Ratings agency, Moody's earlier this month confirmed its D financial strength rating of the Mauritius Commercial Bank.
This concludes a review of the institution launched last year following the detection of a MUR881.6 million fraud, which caused Moody's to downgrade the bank's financial strength rating from D+ to D.
However, according to Moody's, the MCB has since made considerable progress in improving its risk management system, having both engaged an international risk consultancy firm to identify weaknesses, and restructured its risk management framework.
Additionally, the ratings agency revealed that the MCB has improved its corporate governance by reinforcing various committees at the board level, with especial emphasis on its audit committee.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment