Three in the afternoon. The MCB main branch in Port-Louis pulled down its shutters without prior notice. Unacceptable on a working day, let alone on a Friday?

The Mauritius Commercial Bank (MCB) aroused its clients? wrath last week by stopping its activities well before the usual closing time. The employees were reacting to the mid-day announcement of the intention of the Director of public prosecutions (DPP) to initiate legal proceedings against the bank?s general manager, Pierre-Guy Noël.

Not only did the bank?s branches stop work without posting a written note indicating the reason for their action but the employees themselves were also quite incapable of giving explanations to dissatisfied clients. This even caused some clients to wonder if the ?spontaneous movement? on the part of the employees, as the management calls it, was genuinely spontaneous... Some of the same employees, contacted by phone on Friday afternoon, did not hesitate to say that the decision had been made by the management.

The bank?s management has tried to justify this stoppage by explaining that it is the first time the employees have expressed their feelings for the past fifteen months. Since the Independent Commission against Corruption charged Pierre-Guy Noël with money laundering in January 2004, they have never shown their discontent, argues the management. ?They have always been confident that the case would be quickly settled but it has always been postponed,? declares Gérard Hardy.

Such a panic-inducing move could indeed be justified by the dismay that prevailed at the MCB when they heard the news. The DPP has given no details yet regarding the case, which is quite surprising. ?Prosecution will be advised and will be initiated,? stated Rashid Ahmine on behalf of the DPP, as the case was postponed to 21st June. The general manager of the MCB was provisionally accused of ?conspiracy with Robert Lesage and Teeren Appasamy to engage in several transactions involving a sum amounting to Rs 36 million, which in whole or partly, directly or indirectly represented the proceeds of a crime.?

Not only is it disconcerting that the charges against him are yet to be substantiated after 15 months of enquiry, but the main protagonist, Teeren Appasamy, has never been bothered by the police so far. Phillippe A. Forget, the deputy general manager, does not hide his discontent. ?The main problem is the Rs 632 million theft that the bank had to face (?) After 15 months? enquiry, who stands accused? The MCB management, which denounced the crime. People should ask themselves why this is so,? he says.

The top management has issued a press release stating that it still has complete trust in its general manager. All the supporters of Pierre-Guy Noël are very surprised. Even his lawyer, Maxime Sauzier, does not seem to understand : ?I am really astonished by the decision.? The main person concerned says for his part that he is confident that light will be shed on this affair. He explains that the MCB has lodged a complaint with summons in the Supreme Court, which allows to ?identify the persons responsible and the beneficiaries of the fraud.?

What could explain that it has not been deemed imperative to specify the charge yet is the fact that Pierre-Guy Noël as general manager, that is, ultimately responsible for the bank, must assume the responsibility for a fraud committed by the bank?s employees even if he has not personally benefited from it.

This new development in the MCB affair ? the intended prosecution against its general manager ? is very serious for the country. As the main bank of Mauritius, the problem it is facing at the moment could be sending negative signals to present and potential investors. Since the scandal broke out, the bank has not spared any effort to restore confidence in its system. Now, the latter could weaken again. The latest discussions with Moody?s Investors Service gave the impression that the MCB has repaired its image since it has taken the necessary steps to strengthen its internal audit system. However, nobody really knows the impact this new event could have on the MCB?s rating.

<I>Not only is it disconcerting that the charges against him are yet to be substantiated after 15 months? of enquiry, but the main protagonist, Teeren Appasamy, has never been bothered by the police so far.</I>