Mauritius property developer Grea has been compelled to transfer its office to Kenya to access a $48.5 million (Sh6.3 billion) investment from South Africa’s Public Investment Corporation (PIC), after its government cracked down on investments in tax havens.
South Africa restricted its state-owned entities from investing in low tax jurisdictions or using them as investment conduits, after the country was grey listed by the Financial Action Task Force (FATF), a global money laundering watchdog, in February 2023 for failure to meet anti-money laundering standards.
