Controversies

Bramer Banking Corporation and BAI shareholder crisis

A reported US$693 million Ponzi scheme associated with Bramer Banking Corporation contributed to a crisis affecting British American Investment Company Mauritius Limited, then Britam's largest shareholder. Britam said the scheme did not affect its own operations, while directors were investigated by Kenya's insurance regulator. The Mauritian government appointed receivers and sought to dispose of the shareholder's Britam interest. Dawood Rawat pursued arbitration in France in an effort to block the sale; the cited reference reported that the case remained ongoing in January 2017.