‘Ministry of Financia Services, Good Governance, Institutional Reforms, Technology, ‘Communication and Innovation ‘COMMUNIOUE KPMG Manrisua ‘The Ministry bas taken note ofthe communiqué of KPMG Mauritius dated 16 September 2015, which contains erroneous fics. ln the public interest and with a view to setting the record straight, the following facts are highlighted. Firstly, (9) KPMG Mauritius, the auditor of BAI Co. (Mus) Lid preseted the results of ts audit for year ‘ended 31 December 2010 to the Audit Commince and diesiors of BAI Co. (Mins) Lid on 29, March 2011, depicting the financial schemes and other fudulnt malpracties within the ‘Group including ‘round tripping” of transactions in 2009 and actual and estimated losses stributable tothe ‘Super Cath Back Gold? scheme. (©) Nevertheless, cleam suit reports have been issued by KPMG Mauritius forthe year ended 31 ‘December 2011 and subsequent yers ended 31 December 2012, 2013 and 2014, (©) Theabove mentioned facts have not been denied by KPMG Mauritius in ts communign dated today, which was published inthe moming edition of todays Mexpress newspaper. (® KPMG Mauritius did not make any report 0 the Financial Inelgence Unit, the Financial Reporting Council andthe Financial Services Commission ("FSC") as required by law. Secondly, ‘Whilst this communiqué was issued by KPMG Mauritius, the Ministy had convened Mr Trevor Hoole, Chief Executive of KPMG-South Aftia, 0 atend a meeting on 4 September 2015, in presence of the Chairperson and Vice-Chairperson of the FSC, to highlight the shortcomings of [KPMG Maurits and thei irancial responsibilty towards insurance policyholders in Maurits. ‘The Hon, Miniter of Financial Series, Good Governance, institutional Reforms, Tecknology, ‘Communication and Innovation statements during the MBC TV program, which tok place at 20:30, ‘son 11® September 2015, sccuruely reflected the dacusions ofthe meeting and an emai recived ‘eacticr on the same day, ie 11 September 2015, trom the Chief Executive of KPMG-South fic, aclresed tothe Chairperson of the FSC with subject “Follow up to meeting with KPMG on Of September” 1k was explained that KPMG-Sout Aftin had commissioned its own full intemal review of the rater and the “fot finding’ on KPMG Mauritius is being conducted by a team of specialists “Independent of° KPMG Maurits. ‘The CEO of KPMO-South Aftien further stated that KPMG. South AStica has “communicated the fll extent ofthe situation to one Global Leadership. They have offered 1o come to Meats 1 meet with ‘you at required. Should you wish o meet me and Steven, please le me know." ‘The CEO of KPMG-South Afica concluded by sting “We tke the marer mas seriously and wish to seit resolved to your satisfaction.” 16 September 2015,