The Bank of Mauritius has ended the conservatorship of Silver Bank Limited and appointed Mr Huns Biltoo of KPMG Mauritius as receiver with immediate effect, citing the bank’s financial position and the absence of a complete application from the only prospective acquirer. Mr Arvindsingh K. Gokhool had been appointed conservator on 13 February 2024 under section 65 of the Banking Act 2004. While multiple parties expressed interest during the conservatorship, only one applicant filed an application under section 31(3) of the Act to acquire a significant interest, and the central bank granted several extensions since 2024 to allow submission of the required information; as at 30 March 2026, the application remained incomplete. The Board terminated the conservatorship under section 67(1)(b) and made the receivership appointment under section 75. Further information, including claims procedures, will be communicated by the receiver.
Bank of Mauritius 2026-03-30
Bank of Mauritius terminates Silver Bank conservatorship and appoints KPMG Mauritius’ Huns Biltoo as receiver
The Bank of Mauritius has terminated the conservatorship of Silver Bank Limited and appointed Mr Huns Biltoo of KPMG Mauritius as receiver, citing the bank’s financial position and the absence of a complete application from the only prospective acquirer. The conservatorship, initiated in February 2024 under section 65 of the Banking Act 2004, was ended under section 67(1)(b), and receivership imposed under section 75 after extensions failed to yield a complete acquisition application. Further information, including claims procedures, will be provided by the receiver.