At 30 June 2022, the Group had contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary course of business from which it is anticipated that no material liabilities would arise.

CIEL Finance Limited has floating charges as follows:

i. EUR 4M from the Mauritius Commercial Bank in favour of a bank to counter-guarantee BNI Madagascar in respect of credit concentration limits imposed by the Malagasy regulator.

ii. Over its assets in favour of The Mauritius Commercial Bank, acting as Noteholders’ Representative under the Notes Issue effected in September 2019, for a maximum amount of MUR 500M in principal plus any interests and related costs.,

iii. Over its assets in favour of The Mauritius Commercial Bank, in respect of an overdraft facility for MUR 80M.

CIEL Textile Limited had contingencies in respect of tax assessments, legal cases and bank guarantees to third parties in respect of expatriates amounting to MUR 100.5M (2021: MUR.89.3M).

At 30 June 2022, the Group has contingent liabilities in respect of bank and other guarantees of MUR 1.8m (2021: MUR 1.7m).

A plaint with summons was served on the company by Metropolis Bramser Lab Services (Mtius) Ltd (“Metropolis”) claiming compensation amounting to MUR 150M (30 June 2021: MUR 150M) for damages suffered as a result of inter alia an alleged wrongful termination of the contract between the company and Metropolis. The company is strongly disputing this claim and the case has been fixed for 6th and 10th March 2023. Based on the legal advice obtained, management and the board have reasonable grounds to expect that no material financial impact will arise for the company.

There are also some legal cases regarding medical negligence against the Company for which judgement are yet to be delivered. The aggregate claims from plaintiffs for these legal cases amounts to MUR 386M (30 June 2021: MUR 492M).