Mauritius Commercial Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile1 entries
2003
National Pensions Fund scandal
A large fraud involving the diversion of National Pensions Fund deposits through MCB accounts was disclosed in February 2003. Senior bank manager Robert Lesage was later convicted of fraud and money laundering. Investigations examined alleged manipulation of customer accounts, shell companies, beneficiaries and the effectiveness of bank controls. Civil litigation, criminal proceedings and disputes with insurers and reinsurers continued for years. In 2017, MCB was convicted as a corporate entity for failing to maintain effective anti-money-laundering controls and was fined Rs 1.8 million.