The general manager of the Mauritius Commercial Bank (MCB), Pierre-Guy Noël, was reinstated at the head of the banking institution soon after the Court cancelled the charges against him.

This decision followed a meeting of the bank?s board of directors on Friday, where it was decided that Pierre-Guy Noël would become the Group Chief Executive while the stand-in general manager, Joseph-Marie Sauzier, will be the General Manager (banking).

Pierre-Guy Noël had gone on leave when the Independent Commission Against Corruption (ICAC) charged him with plotting with former bank chief manager, Robert Lesage, to launder Rs 365 million.

This was in the context of the MCB/NPF financial scandal where Rs 881.6 million were embezzled to the detriment of the National Pensions Fund. The main beneficiary is said to be Teeren Appasamy, a Mauritian businessman living in London but the latter has never been questioned.

The charges against solicitor Ravi Ramdewar have also been cancelled. He was accused of having been in illegal possession of several cheques from the MCB, paid to Vénus Voyages Vacances and of having transferred Rs 14 million illegally for Belle Beach Resorts Ltd, a company belonging to Teeren Appasamy.

In fact, the verdict challenges the role of the ICAC in the way the charges were made. Magistrates Pritiviraj Fekna and Patrick Kam Sing have both severely criticised the commission for not following procedures. According to them, such irregularities do not permit them to proceed with the trial of the two men.

This is how both Pierre-Guy Noël and Ravi Ramdewar have got out of this situation. After the verdict, the MCB executive declared, ?justice has finally triumphed!? One week after the ruling, the general manager can go back to his post. The MCB board of directors had always supported him and had always said it was convinced of his innocence. This explains their decision to take him back.

As group chief executive, he will be in charge of the banking group?s strategy and development, the international subsidiaries and the non-banking financial services. His new responsibilities also entail dealing with the Rs 881.6 million embezzlement. As for Joseph-Marie Sauzier, he will be in charge of the bank?s activities and development in Mauritius.