“The next five years will test the agility and resilience of companies”

Clensy Appavoo, CEO and Senior Partner of HLB Mauritius

• “We intend to shape an African Federation of member firms, creating a ‘knowledge service bank’ for the region.”
• “By 2030, the cost of cybercrime could exceed USD 10 trillion globally.”

Clensy Appavoo, CEO and Senior Partner of HLB Mauritius, explains how the integration of CBS Group into HLB International strengthens the network’s position across Africa and the Indian Ocean. He outlines Mauritius’s role as a strategic financial hub, the opportunities in Africa’s structural growth sectors, and how HLB plans to address risks from geopolitical tensions to cybercrime. From ESG advisory to fund structuring and digital infrastructure, Clensy Appavoo details the collaborative roadmap for HLB Mauritius and CBS Group in creating a truly pan-African advisory platform.

As CEO of HLB Mauritius, how do you interpret CBS Group’s integration into HLB International in terms of network strategy and regional strengthening?

The integration of CBS Group into HLB International marks a strategic milestone in our network expansion and regional consolidation efforts across the Indian Ocean and Sub-Saharan Africa.

At the core of HLB’s global strategy is “Together we make it happen” – a vision built on collaboration, innovation, and local expertise. The integration of CBS aligns with our objective to broaden our service reach into high-growth, underserved markets and enhance cross-border service capabilities for regional and multinational clients.

CBS Group brings a wealth of local knowledge, technical capabilities, and trusted client relationships in South Africa. This complements HLB Mauritius’s strengths in advisory, tax structuring, and international business.

With CBS joining the network, we reinforce HLB’s position as a top-tier professional services network in Africa and the Indian Ocean. CBS Group’s integration is a win-win for the network, the region, and our clients. It represents a strategic deepening of HLB’s regional engagement and positions us to lead with confidence in an increasingly interconnected and competitive landscape.

Given Mauritius’s role as a financial hub and conduit for China–Africa investments, how will this move amplify HLB’s cross-border finance and advisory capabilities?

Mauritius’s strategic position as a financial hub and a conduit for China–Africa investments offers HLB a unique opportunity to significantly amplify its cross-border finance and advisory capabilities.

Mauritius is a preferred jurisdiction for routing investments from China into Africa due to its strong legal and tax framework, bilateral treaties, and economic partnerships. HLB has positioned itself as a key advisor for Chinese firms looking to invest in Africa – and for African firms investing in China – by leveraging its presence in Mauritius to facilitate structuring, compliance, and due diligence.

Mauritius offers tax treaties and multiple Investment Promotion and Protection Agreements (IPPAs) with African countries, as well as a stable, investor-friendly legal system. This allows HLB to offer seamless cross-border tax structuring, transfer pricing, and advisory services aligned with regional regulations.

Many Chinese and African firms use Mauritian entities for investment holding or fund structuring. HLB can support these firms with company formation, fund administration, cross-border accounting, and compliance – all centralised through its Mauritian member firm.

As a financial hub, Mauritius attracts dealmakers, legal advisors, and financiers. HLB has expanded its corporate finance capabilities by tapping into this ecosystem, helping clients identify and execute investment opportunities across China and Africa.

Mauritius is a critical lever for HLB to expand its influence in the China–Africa investment corridor, offering integrated cross-border services, deepening its presence in emerging markets, and supporting both outbound Chinese investment and inbound African capital structuring.

In light of global investor sentiment turning more cautious, how is Mauritius adapting, and how does HLB Mauritius position itself to capture deal flow linking Africa and Asia?

Mauritius has long positioned itself as a strategic investment bridge between Africa and Asia, leveraging its stable regulatory framework, bilingual workforce, and extensive double-taxation treaty network.

As global investor sentiment becomes more cautious – due to geopolitical tensions, higher interest rates, and shifting supply chains – Mauritius is adapting to remain competitive and relevant. The country has cleaned up its financial image, including removal from the FATF grey list in 2021 and the EU blacklist in 2022. The Financial Services Commission has strengthened AML/CFT compliance, governance, and transparency requirements.

The government is also promoting investment in emerging sectors such as fintech, green energy, and healthcare. Mauritius remains a preferred domicile for Africa-focused private equity and venture capital funds, offering both proximity and regulatory neutrality.

As a member of HLB International, HLB Mauritius leverages global reach with deep local knowledge, positioning itself as a trusted advisory partner for Africa–Asia deal flow.

From an African perspective, where do you see structural growth engines – and how is HLB Mauritius adapting to serve those?

From an African perspective, structural growth engines such as digital infrastructure, renewable energy, and fund structuring are shaping the continent’s development trajectory. These sectors are being driven by demographic shifts, economic reforms, global sustainability imperatives, and digital transformation.

Africa is undergoing a digital revolution driven by mobile penetration, data consumption, fintech innovation, and demand for e-government and e-commerce platforms.

