Following a recent press article relating to a facility granted to a Dubai based entity by SBM Bank (Mauritius) Ltd (the Bank), the Board of Directors of SBM Holdings Ltd (SBMH) wishes to inform its shareholders and the public in general that the Bank has initiated an internal inquiry into a suspected fraud in respect of net facilities of USD 27 million granted to a segment B client.
The Bank has commenced recovery proceedings and referred the matter to the relevant authorities for further action. Whilst this issue has arisen post the period end, the Bank will make provisions in its books in line with Bank of Mauritius guidelines, which will be reflected in its June 2018 financial statements.
SBM Bank (Mauritius) Ltd remains a strong financial institution with a solid balance sheet, with total assets of MUR 188 billion as at the 31st of March 2018.
Shareholders and the investing public are advised to exercise caution when dealing in the shares of SBMH.
By order of the Board
This Cautionary Announcement is issued pursuant to Listing Rule 11.3 and the Securities Act 2005.
The Board of Directors of SBM Holdings Ltd accepts full responsibility for the accuracy of the information contained in this Cautionary Announcement.