mauritius. Previously the profession was self-regulated. However, worldwide the World Bank is behind the establishment in each country of its own PAO, Public Accounting Organisation, which can better regulate and enhance the services of accounting.
Bheem Ramruttan, Chief Executive Officer
Indeed, both the IMF and World Bank, through their own research, have found there is a direct correlation between the level of investment in a country and its financial reporting framework. So MIPA was born. For example, if we wanted to introduce an international financial reporting standard for SMEs, who would guide the accounting profession in Mauritius if each of the accountants bodies were selfregulated by their own organisations? Confusion. Thats why it was important to have a strong regulatory body for the profession. He points out that there are foreign accountancy bodies in Mauritius, which have a local office simply to manage local issues.
accountant, and those in accounting firms who have to register as member firm as well. Of course, some accountants question why they are paying to be members of more than one professional body. Being a member of MIPA, which is a legal requirement in any case, has more than tangible benefits. Their profession, our profession is well respected when we go outside the country to conferences etc. There are only two or three countries in Africa that are members of the auditing professional body worldwide, which gives an indication of our standing. We are also the seventh largest member of PAFA, the Pan African Federation of Accountants. We are an associate member of the International Federation of Accountants, with plans to become a full member next year. As for future actions, the organisation wants to introduce a GAAP, Generally Acceptable Accounting Practice, for micro businesses, which make up 80% of the companies in Mauritius. He is also introducing technical support for members regarding accountancy and auditing standards. We already have a technical committee but are looking for a driver for the project, he explains. As for the new website, members will have their own accounts, and after logging in can access technical articles, pay membership fees online, and declare online whether they have followed their required hours of continuous professional development. MIPA, stresses the CEO, should be seen as the voice of the accounting profession in Mauritius as it has a direct channel to the Financial Reporting Council, which can then advise the government about what that voice is advising. And if we want to make something happen which we believe is in the interests of the country and the profession, we can also approach the World Bank, he adds.
Indeed, both the IMF and World Bank, through their own research, 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 cant expect an organization which is based in the UK to regulate the profession here. 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. One of the CEOs first tasks was to get his members involved with the organization. We had 1,500 professional accountants registered with the institute but in Mauritius there were more than 2,000 accountants, so this was a challenge. We needed to rebrand the local regulatory body, 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, so that today we have nearly 2,500 members, including those professionals who also belong to organizations such as the ACCA and others. MIPA has different types of membership: Public accountant, those who can offer their services to the public (about 350); those registered as a PFA and public
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, a body whose professional qualification is most sought after in the industry. As an affiliate of the CII, Mauritius has the organisations mandate to help educate and train members to achieve their professional qualification, which is accepted as an international benchmark. Well into his second year as president of the local institute, Jean Yves Violette, Principal Claims Manager at Swan Insurance, explains that students take correspondence courses with the CII, and education that is topped up by the local institute and at least twice a year by visits from CII tutors. Our members offer assistance to students in order for them to get a good grasp of the subject, he says. With the ever-evolving and complex world of insurance, we have also introduced courses on various aspects of the financial services requirements be it law, liability, loss adjustments, or training in fraud detection. Our mission really is to ensure that we are interconnected in the financial services arena, not simply centered in the insurance sector. The institute has about 500 members. We were traditionally geared towards general insurance, says Mr Violette, but there is a growing trend in the health and life areas. In Mauritius, there are about 2,000 insurance salespersons, 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.
The institute also runs information sessions for its own members and those of the wider financial services community on burning issues of the day. We would certainly encourage more interaction between different sections of the financial services sector, says Mr Violette. According to the head of the institute, one of the main issues facing the industry is the use of information technology on a standardised scale. He explains: A few of the larger insurance companies make the optimum use of this technology, incurring a large investment, since the exigencies of insurance operations have evolved. They are now huge and complex as you have corporate bodies insuring health, life, pensions and so on. Information technology tools are a must.
We are not looking at the big picture, we are not anticipating, we are not pragmatic enough in my view.
Unfortunately, not all smaller companies are able to do this. The challenge, as I see it, is to get the sector on the same platform to resolve issues such as rating for premiums. At the moment, each one is simply applying a rating for premium without knowledge based on available data. There is an imbalance throughout the sector. The large companies have the financial resources, technical resources and knowledge; for the most part the smaller firms dont. Mr Violettes major concern is having a sound financial basis for pricing of insurance across-the-board. Sooner or later, I fear that in various sectors it will be a similar situation as in the UK some 20 years back, or the States inadequate funds to meet claims.
This becomes more pressing when it comes to the effect of situations like climate change. Just imagine if we had a larger catastrophe than the recent Port Louis flood earlier thhis year, say in the centre of the city or in one of our larger towns. This would be a real challenge and I dont believe our insurers, or many financial companies, have thought it through. For example, during the recent flood, some companies had their archives and some IT equipment underground in Port Louis. Just imagine if there was no back-up elsewhere We are not looking the big picture, we are not anticipating, we are not pragmatic enough in my view.
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. CEO Sattar Hajee Abdoula told potential employers who visited the school in Ebene students can now acquire three-months professional experience in British companies. 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. The ACA qualification is considered prestigious and is solicited the business world. For Mauritius to become a reference in financial services, it will need professionals having acquired quality training and international experience, he added. The Grant Thornton initiative is supported by the British High Commissioner in Mauritius, Nick Leake, 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 business school provides a wide spectrum of accounting and management courses that are said to meet the needs of both private and public sector. Training can be delivered both on-the-job and off-thejob. For on-the-job training the school first carries out a training needs analysis on-site at the clients premises in order to fully customise the training to the specific requirements of the client. For off-the-job training, it delivers the course sessions at its Training Centre in Port Louis and Ebene. All courses are registered at the Mauritius Qualifications Authority.
Nowadays you have to have everything checked and double-checked

