The big names at the 1MDB-tainted Islamic bank in Mauritius
The Century Bank of Mauritius has gained sudden fame with its name now known in most corners of the world.
It is not for its ‘halal’ offerings that it is known, but for the links it has with the biggest monetary scandal in the world.
Now, Mauritian prosecutor’s are thinking of looking into a Thai businessman Phengphian Laogumnerd and his rapid rise within the bank.
Laogumnerd was appointed chairman of Century Banking Corporation in January 2017.
This was shortly after joining the board in November 2016.
RAPID RISE OF JHO LOW’S BUDDY
Following his rise as the big boss at the bank, many foreigners held positions on its board.
They come as far as Malaysia, the Gulf and the United Kingdom.
He has no previous experience in Islamic finance but is a close an acquaintance of Malaysian ex-Prime Minister Najib Razak’s blue-eyed boy, Jho Low.
After Laogumnerd left, a Mauritian became the chairman of CBC in 2018. This shows that the Thai and Jho Low had two years to use the Islamic banking entity for the dirty transactions.
The Mauritian, Manoj R.K Ujoodha has aviation background, running the national airline Air Mauritius from 2006 to 2010.
In our article on how the transactions were done from Kuwait to Mauritius, we showed that Jho Low had ties with the Thai businessman.
We also know that Laogumnerd owned over 75% of one of Low’s British company, Lilestone Holding.
This perhaps establishes the fact that both were fermenting the use of the Islamic bank to aid Jho Low’s bosses in siphoning money from Malaysia.
THE MAURITIANS ONBOARD
The link between Malaysia and Mauritius thickens with the appointment of Munir Lallmahomood as CEO of the bank.
He is a graduate of the International Islamic University of Malaysia, and a former Islamic finance consultant for BoM.
He was also the regional representative for the Qatari Islamic finance consultancy Bait Al Mashura Finance Consultation.
Bait Al Mashura Finance Consultation is a Qatari organisation involved in Islamic Finance.
According to Intelligence Africa, Lallmahomood was the bank’s only executive director.
However, it is now known that the non-executive directors took part in some of its executive committees.
Lallmahomood was interrogated by the anti-Corruption Agency in Mauritius, the ICAC.
The agency did not reveal anything on their talks with the latter, but it is pursuing a Mauritian with links to Laogumnerd.
There is also the Mauritian financier Shakil Moollan who was appointed at the CBC in February 2016.
Moollan is from the famous Moollan and Moollan accounting firm in Mauritius. It is not surprising he was on board as one of the firm’s role is to facilitate investment in the country.
Reports say he was part of the three committees responsible for reporting to the board of directors, including the internal audit committee.
He is no longer part of the institution and there is no indication when did he leave the bank.
He told news portals that he now heads the family consulting firm he founded in Port-Louis, Moollan and Moollan.
THE UK AND THE ARABS
A British businessman, Charles Mark Broadley, was appointed a non-executive director in October 2016.
Broadley was CFO of a luxury hotel chain in Hong Kong from 2003 to 2008 and oversaw the construction of a luxury resort in the affluent Central London district, Belgravia, says Africa Intelligence.
Waleed Qassim Bangash, an influential Pakistani businessman and resident of Qatar and Bahrain was on board.
He was the CFO of Braeburn Estates, which belongs to Ghanim Bin Saad Al Saad and Sons Group Holdings.
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