A local speedboat firm has filed a lawsuit against Mauritius Commercial Bank (MCB) over the sale of US dollars to two major state owned companies.
Sharu Launch Services had agreed a contract to acquire US dollars for state owned utility company Fenaka corporation and State Electric Company Limited (STELCO).
Feneka had paid MVR17 million to acquire USD1 million while STELCO had paid MVR3.1 million for USD200,000. However the checks both stamped by MCB had bounced, prompting both companies to sue Sharu Launch Services over its failure to hold up its end of the contract.
However, Sharu Launch Services has accused MCB of failing to provide the US dollars as agreed between the two parties.
Company owner Mohamed Musthag told Avas on Wednesday that MCB had agreed to provide the US dollars due to STELCO and Fenaka.
However, MCB had failed to do so causing irrecoverable losses to Sharu Launch Services, Musthag said.
Sharu Launch Services is seeking MVR150 million in damages from MCB, he added.
Questions meanwhile have been raised over the contract between the state owned companies and Sharu Launch Services, when the speedboat firm is not licensed by the country's central bank to deal with foreign currency exchanges.
