Rs 39 Million Earned by Ex-Governor Questioned Amid Fraud Investigations

In a revelation shocking the financial community, former Governor Harvesh Seegolam pocketed over Rs 39 million during his three-year tenure at the helm of the Bank of Mauritius. This dramatic figure emerged as the annual report for the financial year 2024 was made public on Tuesday, 25 February.

The report detailed the staggering salaries of the Governing Board, exposing the remuneration of former Deputy Governors, Mardayah Kona Yerukunondu and Hemlata Sadhna Sewraj-Gopal, who collectively earned Rs 46 million from 2022 to 2024.

The figures for the three years are as follows:

• 2022: Rs 14.12 million
• 2023: Rs 15.57 million
• 2024: Rs 17.09 million

Seegolam’s tenure was marred by controversy, as he currently faces provisional charges of “conspiracy to defraud” and is out on bail following an arrest regarding an alleged misappropriation linked to a dubious payout of Rs 45 million to Menlo Park Ltd, detrimental to the Mauritius Investment Corporation (MIC).

His remuneration over the financial years has unfolded as follows:

• 2022: Rs 11.92 million
• 2023: Rs 12.97 million
• 2024: Rs 14.36 million

The report also disclosed the salaries of six former directors of the MIC, including the aforementioned ex-deputy governors. Their earnings showcased a upward trend:

• 2022: Rs 2.16 million
• 2023: Rs 2.92 million
• 2024: Rs 4.01 million

Adding further to the monetary intrigue, seven directors of the newly established Mauritius Deposit Insurance Corporation Limited (MDIC), which sprung to life on 26 March 2024, received Rs 600,000 in 2024, signalling the hefty financial rewards enjoyed by those at the upper echelons.

Moreover, the remuneration of the Chairperson of the MIC, Mark Florman, was also disclosed, revealing substantial earnings:

• 2022: Rs 2.92 million
• 2023: Rs 4.23 million
• 2024: Rs 4.1 million

In 2024, another former Governor of the Bank of Mauritius, Rundheersing Bheenick, was reported to have a claim amounting to Rs 11,059,000, consistent with commitments made before the Supreme Court.

A closer inspection of the Bank of Mauritius reveals significant staffing changes: between 2023 and 2024, the bank recruited 46 new personnel, primarily as Bank Officers, Security Guards, and Support Officers, amidst 18 resignations and 17 retirements.

Source: Defi Media