Mauritius’ former Minister of Finance Renganaden Padayachy and ex-Governor of the Bank of Mauritius Harvesh Seegolam were arrested on Wednesday, 9 April, as they arrived at the Financial Crimes Commission (FCC) headquarters in Réduit for questioning.
The inquiry concerns an alleged embezzlement of Rs 300 million, purportedly to the detriment of the Mauritius Investment Corporation (MIC) – an offshoot of the Bank of Mauritius – and to the financial benefit of Apavou Hotels Ltd.
This investigation has seen a flurry of activity, with multiple individuals questioned, including former MIC CEO Jitendra Bissessur. Bissessur, who spent a week in detention, was released on bail just prior to Padayachy and Seegolam’s arrest.
Padayachy is expected to remain at the Moka Detention Centre overnight, following his apprehension shortly after 20:40, facing preliminary charges of “fraud by abuse of position.”
His arrest is part of the continuing probe into the alleged misappropriation of funds, specifically linked to the acquisition of a 70% stake in the Ambre Hotel, which has stirred controversy after claims of falsified documentation surfaced.
The scandal was reignited following allegations made by Louis Rivalland, a former Independent Non-Executive Director of the MIC, who claimed that the board approved a purchase at Rs 2.1 billion, yet the eventual disbursement reached approximately Rs 2.4 billion (or €48 million), raising eyebrows over the financial integrity of the transaction.
Additionally, Diya Sewraz, the former company secretary of the MIC, has also been implicated in the investigation, having been arrested alongside Bissessur before being released on bail.
As this case unfolds, it promises to shed further light on the complexities and challenges faced by Mauritius in combatting financial crime at high levels of power.
Source: defimedia