Bank of Mauritius: Arrest Warrant Issued for Former Governor

Authorities in Mauritius have issued an arrest warrant for Harvesh Kumar Seegolam, the former governor of the Bank of Mauritius, in connection with an investigation into an alleged conspiracy to commit fraud. The police’s anti-money-laundering unit announced the warrant in a public notice published in local newspapers.

Seegolam is currently out of the country but will be apprehended upon his return, although details regarding the specific nature of the allegations have not been disclosed.

Seegolam has not yet publicly commented on the situation.

This move marks a significant action by the government led by Prime Minister Navin Ramgoolam, who has recently made claims that the previous administration under Pravind Jugnauth manipulated the country’s economic data, including figures related to gross domestic product (GDP), budget deficits, and public debt over several years.

In a parliamentary report, Ramgoolam accused the central bank of engaging in irresponsible financial practices, including printing money to fund the Mauritius Investment Corporation (MIC).

The MIC, established in 2020, was designed to assist companies in coping with the financial repercussions of the COVID-19 pandemic.

Ramgoolam’s report asserted that the central bank’s decision to print money had detrimental effects on the country’s monetary system, particularly given that the banking sector was already inundated with excess liquidity.

Since winning a significant victory in the November parliamentary elections, Ramgoolam has resumed the role of prime minister and is aiming to address issues of transparency and governance.

Mauritius, located approximately 2,000 kilometers off the eastern coast of Africa, is often heralded as one of the continent’s most stable democracies, with a diversified economy bolstered by finance, tourism, and agriculture.

However, the island nation has faced growing concerns about corruption and threats to civil rights, especially during Jugnauth’s tenure, which included accusations of unauthorized wiretapping.

The ongoing investigation into Seegolam’s activities is highlighting the pressing need for accountability in Mauritius amidst these serious findings.

Source: Ajazeera