The Finance Minister of Mauritius told the Parliament there that no shell company exists in Mauritius. Finance Minister Mahen Kumar Siruttan said that the allegations made by Hindenburg Research against Adani Group are completely false and baseless. Mauritius is fully compliant with OECD tax rules.
On a written notice from an MP in the Parliament of Mauritius, the Minister of Financial Services said that the law of the country does not allow shell companies here. Siruttan said, “At the outset I would like to inform the House that the allegations of presence of shell companies in Mauritius are false and baseless. Shell companies are not allowed in Mauritius.
No rules have been violated so far
The minister further said, “All global business companies licensed by the Financial Services Commission have to work within the ambit of the law. For this, strict monitoring is being done by the commission. He said, “No rules have been violated so far.” The minister said that the Financial Services Commission has looked into the Hindenburg report. Since, the commission is bound by the rules of confidentiality. Therefore cannot disclose the information.
Financial Services Commission cannot give such information
The Financial Services Minister of Mauritius said, “The Financial Services Commission can neither deny nor confirm that investigations have been or are being conducted.” Disclosing information about global trading companies would be in violation of section 83 of the Financial Services Act and could have adverse effects.”
What else did the Mauritius minister say?
Listing the requirements for companies registered in Mauritius, the minister said that they must first carry out the main income-generating activities in or from the country. Such companies should be managed and controlled from Mauritius. Such companies should have at least 2 directors in Mauritius. The main bank accounts of these companies should be maintained in the country. Their accounting records must be updated at all times with the Mauritius registered office. Financial statement of such companies should be ready.
American company Hindenburg published its research report on 24 January 2023. However, Adani Group denied all the allegations made in the report.