Mauritius Creates Bank to Take Over Bramer Amid Ponzi Probe
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Mauritius will create a new company to take over Bramer Banking Corp. after the central bank revoked the lender’s license last week and the country’s prime minister said there was evidence of links to a $690 million Ponzi scheme.
The company, to be known as National Commercial Bank, will be given an operating license by the end of this week, Finance Minister Vishnu Lutchmeenaraidoo said in parliament in the capital, Port Louis, on Tuesday.