Monday, 5 January 2015

Controversy surface on CAHL’s purchase of Bourse Africa


Controversy has fenced the Continental Africa Holdings (CAHL), which is going to buy Financial Technologies India’s (FTIL) Mauritius-based entity, Bourse Africa (BAL). The deal was supposedly finalized for $40 million (₨ 250 crore).


According to CAHL’s corporate filings in Mauritius, the company doesn’t have the needed capitals to make the purchase. CAHL was set up in Mauritius in July 2014 and has a capital of 1,000 Mauritian Rupees.

National Spot Exchange (NSEL) hired specialists from three countries to dig up information about CAHL. NSEL has now written to SEBI (Securities and Exchange board of India) to launch a probe in the case CAHL.

It is being supposed that Bourse Africa was at least worth a $100 million and was sold at a discounted price to some “shell companies”. These allegations have also been notified to the Enforcement Directorate, Ministry of Corporate Affairs, and Forwards Markets Commission. FTIL is being accused of intending to buy the company again at a later date. Read More....

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