Having been in the sector since 1975, Mr Violette has become concerned about the general lack of awareness about the importance of being properly insured. The growth in wealth and the multiplication of business activities, including financial, carries with it huge implications. Without appropriate or adequate insurance cover, losses can be immense. The social aspect of insurance is also big challenge for the industry. We must create awareness, encourage an insurance culture not only within the business community but also in the general public. 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. While the continued education of insurance professionals is our guiding mandate, we would gladly help the association with the education of the general public. Having so many years in the insurance industry, he has seen the sector evolve and change and, of course, become more complex. When I started in claims in 1975 it was based on utmost good faith. If I phoned a garage, say, and was told the repair would cost Rs500, 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. Small things like this made it great working in insurance. Nowadays you have to have everything checked and double-checked.
Briefing from Africa

With the eyes of the Mauritian financial services sector more and more focused on Africa, and the recent Budget announcement that Rs500 million was to be injected in a MauritiusAfrica Fund over five years, we talk to a leading investment consultant base in Nairobi, the Kenyan capital.
Q&A
Pierre-Emmanuel Maubert
FP: From working in the French government to being a Director of africapractice, can you please give us a description of the journey? Proparco, the private lending arm of the French Development Agency, decided to open an office in Nairobi in 1997. Having always wanted to work on the African continent, I seized the opportunity to move to Kenya. I was then given an opportunity to stay in Kenya, as Commercial Attach for the French Embassy. So, I was on my way to being a diplomat, with three years postings around the globe. But when the French government proposed to move me to Dallas, Texas, it became clear to me that the land of opportunity was actually right where I was, in Kenya. So I left the French government and stayed in Nairobi, created my own company, representing foreign investors and working on cultural policies in Kenya, and later on joined forces with africapractice which had just opened an office here. FP: Milestones along the way? The main milestones all have one thing in common: realising the importance of the other sides view, and trying to integrate it in my own thinking. In French, a point of view is translated as point de vue, and point can also mean no so by sticking to our point de vue, we can easily end up having no view, literally. Realising this had an impact on my personal, professional and spiritual life. Rather than mentioning hundreds of millions of dollars in deals, policies that we supported or progressive Presidents we worked for, I would rather see this as milestones on my journey that enable me to value each encounter, each challenge in life as an opportunity to grow. FP: Family life? I am married, with three children. I met my wife during my second posting in Kenya, and I must confess that it
is a Director of africapractice, who specialises in competitive identity, government communications and stakeholder engagement. He has more than 15 years experience advising governments and institutions on competitive identity and public diplomacy, as well as on policy and political communications, in sectors including trade, investment promotion, environment, audio-visual, sports and culture. He has worked for the French Ministry of Foreign Affairs and the French Ministry of Finance, Trade and Industry.
was also a part of me realising that I wanted to call Kenya home. 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. We advise some of the largest institutions, companies and investors on the African continent, helping them to understand complex political and commercial dynamics and manage challenging relationships with demanding and critical audiences including regulators, media, capital markets, customers and suppliers. With every assignment that we carry out we seek to align the interests of our client with those of the state, the shareholders and the communities they serve. We call this Shared Advantage. 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, one of my roles is to always think like the public sector, so to speak, to understand the merits of its approach on specific issues, or projects, and ensure that the Public Affairs strategies we design for private investors take this into account. I am also working for governments, to assist them articulating their public policies to the various audiences they need to inform, or partner with, to realise their ambition this is what we call Public Diplomacy. Finally, over the past years, I have focused a lot of our research on Competitive Identity, specially for countries or places: how can nations be clear about their specific value proposition to the world, based on their own unique characteristics - geographic, historic, cultural - and on the specific genius and aspirations of their people. TURN TO PAGE 25
FROM PAGE 24 FP: For companies doing business in Africa, 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, that profits and returns on investment can be big. And its a rule of business that the higher the risk, the higher the return. But if one can reduce the risks without touching the return, business becomes even more interesting. Most of the risks on the continent are associated with a lack of visibility, or predictability, of the regulatory environments. Many institutions are still in an early phase of consolidation let us never forget that most African countries are only 50 years old, and the process of building working institutions, respectful of the specificities of each country, can be long. Most countries had inherited institutions and regulatory environments from the colonising powers, and are currently in the process of revisiting them for the benefit of their own people. This is completely normal, and healthy, and precisely what creates the opportunities for investors to get involved in the process. African governments welcome dialogue with the private sector, especially in this process of developing their own regulatory environments. For investors, 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, and input in the process of defining conducive environments for all, thus reducing the risks. TURN TO PAGE 26