Energy access remains a top priority, and the transition from fossil fuels to clean energy sources is accelerating under climate and ESG frameworks. Countries such as South Africa, Egypt, Kenya, and Morocco are emerging as leaders in solar and wind installations, while mini-grid and off-grid systems are electrifying rural regions.

Mauritius remains a key gateway for capital into Africa due to its favourable tax treaties, regulatory stability, and experience with fund domiciliation. HLB Mauritius is positioning itself as a strategic enabler of Africa’s growth engines by leveraging the island’s financial infrastructure and bilateral treaties to attract and route capital into the continent. The firm supports clients across emerging sectors with audit, tax, advisory, and sustainability services, while building capacity in technology, ESG, and international compliance to remain agile and relevant.

We pride ourselves on acting as a connector between Africa and global investors – particularly those prioritising impact and green growth.

“HLB’s Africa strategy is about market leadership – helping clients solve challenges while unlocking growth.”

What collaborative opportunities do you foresee between HLB Mauritius and HLB CBS Group – particularly in ESG advisory, transaction services, fund structuring, or inbound investment facilitation?

Henico Schalekamp, CEO of HLB CBS, and I share the same vision. Together we create significant synergies for clients wishing to invest in continental Africa.

HLB Mauritius offers robust expertise in corporate finance, transaction advisory, private equity, and debt structuring. HLB International’s global team supports cross-border M&A, due diligence, valuation, and deal structuring. HLB CBS Group delivers corporate finance and advisory backed by strong local insights in South Africa.

Does Mauritius have particular best practices or innovations to share with CBS Group or other HLB members?

HLB Mauritius operates ten Centres of Excellence, ranging from accounting, taxation, statutory audit, forensics, global structuring, ESG and sustainability, corporate finance, legal, compliance, and risk management. We will align our services with CBS Group for the benefit of clients.

Beyond this, we intend to shape an African Federation of member firms, bringing together firms from 40 locations under the HLB brand. This will create a “knowledge service bank” for clients and contribute to the development of member firms across the region.

Aligning firms across jurisdictions poses risks. How will HLB Mauritius support CBS Group’s integration and ensure consistency?

We will establish our different risk profiles, identify gaps, and implement mitigating measures to eliminate risks and achieve a controllable risk matrix. Staff on both sides will be upskilled to propose a common offering that delivers cost efficiency, price competitiveness, and quality service.

What are the key country- and continent-level risks that clients should prepare for in the next few years, and how is HLB helping to mitigate them?

The next five years will test the agility and resilience of companies. Rising tensions between global powers – especially between the U.S. and China – are reshaping supply chains and investment flows. Regional instability in resource-rich zones increases volatility in trade, regulation, and access to capital.

Climate-related risks are environmental, financial, legal, and reputational. Companies face pressure to embed sustainability into their strategies and disclosures.

The cost of cybercrime is expected to exceed USD 10 trillion globally by 2030. With digital infrastructure now central to business continuity, clients – especially SMEs – are increasingly vulnerable to ransomware, data breaches, and operational disruption.

Interest rate hikes, inflation cycles, and currency volatility are affecting liquidity, investment appetite, and valuations, with emerging economies especially vulnerable to capital flight and sovereign debt risk.

At HLB, we see risk as both a challenge and a catalyst for transformation. Through our network in over 150 countries, we help clients anticipate and mitigate risks across regions.

How do you see HLB’s Africa network evolving, and what roles will CBS Group and Mauritius play?

Africa is on the cusp of transformation. Its young population, urbanisation, renewable energy potential, and growing consumer markets represent a long-term growth story, but infrastructure gaps, regulatory fragmentation, and geopolitical shifts require careful navigation.

HLB Africa will evolve into a high-impact advisory and assurance ecosystem built on deep local insight, cross-border collaboration, and global standards. It will expand into ESG advisory, digital transformation, cyber security, public-private partnerships, and transaction services.

We will develop strong sub-regional hubs in East Africa, Francophone West Africa, Southern Africa, and Pan-African Gateway. CBS Group will extend its footprint in South Africa to act as the hub for Southern Africa, leading in high-growth sectors such as mining, energy transition, and ESG frameworks.

HLB’s Africa strategy is about market leadership – helping clients solve the continent’s challenges while unlocking growth. Whether supporting ESG compliance in Johannesburg, structuring a renewable energy fund in Port Louis, or guiding investors into Nairobi or Lagos, HLB will help clients go further, faster, and more securely in Africa.

At the intersection of global uncertainty and African potential, how do both firms view their mission in creating sustainable value and cross-border trust?

HLB Mauritius has more than 30 years in business and operates Centres of Excellence in client services. CBS Group brings a broad set of new services. Together we will deliver:

1. AI integration across sectors.
2. ESG and sustainability assurance and advisory.
3. Management of virtual assets and fund management services.

We will develop a common vision and mission for the African continent, bringing all local member firms into play to offer personalised service packages to clients, regardless of size or sector.