A new team for a new start. Eric Ng Ping Cheun has been appointed as the chairman of the First City Bank (FCB) while Ranapartab Tacouri, former Managing Director of the Bank of Mauritius as well as of the Development Bank of Mauritius (DBM) is the new Chief Executive Officer (CEO).

The board of the bank was convened yesterday afternoon at the FCB headquarters in Port-Louis to make these appointments. Harry Sookun remains for his part vice-chairman of the board.

“Our top priority is to put some order in the bank. We want our employees to work in a serene atmosphere. We also intend to make sure confidentiality is respected. A banker must remain discrete and his work has to remain confidential. I am determined to work as an independent and professional person to make sure the interests of both our employees and depositors are safe. I will also make sure the general lines of the Bank of Mauritius policy be fully respected,” stated the new chairman, Eric Ng Ping Cheun to l’express.

The government, which holds 60% of the shares through the participation of the DBM and of the State Investment Corporation, was the one that took the decision for such changes at the highest level of the bank. The government wants to abide by the rules of good governance; with this in mind, it intends to offer the post of chairman of the board to an independent director – that is someone who doesn’t represent any shareholder or group of shareholders.

<I>The government wants to be in accordance with the rules of good governance. It intends to offer the post of chairman of the board to an independent directo (...) someone who doesn’t represent any shareholder.</I>

Harry Sookun’s shares in the bank remain one of the most important issues the new board will have to tackle. The latter has 39% of the FCB shares. According to the Banking Act, he has to reduce his participation to 10% before the 31st of December since the Central Bank granted him a derogation to that effect.

The regulating body has already reminded Harry Sookun about the deadline. But he has never shown much concern or any will to cooperate. The Central Bank has by then not hidden its irritation towards Harry Sookun’s attitude. On the 25th of October, the Central Bank even requested that the FCB deputy-chairman vacates his office at the FCB headquarters in Port-Louis. The Bank of Mauritius found that his presence within the bank premises was not appropriate; it even suspected an unwarrantable interference in the bank’s operations.

Harry Sookun had firmly denied these accusations. Through a press release, he made it clear that he only acted as a member of the board and as one of the main shareholders of the bank. He had also accused the FCB management of having granted large amounts of money to some customers without making sure that required procedures were being followed.