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, issues that are of public interest. It is the role of government to prescribe the ways in which these issues are addressed because the State is responsible, first and foremost, to its citizens, its people, or associations of people under the forms of local companies for example. By identifying what is at stake around specific issues, why they are important, how they are related and inter-dependent, what could be done to address them and the way each government wants to approach and handle them in the best interest of all, we can identify solutions that the private sector can bring to the table in its discussion or negotiations with governments. We strive to create informed and constructive dialogue between governments, private sectors, but also the communities that are most impacted by specific projects and ensure that the contributions of our clients, be they governments or the private sector, are understood and appreciated by the other parties. FP: Relationship management for stakeholders would, we expect, be a key part of your assignments. Please explain. To understand a situation, one has to first identify all the stakeholders of this situation, all the people or organisations that are impacted by a project, or that should have a say in this project. Once we have identified them, we need to understand each ones view of the issues at hand, their position to influence them and their own personal or institutional relation to them. This enables us to move from a stakeholders universe, to a stakeholders map, based on criteria of influence and attitude towards a project, or an issue. Once we have a map, it becomes easier to envisage possible roads to success, 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. We then use our proprietary software, In Gauge, to track the relationships, the impact of various engagements and activities aimed at ensuring that most stakeholders are supportive of the project. FP: With your long and in-depth experience of the continent, 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, and she is seizing them with a renewed sense of confidence in herself, her own worldview and her own specificities. The integration processes, be they through regional economic communities or at the African Union level holds much promise not just because the markets become bigger, and easier to deal with, but also because its always easier to chart new solutions when you are not alone. Working together can embolden African countries to assert their own models, their own solutions the past 10 years have shown to all that the models inherited from the Occident were not flawless. One needs courage to revisit them, and African solidarity can hearten countries to invent these new models of doing business, in a sustainable and inclusive way, to avoid some of the shortcomings of the models of the past. This is also possibly where Mauritius can contribute greatly to the reflection, by bringing her own experience of integrating African and Asian ideas and charting her own way forward.
How African is Mauritius ready to be? If African countries, and companies, truly see Mauritius as an African brother who understands them because they share some cultural similarities, it could unlock a lot of cooperation and business for Mauritius on the continent.
FP: Over the past few years, Mauritian businesses have been looking to broaden and strengthen ties with Africa. Indeed, the island itself has been positioning itself as the bridge or gateway between Asia and Africa. 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, in the recent past and in the future. Mauritius has some expertise and skills that are much needed in Africa finance is an obvious one, but I would want to explore cultural affinities also. Being a bridge is good, but its better if there is traffic on this bridge, and even better if the traffic goes both ways! How can Mauritian companies encourage not just Asian investment on the continent, but also empower African companies to trade with, or invest in, Asia. South Africa often projects itself as the entry door to the continent it seems to me that the Mauritius value proposition is more powerful, precisely because it integrates a twoway traffic. So one key question could be: How African is Mauritius ready to be? If African countries, and companies, truly see Mauritius as an African brother who understands them because they share some cultural similarities, it could unlock a lot of cooperation and business for Mauritius on the continent. *africapractice is represented Hatchings Ltd. in Mauritius by
FINANCENEWS
BANKING AWARD
THE CHARTERED FINANCIAL Analysts Institute is celebrating 10 years of its professional association in Mauritius. Nowadays known as the CFA Society of Mauritius, it is part of the CFA Institute, a global, non-profit member organization of financial analysts, portfolio managers, and other investment professionals. The local body ensures local representation, mainly for the management of local candidates and the delivery of the CFA degree. The 10th anniversary celebration was marked by the visit of Nitin Mehta, Managing Director of the CFA Institute for Europe, Middle East and African regions.
BANK ONE NOMINATES THE NEXT CHIEF EXECUTIVE

