FCC refers MIC-Apavou Rs 300 million fraud case to DPP
via Le Mauricien2 min read
The Financial Crimes Commission FCC has completed its investigation into an alleged Rs 300 million malpractice case involving the Mauritius Investment Corporation MIC and the Apavou group, forwarding its findings to the Director of Public Prosecutions DPP. The case, part of Operation Savat Dodo, centers on a 2024 financial transaction where the MIC acquired 1,596 shares of Eastcoast Hotel Investment Ltd, owner of the Ambre hotel. Three former officials, Harvesh Seegolam, former Governor of the Bank of Mauritius; Jitendra Bissessur, former CEO of MIC; and Diya Sewraz, former Company Secretary, face provisional charges of fraud by abuse of position. Investigators suspect the transaction, finalized at approximately 48 million euros around Rs 2.4 billion, involved an inflated valuation compared to an initial estimate of Rs 2.1 billion. This Rs 300 million discrepancy allegedly provided a substantial financial advantage to Eastcoast Hotel Investment Ltd. The FCC's Acting Chief Investigator, Purgauss, informed the Port Louis court that the investigation was complete and referred to the DPP on June 8. The DPP will now decide on formal proceedings. The case has been adjourned until October 21, 2026.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Le Mauricien.
Must ReadMauritius and the Eastern and Southern Africa ESA states have concluded negotiations with the European Union to transform their existing Economic Partnership Agreement EPA into a modern and comprehensive free trade agreement. This new agreement, described as historic by the parties, significantly evolves trade relations between Europe and the small island states of the Indian Ocean. It is the first ambitious free trade agreement by the European Union with a group of sub-Saharan African countries that extends beyond trade in goods to include services, investment, digital trade, intellectual property, and economic cooperation. The agreement was signed by Comorian Minister of Economy and Economic Integration Moustoifa Hassani Mohamed, Malagasy Minister of Commerce Haingotiana Michela Ang猫le Andriamadison, Seychellois Minister of Transport Veronique Laporte, Mauritian Minister of Foreign Affairs, Regional Integration and International Trade Ritesh Ramful, and European Union Ambassador to Mauritius and Seychelles Oskar Benedikt, representing European Commissioner for Trade Maro拧 艩ef膷ovi膷. Zimbabwe, also an ESA member, is expected to join later. The parties hailed the agreement as "comprehensive, forward-looking and mutually beneficial," aiming to strengthen trade, improve supply chain resilience, and support sustainable development goals. For Mauritius, the EU remains a key trading partner and a significant source of investment, technology, and development cooperation. Minister Ra
Must ReadUK Prime Minister Keir Starmer is under increased pressure following a series of resignations at the Ministry of Defense on Thursday, including that of Minister John Healey. Healey criticized the insufficient resources allocated to the armed forces amid rising security threats. Downing Street announced the appointment of Dan Jarvis, a former army officer and former Secretary of State for Security at the Home Office, as the new Defense Minister. The government has delayed the publication of its defense investment plan, originally set for late 2025, due to difficult budgetary decisions. John Healey, dissatisfied with the final allocations, announced his departure, followed by Secretary of State for the Armed Forces Al Carns and MP Pamela Nash. In his resignation letter to Keir Starmer, Healey stated that the government and Treasury had failed to mobilize necessary resources to defend the country. Starmer responded by assuring that he would "always do what is necessary to ensure the security" of the UK. These resignations are a setback for the Labour Prime Minister, who has faced political fragility and internal dissent for months, and come a week before a crucial by-election. They also place him in a delicate international position ahead of a G7 summit, with conflicts in the Middle East and Ukraine, and less than a month before the next NATO summit on July 7-8, which will be attended by Donald Trump. Starmer emphasized that his government is implementing the largest sustained i
The article references "Finance and Development Magazine: Keynes for Our Times" but provides no further details or content regarding this specific topic. The rest of the page displays a list of unrelated news articles from Le Mauricien, covering various local and international events, including a report on a 14-year-old girl alleging kidnapping and indecent assault, a woman in ICU after a suspicious fall, World Ocean Day discussions, a protest by World Knits employees, and sports news. There is no information about the content of the "Keynes for Our Times" article.