The former Prime Minister benefits from a No Case to Answer in allegations of conspiracy with the former Bramer Bank for the loan of Rs 40.2 M with concessionary interests of 6.5%.
Nevertheless, the Roches-Noires bungalow, which is at the source of all the personal and political setbacks for the former Prime Minister, is a headache. In his entourage, one lets us understand that he is disposed to get rid of this real estate property even if he would not be able to cover the Rs 40 million of the deal with the previous owner Dr. Kumar Gunness. There are two main reasons for this.
Firstly, Navin Ramgoolam has to meet the demands of the former Bramer Banking Corporation (In Receivership) for the repayment of the principal of this loan of Rs 40.2 million as part of the recovery of funds from the BAI group. It’s been already six years since the loan was disbursed in favor of Navin Ramgoolam, who has so far ensured the payment of interest only. Today, he has no choice but to try to do what is necessary to avoid Sale By Levy’s proceedings against him.
The sale of this property is necessary due to lack of other financial resources since the Rs 220 million are still the subject of a Freezing Order of the Supreme Court. Navin Ramgoolam does not have the same opportunities with financial institutions as others called to make large repayments following the collapse of the Rawat empire with facilities for tens of millions of rupees in the form of Office Check. Revenues from the sale of the Roches-Noires bungalow represent only the “clean” way of paying this debt to bail out MauBank’s funds.