SeniOr BanKer
Ravneet Chowdhury has been nominated Chief Executive-Designate, subject to the necessary approvals, to guide Bank Ones strategic focus on international banking in Africa and the region. Scheduled to take up his post on January 1, he replaces Raj Dussoye who, says the bank, will remain at the service of the Bank until further notice. The board says on the banks website that it wishes to place on record the excellent work done by Mr. Dussoye, who has advised the Board that he wishes to play a less active role in view of his personal commitments. In a statement, the bank says Mr. Dussoye has successfully turned around the former First City Bank Ltd into a profitable and a wellrespected institution, with an enhanced brand image. Under the leadership of Mr. Dussoye, 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. It adds: The Board of Directors believes it is time for Bank One to take a new strategic direction, focusing on African and regional perspectives, while reinforcing its local presence. Mr. Chowdhury, an Indian national, has had a brilliant career in the banking industry, occupying various senior positions in Standard Chartered Bank prior to his appointment as CEO of Standard Chartered Bank, Oman. During his career, he has had extensive African experience, having worked in Southern and East Africa for a number of years. He has also worked previously for ABN AMRO and American Express Bank.
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. Two companies - Copex Management Services Limited and Copex Trustees Limited - have had their operating permits suspended with immediate effect. According to the FSC, the companies are the targets of an inquiry and the suspension is said to be in the customers interests.
MINISTER HONOURED
Minister OF Finance
Xavier-Luc Duval has stressed the importance of using Mauritius as a financial centre. He made the remarks at a business forum soon after receiving the highest distinction of Gabon from President Ali Bongo Ondimba, being given the rank of Commander of the National Order of the Equator Star. In his speech, Mr Duval said the financial services sector represents more than 10% of GDP, employs about 15,000 professionals and has more than 20 years experience in the Global Business arena. The sector is regulated according to international norms, with modern laws and financial instruments which have the confidence of international investors. Mauritius remains a centre where the promoters have the possibility of raising funds for important projects, notably through our banks as well as our two Stock Exchanges. Our financial centre attracts renowned institutions, such as the COMESA Infrastructure Fund and the PTA Bank. More than 60% of our new entities created in the financial sector in Mauritius are presently targeted towards Africa, he added.
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. Operating under the Ministry of Business, Enterprise and Co-operatives, it has approved 232 projects for a total of Rs236.5 million. Apart from funding, the MBGS has mentoring services for entrepreneurs. And in 2012, it launched the Start-ups Entrepreneurship Scheme. The scheme allows entrepreneurs a monthly salary of Rs20,000 for one year.
The 33 happy students who were awarded ACCA 2012-2013 exams honours.
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. More than 7,000 professionals took part, all at their first attempt. 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. The chief guest was Mr Ravi Gill, Managing Director of London College of Accountancy (LCA), which sponsored the occasion. The examinations assessed students who chose the ACCA and have been trained in institutes or studied independently. Family and friends of the laureates were on hand on what was an emotional occasion for many. None more so than the father of Melvina Cunjamalay, who was ranked No.
1 overall in the 2012-213 exams. I am so happy to see my daughter on the podium today that I can barely control my emotions, said Mr Cunjamalay as his daughter accepted the winners shield from the LCAs Mr Gill. Melvina added: I am very honoured to have obtained first place at the national level. It is a great pride for me to have a degree recognised by an organisation as prestigious as the ACCA. I dedicate my success to my parents and fianc and the invaluable support of my teachers for their help during my studies. Madhavi Ramdin, head of the ACCA Mauritius, 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. Training programmes are highly structured and relevant for the
sector and our qualifications are recognised across the world, which paves the way for students who want to have professional recognition and aspire to key positions. In recent years, she added, a growing number of students have chosen accounting as a career and there is a big demand for accountants in the business world. 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 3,000 professionals in the finance sector by 2015. According to the LCAs 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. I also note with pleasure that this year again, LCA Mauritius students are among the best at the national level.
Photo captions: TOP LEFT: Ravi Gill, Managing Director of London College of Accountancy (LCA) meets accounting experts. TOP RIGHT: Muhammad Adam Ataoullah, another of the students who topped up the ACCA 2012-2013 exams. ABOVE: Melvina Cunjamaly with her family and fianc.
After completing the exams, students can become an ACCA Member (which gives them Chartered Accountant status). Ninety per cent of 2,700 Mauritian accountants from different certification streams are ACCA-qualified. The ACCA qualification is based on a unique and updated course according to the needs of the changing economy and global accounting standards. The course,
developed in the UK by the ACCA, is applied in 170 countries where accelerated and recognised training is provided. For the record, ACCA Mauritius has more than 12,000 members including students. The Mauritian branch was officially launched in 1980 and the national office was opened in 2000. 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 ACCA has a total of 154,000 members and 432,000 students in 170 countries worldwide. The organisations global network includes more than 80 offices and centres as well as more than 8,400 partners-employers who support training of their employees as part of the curriculum and the ACCA certification.
MELvINA HAs A foRmuLA foR succEss

