Kamlesh Bhuckory

2 weeks ago | bloomberg.com | Kamlesh Bhuckory

Heritage Villas Valriche in southern Mauritius. (Bloomberg) -- Foreign demand for luxury properties continues unabated in Mauritius, an Indian Ocean island nation known for its long stretches of white-sand beaches, blue lagoons and an absence of capital gains and inheritance taxes. Foreign direct investment in Mauritius’ real estate industry climbed 13% to almost 24 billion rupees ($530 million) in 2024, according to preliminary estimates published by the Port Louis-based Bank of Mauritius.

1 month ago | bloomberg.com | Kamlesh Bhuckory

Renganaden Padayachy(Bloomberg) -- Mauritian police released former Finance Minister Renganaden Padayachy on bail after he spent five days in custody as part of a fraud probe by the Financial Crimes Commission. Last week, the FCC arrested Padayachy and ex-central bank governor Harvesh Seegolam over allegations of “fraud by abuse of position.” The arrests related to the acquisition of shares by Mauritius Investment Corp., a subsidiary of the central bank.

1 month ago | news.bloombergtax.com | Kamlesh Bhuckory

Mauritian police released former Finance Minister Renganaden Padayachy on bail after he spent five days in custody as part of a fraud probe by the Financial Crimes Commission. Last week, the FCC arrested Padayachy and ex-central bank governor Harvesh Seegolam over allegations of “fraud by abuse of position.” The arrests related to the acquisition of shares by Mauritius Investment Corp., a subsidiary of the central bank. MIC bought shares in Eastcoast Hotel Investment Ltd.

1 month ago | bloomberg.com | Kamlesh Bhuckory

Port Louis, Mauritius. (Bloomberg) -- Mauritius’ lawmakers will vote on additional spending of 21 billion rupees ($472 million) for the fiscal year through June, as the International Monetary Fund urges the government to reduce outlays in the next budget in order to stabilize its finances. The extra amount will add to the 290 billion rupees of expenditure approved by lawmakers last year, as part of a budget that drew criticism from the new government.

1 month ago | seattletimes.com | Kamlesh Bhuckory

President Donald Trump’s new tariffs will likely make imports of long-tailed macaques that U.S. pharmaceutical companies use for trials 40% more expensive. Mauritius supplied 60% of the primates needed by American pharmaceutical research in 2023 and shipped 13,484 monkeys last year, according to the Indian Ocean island nation. Mauritius’ new tariff rate under Trump, one of the highest in Africa, may also hurt sugar and textile sales, the country’s two other main exports.