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SBM Loan: Vishnu Lutchmeenaraidoo Explains

The Minister, Vishnu Lutchmeenaraidoo provided details on the loan he has contracted with SBM on its Facebook page, Tuesday, March 15.

“I took this loan to invest in gold. You remember the 2008 crisis when I had, as chairman of the Economic Committee of the MMM, urged the government to invest 50% of our reserves in gold…” This was written by the former minister of Finance, Vishnu Lutchmeenaraidoo on his Facebook page Tuesday, March 15.

 

 

It refers to a loan he contracted with SBM. This case aroused great controversy; documents, shared on social networks, mentioned he have received 1.1 million euros at a fixed interest rate of 1.5% per year. “I have a loan of EUR 400 000 over two years at an interest rate of 1.5% per year. I offered my home for mortgage as bank guarantee. There was absolutely no favors,” said Vishnu Lutchmeenaraidoo.

Under what conditions he has obtained this loan? Vishnu Lutchmeenaraidoo said last Tuesday that he has “a loan of EUR 400 000 over two years at an interest rate of 1.5% per year with SBM. I offered my home for mortgage as bank guarantee. The principal is repayable in one go at the end of the period of two years. By cons, interest is payable every 12 months”.

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