Shes an ACCA High Achiever
Melvina PUvanam CUnJamalaY, 26, a business development coordinator at the Mauritius Commercial Bank, certainly knows the formula for success, recently topping the ACCA exams list.
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). Family support and hard work were the keys to her achievement she told FINANCE PRO. I love science but the financial world has always fascinated me, explained the former Dr Maurice Cur Secondary School student as she held her winning trophy after the awards ceremony at Ebene. Despite performing brilliantly in science studies at school, she wanted to experience something different academically when she went to university. Science is certainly not boring so that was not the reason why I left it behind after joining the UoM; I simply wanted to learn something different. I chose to study finance with law at university. I became passionate about it and began to love accounting when I was writing my essay for tertiary exams, she added. Switching from science to finance was not easy but being able to count on the support of her parents, fianc and friends helped her to focus on the subject and work diligently. Without my parents and fiancs help, I would have dropped the subject a long time ago, Melvina admitted. After three years of study at the UoM, Melvina was awarded a BSC in Finance with Law and now now works at the MCB in Port Louis. 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. Before joining the MCB, Melvina worked for Barclays Bank as well as for the State Bank of Mauritius (SBM).
She began ACCA studies after joining the MCB Group as the bank was a Gold Employer for the ACCA study programme. This facility which the bank provides has been an encouraging factor for me to go forward for the ACCA study programme. Melvina said she had to take further studies in accounting once she joined the ACCA programme. I had to take extra tuition to be able to get a clear picture of accounting, she explained. To some, accounting and finance can appear boring. Melvina has a different version: Figures are good for your health as they keep you awake and focussed. They also help the mind to think and act fast. As for job titles, they are not important. There is nothing in a title. What matters is loyalty to the company you are working for and motivation for what you are doing. Melvina will spend some time acquiring experience in accounting before joining a Masters programme or MBA (Master of Business Administration). Education is a never-ending quest. I will never give up or stop learning, she concluded.
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.
The memorandum of understanding (MoU), for five years, was signed by Jamil Ampomah, ACCA Sub Saharan Africa Director, and Bheem Ramruttan, Chief Executive of MIPA. It has three main objectives. The first is to promote the sustainable development of the profession by strengthening technical and information exchange, enhancing ethical standards and strengthening regulation and governance. Another is to enable enhanced membership services to MIPA members, both practising and non-practising, in respect of training, continued education and professional development schemes that contribute significantly to acquiring and upholding high standards of professionalism, ethics and technical competencies. Additionally, the ACCA will provide
Mr Ampomah and Mr. Ramruttan seal the agreement
Global Management has new General Manager

