Arrest Warrant for BoM Ex-Governor: “It’s a Shame for Our Country”

Sudhir Seesungkur, the former Minister of Financial Services, has expressed his dismay over the recent arrest warrant issued for Harvesh Seegolam, the former Governor of the Bank of Mauritius, on charges of “Conspiracy to defraud.” In an interview, Seesungkur discussed the implications of this situation for Mauritius, emphasizing the need for transparency and accountability in financial dealings.

“It was predictable,” Seesungkur remarked, reflecting on ongoing concerns surrounding the Mauritius Investment Corporation (MIC).

He noted that while some information should be kept confidential in accordance with banking regulations, there is a critical need for greater transparency.

The MIC, a private company partially funded by the government to support various businesses, has faced scrutiny for its financial practices.

Seesungkur stated, “There has been a misappropriation of public funds. This is a clear-cut case.”

He pointed out that concerns have been raised about questionable transactions involving substantial amounts of money, suggesting potential mismanagement of taxpayer dollars.

He further questioned the government’s financial decisions, particularly regarding the acquisition of land, questioning how these actions have helped protect jobs:

“Was this really a priority? We can understand financial assistance to hotels to preserve employment, but there seem to be cases where recipients are linked to the previous administration.”

When asked whether the arrest warrant for Seegolam should be connected to the MIC, the Bank of Mauritius, the former Minister of Finance, and former Prime Minister, Seesungkur shared his insights based on his past experience.

“In such organizations, the boss gives the orders. However, other actors also benefit from the situation.

It’s akin to an employee at a sugar mill being tempted to taste the product as it passes him by; what he takes is a mere fraction compared to the total output.”

He emphasized the importance of tracing the flow of funds, insisting that a detailed “money trail” investigation is essential to determine whether the funds disbursed have truly benefited the intended businesses:

“Everything is traceable.”

Seesungkur concluded by reflecting on the broader implications of Seegolam’s arrest for Mauritius, saying, “This is a disgrace for our country.

We invite investors to Mauritius and boast about the strength of our institutions. However, articles like this can impact big investors’ perceptions.”

Nevertheless, he noted that the legal proceedings serve to reinforce the credibility of Mauritius’s institutions, while raising questions about the professional integrity of those in significant positions of responsibility.

Source: Defi Media