The board of SBM Holdings Ltd suspended its chief executive, Raoul Gufflet, on 3 August 2026. An internal investigation into a related-party transaction involving audit firm Grant Thornton is cited as the reason. The Bank of Mauritius had already raised compliance concerns in 2024.
An internal governance probe
Appointed as CEO of SBM Holdings on 30 November 2022 with the mandate to «continue restructuring one of Mauritius's main banking groups», Raoul Gufflet was suspended in under four years. The stated reason: an internal investigation into a related-party transaction with Grant Thornton, potentially in breach of Bank of Mauritius guidelines. Deputy CEO Mooneesing Janna Naikeny is now acting in the role. The group has not disclosed the specifics of the transaction or the investigation timeline.
A precedent: the 2025 Ernst & Young audit
This is not SBM's first governance alert. In 2025, an anonymous whistleblower complaint targeting the group's Madagascar subsidiary prompted an external audit by Ernst & Young. At the time, no major irregularities were officially reported. Gufflet's 2026 suspension, however, revives questions about the robustness of the group's internal compliance framework.
The Bank of Mauritius had already flagged SBM's compliance practices in 2024. Those signals apparently did not prompt a sufficient overhaul of internal procedures.
Why it matters
SBM Holdings is a pillar of Mauritius's financial sector — and Mauritius aspires to become Africa's leading financial hub under its Vision 2050 roadmap. A governance controversy at one of its flagship banks — even if no wrongdoing has yet been established — is an unwelcome signal precisely when the island is consolidating its bid to attract African and international capital.
Source: L'Express Maurice (3 August 2026)