SHAMMEMKHAN Abdoolakhan, the new General Manager of ABC Global Management Services, has had a rich career in the Global Business sector and has worked as Senior Manager Corporate and Trust at CIM Global Management. As General Manager of ABC Global, he wants to develop new products and recruit officers to reinforce the technical capacities
will need to implement for an IFACcompliant CPD policy. In connection with SMO 6, ACCA will provide MIPA with information and guidance on possible investigation and disciplinary structures that MIPA could implement. In this context, MIPA and ACCA will keep each other informed of any disciplinary action taken against a member who Regarding SMO 2, the ACCA will is also a member of the other body. 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 ACCA is committed to support MIPA to compile a response to IFACs Compliance Self-Assessment questionnaire, and to help it in changes regarding provisions of the Mauritian of the enterprise. He has been in Companies Act 2001 and the the financial sector for 15 years. Financial Reporting Act 2004. ACCA will also help MIPA in drafting The company, present in Mauritius its Charter. and Seychelles, is a leading provider of wealth management, In addition, ACCA Mauritius trust, offshore, 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. order to encourage members to abide by local legal regulations. 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, International Education Standards and SMO 6, Investigation and Discipline.
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, said the award at global level is recognition of the banks commitment to create value for its niche market and to distinguish itself through unique products through an open architecture investment approach.
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). This consists of traditional loans given by the commercial banks (Rs92.1 million) as well as loans under the Government Guaranteed Scheme (Rs17.8 million). State Bank of Mauritius (SBM) tops the student loans ranking with Rs50.8 million in the period under review, followed by the Mauritius Post and Cooperative Bank (MPCB) at Rs30.8 million. The Mauritius Commercial Bank (MCB) is third with loans totalling Rs12.3 million.
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, Phoenix, attended Minister of the Environment and Sustainable Development Dev Virahsawmy and Jamil Ampomah, ACCA Sub Saharan Africa Director. The event was sponsored by Standard Chartered Bank (an ACCA Global Approved Employer). 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. 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. The 220 new members add to the 2,300-plus professional accountants who have already attained membership, making up more than 85% of the total number of professional accountants in Mauritius.
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.mcb. mu/knowledgecentre. Put together with the participation of Ernst & Young, it is is a documentation centre which offers multimedia material to accompany entrepreneurs at every level of their development.
CIMAs 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. Sham Mathura, Director of BSP School, said of the new partnership: As one of the main training institutions in the accounting sector, we want to include the CIMA qualification which is recognised worldwide, among the numerous courses we offer. 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.
LEFT: Ravind Dindoyal ABOVE: Ansahbee Beeharry and Wassima Juhoor
ON THE PaTH TO EXPERTiSE

