In a dramatic turn of events, Mauritian authorities on Wednesday arrested two prominent former officials—ex-Finance Minister Renganaden Padayachy and former Central Bank Governor Harvesh Seegolam—over allegations of embezzlement tied to a state investment entity. The arrests mark a significant development in an ongoing probe led by the island nation’s Independent Commission Against Corruption (ICAC).
According to a statement from the ICAC, the arrests follow the emergence of new evidence in an investigation concerning the alleged misappropriation of 300 million Mauritian rupees (approximately $6.7 million) from the Mauritius Investment Corporation (MIC). The MIC was established during the COVID-19 pandemic to provide financial support to struggling companies and stabilize the national economy.
Both Padayachy and Seegolam, who served under the previous government, have denied any wrongdoing. They have not issued public statements and did not respond to requests for comment as of Wednesday.
The arrests come amid sweeping efforts by the newly elected government of Prime Minister Navin Ramgoolam to restore transparency in public finances. Ramgoolam, who returned to power following the November 2024 general election, has accused the former administration of systematically falsifying key economic indicators, including GDP growth rates, budget deficits, and national debt levels.
One of Ramgoolam’s first moves in office was to commission a comprehensive audit of the country’s financial records, signaling a crackdown on alleged mismanagement and corruption. The arrest of two high-profile figures underscores the seriousness of the investigation and suggests that further legal action could follow as the audit progresses.
The embezzlement case is expected to have wide-ranging implications for Mauritius, a regional financial hub known for its political stability and investment-friendly policies. The unfolding probe will likely be closely monitored by international observers, investors, and financial institutions.
By FCCT Editorial Team
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