🇲🇺MauritiusEast Africa
Mauritian real estate giant Evaco placed into receivership after 24 years of operation
via Le Mauricien5 min read
Evaco Ltd, a prominent Mauritian real estate developer and builder listed on the Stock Exchange of Mauritius, has been placed under judicial administration. Mushtaq Oosman and John Chung were appointed Receiver and Manager on May 26, 2026, with the decision officially announced on May 28. This development impacts approximately 350 employees, whose salaries reportedly have not been paid since April, and hundreds of buyers involved in off-plan sales VEFA. The company's flagship project, Cap Marina, located in Cap-Malheureux, had a potential sales value of nearly Rs 15 billion and attracted international clients. Evaco claims that the receivership was triggered by Silver Bank Limited over an outstanding amount of Rs 39.7 million, despite the company having assets valued significantly higher than the debt. Evaco also alleges that SBM Bank, a long-term banking partner, made a series of decisions between 2024 and 2026 that progressively constrained the group financially. Evaco had submitted four recovery plans to SBM between February 2025 and May 2026, including one with an investor ready to inject Rs 520 million. The company has filed a complaint with the Supreme Court of Mauritius against Terra Mauricia Ltd and its former CEO, Alexandre de Saint Pern, alleging conspiracy and deliberate actions that caused significant harm. SBM Bank has denied any wrongdoing, stating it acted in strict compliance with contractual obligations and banking practices. The future of Evaco's employees,
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This summary was AI-generated from a story originally published by Le Mauricien.
Prime Minister Navin Ramgoolam announced that six new airlines have obtained air traffic rights to operate commercial flights to Mauritius. These include World2Fly Spain, ITA Airways Italy, IndiGo India, Ethiopian Airlines Ethiopia, Airlink South Africa, and Cobra Aviation South Africa. Ethiopian Airlines recently conducted its inaugural flight. The Prime Minister explained that before an airline can operate international services, the government must negotiate a bilateral air services agreement with the destination country. These agreements define conditions such as traffic rights, capacity, airline designation, tariffs, and provisions for competition policy, safety, and security. Mauritius currently has bilateral air services agreements with 60 countries, with 35 already signed. Additionally, Mauritius has signed a Memorandum of Understanding on air services with Dubai and three Codeshare Agreements with Canada, Chile, and Japan. Foreign airlines designated under these agreements must submit applications for regular commercial flights for the Northern Hemisphere's summer and winter seasons. The government is pursuing a policy of progressive liberalization of air access through these bilateral agreements, aiming to strengthen air connectivity while ensuring fair opportunities for the development and growth of the national carrier, Air Mauritius Ltd.
Prime Minister Navin Ramgoolam announced in the National Assembly that Mauritius recorded 1,560 drug-related cases and seizures valued at Rs 1.3 billion between January and July 8, 2026. He emphasized that combating drug trafficking remains a government priority. Law enforcement has intensified operations, conducting 90 patrols in high-risk areas in June alone. The Anti-Drug and Smuggling Unit ADSU is receiving increased staffing and equipment, and is collaborating with the Financial Crimes Commission to dismantle trafficking networks. A new radar surveillance system for coastal areas, funded by the Japanese government, is expected to be operational by December to enhance detection of maritime trafficking. The Mauritius Revenue Authority is also strengthening controls at ports and airports with new equipment and increased surveillance. Additionally, the National Drug Control Master Plan 2026-2030 outlines a comprehensive approach involving repression, prevention, treatment, and rehabilitation, in partnership with various ministries and international organizations.
US Deputy Assistant Secretary of State for African Affairs Sarah Troutman is visiting Mauritius this week to enhance trade relations and explore new opportunities for exchanges, investments, and business partnerships. During her visit, she will witness Mauritius's signing of the Artemis Accords, joining the US and 69 other nations in a framework for peaceful and responsible space cooperation. She will also attend the signing of an Acquisition Cross-Servicing Agreement to bolster logistics cooperation between the US and Mauritius in security, disaster management, and humanitarian aid. Troutman will join the President of Mauritius, Dharam Gokhool, at the construction site of the future US Embassy in Bagatelle for a ceremony marking the completion of the public reception building's structure. This new embassy signifies a 100-year investment in Mauritius and reflects the enduring partnership between the two countries. Discussions during the visit will also cover preparations for the US-Africa Business Summit, which Mauritius will host from December 6 to 9 this year. The summit will bring together government officials, business leaders, and investors from the US and Africa to foster economic partnerships and promote growth. Troutman's visit underscores the US's ongoing commitment to deepening commercial cooperation with Mauritius and supporting a dynamic, sustainable, and mutually beneficial economic relationship.