Ansahbee Beeharry, Wassima Juhoor and Ravind Dindoyal were just three of the young professional accountants who took part in the recent ACCA New Members Ceremony. Ravind, 32, is a Business Finance Manager at Standard Chartered Bank (Mauritius) Ltd. He started ACCA in 2001 and completed his qualification in 2008. Undertaking ACCA studies and having such qualifications were highly regarded and very well valued by professional accountants and employers, he said to explain why he chose ACCA to add to his qualifications and expertise. Being ACCA members, we can reach high levels of knowledge and aspire to key positions in accountancy and management, he added. Ravind was appointed Business Finance Manager in 2007 while he was completing the final stage of his ACCA qualification. The ACCA membership makes me realise that I am now among those professionals having the right ethical behaviour and finance experience. The next step for him in the ACCA path for career development is to obtain the even more prestigious FCCA (Fellow of ACCA) designation. Ansahbee Beeharry and Wassima Juhoor, both 22, have a different story and track record, but share the same eagerness for ACCA in building their careers. Both young women have worked in the audit department of the accountancy firm EY (previously, Ernst & Young) since 2009 and started ACCA courses in the same year. They wanted to have different training and development in both academic knowledge and persona. I chose ACCA taking into account the professional supervision and the fact that the qualification is recognised worldwide, said Wassima. For Ansahbee, the aim was to have the opportunity for better career progression and become a complete finance professional with the highest level of competence. 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, by following formal and structured training. We are proud to be a part of the global organisation and appreciate the support being provided to us as professionals. Being an ACCA member will open doors to new opportunities and allows us to interact with other members, they said. Ansahbee intends to do an MBA in the near future. As for Wassima, she intends to further her career by taking up courses in Islamic finance.
State Bank success down to staff and customers

JAIRAj SoNoo, Chief-Executive-Banking (Indian Ocean Islands) of the State Bank of Mauritius, and his management team are celebrating yet another award. For the second year in a row, the bank has been named Best Bank in Mauritius by Capital Finance International (CFI.co), a London-based print journal and online resource reporting on business and finance. Mr Sonoo, who returned to the State Bank (SBM) in 2012 after a two-year stint at Bramer Bank, attributed the banks most recent success to his staff and customers. SBM employs more than 1,200 staff in Mauritius, India and Madagascar. According to the SBM website, these employees are core to the organisation in providing quality service to customers, thus generating sustainable business and building the brand. As a key source of competitive advantage, human capital has gained increasing importance notably through a clear programme of retention, motivation, training and reward.
Jairaj Sonoo
The CFI.co Judging Panel was unanimous in naming SBM as Best Bank Mauritius for 2013. The judges pointed to the banks outstanding growth record, its innovations and its obvious concern for all stakeholders. Moodys Investors Service continues to rate SBM the highest amongst its peers in Mauritius: Baa1 for global local currency deposits, Baa1/P-2 for foreign currency deposits, Baa1 for foreign currency issuer rating and Cfor Bank Financial Strength ratings.
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, when the scheme was launched in 2010, have now completed their studies and joined the labour market. Happily, two of them are employed at SBM, one of whom is Medha Haheeram who spoke to FINANCE PRO. TuRN To pAgE 35
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. The bank has already awarded 600 scholarships which were given to bright and needy students, including 12 from Rodrigues, as well as disabled students.
Around 300 of SBMs scholarship beneficiaries are studying at tertiary level while another 300 are pursuing courses at the Mauritius Institute of Training & Development (MITD). This year, SBM will be awarding another 400 scholarships to bright and needy students, bringing the total number to 1,000. SBM has an intensive CSR programme with main focus of its CSR agenda being Education and Empowerment geared towards vulnerable groups.
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 countrys labour force and contributes to the development of the nation But above all, through the SBM Scholarship Scheme, it enables bright and needy students to have a brighter and successful future.
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 todays job market. It is a reliable and resilient sector of our economy which is expanding and becoming more competitive. There are immense opportunities for growth and career progression. Why did you apply for the SBM Scholarship Scheme? Despite possessing academic merit, it was difficult for me to pursue higher studies due to financial constraints. 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. 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. How did the SBM Scholarship Scheme help you? Thanks to the scheme, I am today a proud graduate from the University of Mauritius. I have now realised my dream of pursuing an undergraduate degree in a course of my choice. The scholarship not only covered the costs of tuition fees, library and examination fees, Student Union fees and other administrative fees, but also an additional stipend, which helped me pay for all additional expenses incurred throughout my three years of study. Being an awardee of the SBM Scholarship, I was also eligible for the SBM IT Project, another SBM Corporate Social Responsibility (CSR) initiative. As such, 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. 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. SBM has an outstanding reputation in the industry where learning is at the centre of employee development. Employees can grow and achieve their career aspirations through on-thejob training, mentoring/coaching, project work, selfdirected learning, continuous learning seminars, pursuit of academic degrees, and professional accreditation and job rotation. Over and above this, 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. At the SBM, I am today living my dream, doing what I love to do to the best of my abilities.
while I was studying at the university.
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. ACM was previously a joint venture. 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. 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. This new transaction will enable us in advancing in our growth strategy, strengthening the groups foundation on the local ground and even better positioning us for the future, explained James Benoit, CEO of AfrAsia Group. 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. The change in the shareholding
GrOUp
with AfrAsia in my capacity as Managing Director at AXYS Capital Management. We have built over the years a solid brand and launched together with AfrAsia several investment products. That being said, asset management has always been an important component of the banks private banking offering and with this acquisition, more synergies are expected so as to grow the business regionally, making ACM a reference in the region. AfrAsias private banking offering is being improved through a now fully-owned asset management arm which adds growth opportunities for the group. 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.
Swadicq Nuthay structure has not affected the internal operations of ACM which will continue to be headed by Swadicq Nuthay, Chief Executive, AfrAsia Capital Management and his team of portfolio managers. 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, Ebne, its fourth country branch after Burundi, Kenya and Zimbabwe. The banks main shareholders are the African Development Bank (ADB) and the Popular Bank of China along with the member states of COMESA, East Africa Community (EAC) and SADC. So far, 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. The PTA Bank attaches high importance to projects and programmes which represent potential to make a regional economic impact. At the end of last year, Fitch Ratings revised PTA Bank from stable to positive.
colleagues know about professional achievements, social activities, personal successes, points of view and commentaries on the industry. Contact mlynch@hatchingsltd.com
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CLAIRETTE AH-HEN OF THE FSC

