Paul Lismore

[Paul Lismore] The amazing distortion of the SBM debt scandal by zournalus keen to blame someone who had nothing to do with it

Rédigé par E. Moris le Mercredi 10 Avril 2019

Imagine this scenario: If you or I ask for a loan of say Rs 100,000 from any bank, we would expect to be asked a fair number of questions in order to satisfy the Bank's cardinal principle of "Know Your Customer", or KYC.

It is common practice, otherwise banks will be losing money to people who they don't know and with no proven credential of fiscal reliability and responsibility. And we would also be asked to supply loads of guarantees, even personal ones, in case we default on repayments, and the bank can recoup its outlay.

So, how come SBM gave BILLIONS of rupees in 'loans' to some shady characters in Dubai and Kenya without even the most cursory KYC procedures and no guarantees?

The audited accounts of SBM for 2018 show that loans of over Rs 3.6 BILLIONS have been impaired, with Rs 1 BILLION going to an offshore client based in Dubai, and Rs 2.6 BILLIONS pocketed by the Parbari clan in Kenya.

Are you going to tell me that these were approved by some clerk at the counter? Or by the top management of SBM, and ultimately the CEO? It is the Board of SBM, appointed by the Government via its minister of finance, which approved those loans despite the absence of the required KYC protocols and the guarantees by the borrower!

And it is the CEO who has the power to disburse such huge loans...
It is abundantly clear if the required guarantees were in place and the KYC protocol had been strictly adhered to, the Rs 3.6 billions would have been safe. But they weren't and the CEO somehow decided that those wonderful borrowers were trustworthy and the money had to go to them....

So, who was the CEO and what has happened to him? Those who read my posts regularly, including the many with a stick up their arses who see it as an opportunity to 'like' any comment by anyone apart from me, will remember me writing about this wonderful chap last year. I told you then that " Raj Dussoye already had to resign from one bank, Bank One, some years ago following "some unusual banking procedures".

He then went to the SBM and brought his people from Bank One and the clients." And I added: " Once again, more banking 'irregularities'....this time to the tune of billions of rupees. What happens next? Does the bank call the police in? or the Bank of Mauritius? Eoula! Kot kapav fer sa? Ene bon dimoune sa do!

The Board of the SBM instead decides to suspend him but Dussoye prefers to resign.... So, no proper investigation, no criminal investigation, absolutely nothing in this etat de droit..."

And this is exactly what has happened. No criminal investigations, absolutely nothing from a Board of Ploks appointed by a Plok minister. I would not be surprised at all if Dussoye received a golden handshake when he was allowed to resign instead of being taken to Casernes. More to the point, why hasn't any newspaper, any of the decent journalists in existence or any of the zourlanus that fester in the fetid sewer of our 'free and independent press' asked for proper action to be taken against Raj Dussoye and the Board of Ploks that approved those billions of rupees in loans?

What have our wonderful zourlanus been doing instead?To use the hackneyed expression they love so much, zot meme p noye poisson la!

Instead of asking the right question about the real culprits, what have they been doing ? Targeting Kee Chong Li, who has absolutely fuck all to do with loans!!! Let me explain: Kee Chong Li is the Chairman of SBM Holdings, but under our crazy banking laws, SBM Holdings is just an investment company and CANNOT access any info on clients and loan matters, due to bank secrecy and client confidentiality, as decreed by the Bank of Mauritius.

So, how come someone who had nothing, absolutely fuck all to do with those toxic loans has been transformed into the ideal sacrificial lamb by zourlanus with perhaps too much empty spaces between their ears?

Why is the press deliberately confusing people about the respective roles of SBM and its Board, and SBM Holdings which is not even represented on the Board?

Or is the answer a lot simpler, and relates to the loans given by Dussoye to some zourlanus when he was at Bank One and since, and which includes, surprise surprise, le mercenaire from le mauricien?

Or could it be that many of our so called 'financial' journalists are nothing but slaves of the MCB, and any opportunity to kick its main rival in the goolies will count as the perfect ground for an unsecured loan?

One has to ask those questions simply because it makes no sense whatsoever for the press to target Kee Chong Li as the main culprit when he had absolutely nothing to do with those toxic loans either in law or in practice, and is not even a member of the Board that approved those loans.

Why isn't the press asking for true accountability and demanding that Raj Dussoye ought to at the very least face a criminal investigation, together with some members of the Board of Ploks?

Remember! Without those toxic loans, SBM would have made a profit of over Rs 4 billions in 2018! The fact remains that despite this vast campaign of disinformation by the press (which reminds me of the execrable behaviour of zourlanus in running down BAI/Bramer before the government pulled the plug...), SBM remains very well capitalised at 25% against regulatory requirement of 12%, and very liquid, as the deposits from the public increased by Rs 25 billions, which reflect the continued confidence in the bank by the public.

As I keep telling you, always look beyond the headlines and always question what you read in our so called "Free and independent" press. It is neither free nor independent and staffed largely by zourlanus who have already sold their souls to the devil. The few decent journalists that remain ought to set the record straight with reporting that is accurate and which contrasts sharply with that of the mercenaries.

Finally, as my previous post showed, there will always be some idiot who will scream 'Mauricianisme' and "racisme' if anyone from their community is mentioned, but who love it when I criticise members of other communities.

So, after having been accused of 'raciste' by a weirdo pseudo white and liked by a deranged wannabe, let me provide some equal opportunity for the thickos of other communities to accuse me of 'raciste' now: The Board of Ploks of SBM is made up mostly of malbars! Raj Dussoye has converted to Islam! Villen Anganan of L'Express is a Madras whose pic makes him look like he has a permanent headache and who never criticises the MBC but loves to have a go at SBM! Le mercenaire at le mauricien is a creole but thinks he is white!

So,on your marks! Ready, Steady, Go! Those who need to fill the empty spaces between their ears can now accuse me because of this post of being malbarophobe, Laskarophobe, Madrassophobe, Creolophobe! 

Those communities who feel left out because I have not mentioned them, patience please!

Mercredi 10 Avril 2019

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