bank and a holding company. In 2013, MCB embarked on a reorganization that sought to separate the banking and non-banking operations and raise capital in order to position itself for future growth. The restructure was as follows: MCB Group Limited was incorporated to be the ultimate holding company in the group. Shareholders of MCB exchanged their MCB shares for MCB Group shares on a 1:1 ratio. These shares were then listed on the SEM. MCB Investment Holding Ltd (MCBIH) was then incorporated to act as the intermediary holding company of all the banking investments of the Group. MCB's entire stock was transferred from MCB Group to MCBIH in exchange for shares. The Banking subsidiaries held by MCB were then unbundled to MCBIH while non-banking subsidiaries and investments were unbundled MCB Group. At the end of the reorganization, MCB remained a commercial bank with no subsidiaries while MCB Group's structure operated under three clusters, i.e.: Banking Non-banking financial Other investments Ownership The shares of MCB were listed on the Stock Exchange of Mauritius from 1989 to April 5, 2014 when they were replaced by those of MCB Group. Mauritius Commercial Bank is currently a wholly owned subsidiary of MCB Group. Governance Mauritius Commercial Bank is governed by an eight-person Board of Directors with J. Gérard HARDY serving as the President of the board and Pierre Guy NOEL as the CEO. Moody's Ratings Foreign Currency Deposit Baa1/P-2 Foreign Currency Issuer Baa1 Global Local Currency Deposit Baa1/P-2 Bank Financial Strength D+ NSR Senior Debt - MTN Program (foreign currency) Aa3.za NSR Subordinated Debt - MTN Program (foreign currency) A3.za Controversy: Mauritius Commercial Bank / National Pensions Fund Scandal Early in February 2003, Amina Rojoa, the accountant responsible for the National Pensions Fund (NPF) deposit accounts, informed Prime Minister Sir Anerood Jugnauth, that the NPF deposits at the MCB could not be traced. On 14 February 2003, known afterwards as MCB's "Black Friday," the Mauritius Commercial Bank announced in a press communiqué that it had discovered a large scale fraud which had resulted in the misappropriation of over Rs. 600 m. between 1991 and 2002. The fraud was alleged to have been committed by one of the bank's senior managers, Robert Lesage. He was accused of “fraudulently abstracting funds belonging to the MCB” and “tampering with clients’ accounts. The MCB started proceedings in Mauritius against Lesage and thirty seven defendants. The most important ones