Century Bank in Mauritius loses license due to Najib-links
Local newspapers in Mauritius say the Century Banking Corporation (CBC) had its licence revoked by the Bank of Mauritius because of links to the Najib Razak scandal in Malaysia.
Le Defi, a printed and online newspaper says according to its sources, the licence of the bank was revoked in partly linked to the 1MDB scandal.
“According to our sources, the revocation of the licence of the Islamic bank is partially linked to the mega-scandal in Malaysia following the conviction of Najib Razak, ex PM,” the paper wrote.
“Najib was found guilty on all seven charges in a corruption case,” the paper notes.
On Monday, the Bank of Mauritius revoked the Century Bank’s licence with immediate effect.
According to the BOM, the CBC did not rectify several infractions to the banking laws of the country relating to capital requirements, internal control systems, compliance with anti-money laundering and anti-terrorist financing requirements and record keeping obligations.
THE SHADOW OF 1MDB
The paper says the conclusions of an investigation by the Mauritian anti-corruption agency, ICAC and the FBI shows there were important illegal transfer of funds through the bank.
Suspicions relate to several million rupees originating from the scheming of the Malaysian sovereign fund 1MDB.
The report says large amount of money passed through accounts of the “ultimate beneficiary” of one of the fraudsters who had taken refuge in Thailand.
The CEO of Century Banking will be questioned “under warning” on cases of allegations of money laundering from !MDB.
The anti-corruption agency will query him on the transactions involving several million dollars from 1MDB at the bank.
The CEO failed to show up at the ICAC on Monday. The portal of the bank is currently unavailable.