PNQ: Investment Certificate Issued to Global Equestrian Ltd Amid Controversy

In 2022, the Economic Development Board (EDB) issued an “Investment Certificate” to Global Equestrian Ltd, as revealed by Minister Mahen Seeruttun during a session at the National Assembly on the afternoon of August 5. This disclosure came in response to a Private Notice Question (PNQ) posed by the opposition leader, Arvin Boolell.

Minister Seeruttun addressed the PNQ in the absence of Finance Minister Renganaden Padayachy.

The investment, amounting to 270 million rupees over three years, is primarily directed towards horse breeding activities, among other initiatives.

As part of the agreement, the company is entitled to various tax exemptions, including those related to Value Added Tax (VAT), registration duties, and land transfer fees.

The opposition leader raised concerns regarding whether an investigation had been conducted to verify the sources of income for Jean Michel Lee Shim, a key figure associated with the company.

Arvin Boolell, the opposition leader, asserted that Global Equestrian Ltd had failed to comply with the conditions attached to the investment certificate.

However, Minister Seeruttun responded by stating that the EDB had found no violations concerning the company’s obligations.

He emphasized that a thorough due diligence exercise had been carried out prior to issuing the certificate.

Source: Defi Media