Two Italians have been reported to have expressed an interest in acquiring the 48.5% share that British American Investment hold in the Maltese branch of Global Capital.
Paolo Catalfamo, honorary consul of Mauritius in Italy and Andrea Zitelli, from EIP plchave been quoted in the Mauritius press as wanting to buy this part.
"It is too early to say what we will do if the bid is successful. We saw the potential and made a bid, but we would clearly like to get involved in asset management, as that is my business", PaoloCatalfamotold the Business Observer.
Global Capital was born out of the fusion between Global Financial Services Group and British American Company Limited.
As reported last week, on Friday, 17 April the Malta Financial Services Authority announced that the major shareholder in ClobalCapital, BAI Co (Mtius), which is the owner of 48.45% of the issued share capital of GlobalCapital, has been put under the control of conservators by the authorities in Mauritius.
The Listing Authority has decided as a consequence, to suspend the listing and trading of the following securities of GlobalCapital.: [i] MT000017O1O1 GlobalCapital - Ordinary Shares; and [ii] MT0000073412 - 5.6% GlobalCapital € Bonds 2014/16; until such time that it is able to make a judgement on the effect that the position of BAI CO (Mtius) will have on the operations of GlobalCapital.
The suspensions referred to above are being taken to prevent any false market being created in the securities of GlobälCapital. The suspension will be in effect for a period of 10 working days. Further action, should this be necessary, will be communicated prior to the end of the suspension period, namely 4 May.
According to the Mauritius paper L'Express, Global Capital in 2006 bought a palace in Italy for €3.3 million. According to AneroodJugnauth, most of the money belonging to BA Insurance clients was gobbled up in this acquisition.
Besides, Paolo Catalfamo is known to be near the former regime of Mauritius and of NandaneeSoornack, whose various exploits many times enliven the Mauritian press.
An international arrest warrant had previously been issued against her by the tribunal of Port-Louis.
NandaneeSoornackwas last month arrested by Interpol at Parma, Italy, where she is said to have been residing since she left Mauritius after the announcement of the results of the general elections 2014.
The notorious businesswoman is thought to be involved in the Roches-Noires affair. Furthermore, she might also have played a pertinent role in NavinRamgoolam's controversial case whereby huge amounts of money were found at the latter's place. Soornack is suspected to have transported suitcases full of money.
She was arrested on 16 April and extradition procedures were initiated but by 20th April she was freed.
Meanwhile, reports from Kenya said this week that two directors of Britam have resigned to disentangle the company from claims of mega fraud the duo have been linked to in Mauritius.
DawoodRawat(who also resigned as chairman of Global Capital in Malta around the same time) and his nephew Moussa formally resigned last week, according to Britam's announcement to the financial markets' regulator and the Nairobi Securities Exchange, where its stock is listed.
Rawat's resignation is dated April 22, according to the regulatory filing at the NSE. "We are thankful to Mr Rawat for his contribution to Britam during his directorship," read the brief statement in part.
His place and that of his appointee nephew will be taken up by the National Insurance Company, on behalf of the Mauritius government.
Mr Rawat's term has ended on a low, years after being the global head of British American Insurance - one of the oldest insurance companies in the world, which is registered in Bahamas.
His exit followed a firm declaration by the Mauritius government that it had taken over all assets owned by the Rawat family over allegations of using one of his companies to run a Ponzi Scheme.
Mr Rawat told Mauritian authorities last week he was ready to appear in court in France as he did not wish to travel back home because of failing health.
Among the allegations he is facing are running a mega fraud scheme through his British American Insurance - Mauritius, where he developed and marketed products offering larger-than-normal returns.
Mauritian Minister for Financial Services SudarshanBhadain told The Standard one of the investment products 'had all the hallmarks of a offered interest of a Ponzi scheme" with promised interest of between 10 and 14 per cent. Recent acquisitions in Kenya and other countries in Africa, has significantly raised Britam's value.
Meanwhile in Malta the Board of Directors of Global Capital has appointed, subject to regulatory clearance, Joseph C. Schembri and Mario P. Galea as non-executive directors of the company. Mr Schembri will also act as the chairman of the company's Audit Committee while Mr Galea will act as a member of the committee.
Mr Schembri is a fellow of the Chartered and Certified Accountants in UK and a Fellow of the Malta Institute of Accountants. His audit experience spans across a number of industries including banking, insurance, IT and funds.
He was Senior Partner of KPMG Malta until September 2012 and acted as audit engagement leader of KPMG and risk management principal for the Libyan firm of KPMG until 2014.
Today, he serves as consultant and audit engagement leader of Baker Tilly Sant.
Mr Galea was the founder, Managing Partner and Chairman of Ernst & Young Malta until he retired in 2012.
Mr Galea is a certified public accountant and auditor, a Fellow of the Association of Chartered Certified Accountants and a Fellow of the Malta Institute of Accountants. He has served as President of the Malta Institute of Accountants and held various other positions in the Institute, Federation des ComptablesEuropéens and the Accountancy Board.
He currently serves on a number of boards of directors, finance committees and audit committees in various positions including on the board of Mediterranean Investment Holdings and Santumas Shareholdings.