CLUTCH OF AWARDS FOR MRA

High Achiever in accounting

INSURERS CHIEF HAS BUSY TERM

THE VOICE OF ACCOUNTANTS

SALUTING THE HIGH ACHIEVERS

SECTOR WILL NEED PROFESSIONALS WITH MORE SKILLS

INSURERS CHIEF ON INDUSTRY CHALLENGES

AN EXPERT BRIEFING ON RISING AFRICA

FINANcE pRo ISSUE 1 DECEMBER 2013 | 3

Clairette Ah-Hen, Chief Executive of the Financial Services Commission

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FINANCIAL SERVICES COMMISSION

FINANcE pRo ISSUE 1 DECEMBER 2013 | 5

FINANCIAL SERVICES COMMISSION

Q: Are you satisfied that the rules which need to be in

Q: Who assesses the regulator?

6 | FINANcE pRo ISSUE 1 DECEMBER 2013

FINANCIAL SERVICES COMMISSION

Q: Are you personally satisfied with the progress you have

Q: Have you instilled a different culture at the FSC?

Q: Is there one particular issue which has been a challenge to

FINANCIAL SERVICES COMMISSION

Q: Is there a message you would like to

8 | FINANcE pRo ISSUE 1 DECEMBER 2013

Vashist Gohee of the ACCA

is committed to knowledge and to supporting the accountancy profession

Vashist Gohee, ACCA Mauritius

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brand offers excellent prospects

ACCA as a world leading

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ACCA helps business grow according to recent survey

Teamwork the essence of MRA efciency

Training is a priority for MRA

Number of Training Courses Year

Overseas (including Mission)

Jan to Dec 2010 Jan to Dec 2011

Jan to Dec 2012

Jan to Oct 2013

INTERVIEW: Sudhamo Lal of the MRA

Credit belongs to The Team

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INSURANCE REMAINS A PUZZLE FOR MANY MAURITIANS

In my view, the emphasis should be on service and quality of product

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professional accountants in Mauritius

MIPA should be regarded as the voice of

Bheem Ramruttan, Chief Executive Officer

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THE MISSION IS TO BE INTERCONNECTED SAYS JEAN YVES

New scheme to help students gain experience

Nowadays you have to have everything checked and double-checked

FINANcE pRo ISSUE 1 DECEMBER 2013 | 23

Briefing from Africa

Briefing from Africa

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BANK ONE NOMINATES THE NEXT CHIEF EXECUTIVE