Rs2.4 Billion Ambre Affair Discrepancy: Who Tampered with the MIC Board Minutes?

In a gripping development, Louis Rivalland, the former non-executive director of the Mauritius Investment Corporation (MIC) and CEO of the Swan Group, endured a grueling interrogation lasting over nine hours on Wednesday 26th March by the Financial Crimes Commission (FCC). This probe delves into an alleged misappropriation of a staggering Rs 300 million, thought to have benefitted Apavou Hotels Ltd.

After being questioned under caution, Rivalland was allowed to return to his home.

Upon leaving the interrogation, Rivalland was emphatic: “At no time did the MIC board approve the transaction in question.”

He clarified that, while the board had green-lighted the recommendations put forth by management and the investment committee, there was an explicit condition that the total transaction amount should not exceed Rs 3 billion.

He asserted that 70% of this sum should have aligned with Rs 2.1 billion—not the Rs 2.4 billion that was ultimately decided.

Rivalland raised concerns regarding the possibility that certain documents, specifically the minutes from the board meeting, may have been falsified.

To defend his account and shed light on the matter, he has sought the expertise of lawyer Mᵉ Rishi Pursem.

Questions are surfacing about Jitendra Bissessur, the former Chief Executive Officer of the MIC, who is also implicated in investigations concerning a loan given to Menlo Park; he has already faced questioning under caution.

An unsettling inquiry remains: could he be called upon to respond to allegations of forgery mentioned by a board member?

If summoned, he will need to clarify his involvement and reveal whether he was aware of the alleged manipulation involving the meeting minutes.

The MIC, established amid significant controversy, was meant to act as a cornerstone in economic support, buoyed by a sizeable investment of Rs 81 billion (roughly USD 2 billion) from the Bank of Mauritius.

Nevertheless, the corporation’s management and investment strategies have consistently drawn public critique.

The latest incident involves the MIC’s purchase of a 70% stake in East Coast Hotel Investment, owning the Ambre Hotel, for Rs 2.4 billion (approximately €48 million).

Finalised on 7 June 2024, this acquisition surpasses the company’s original investment proposal of Rs 2.1 billion, with the Rs 300 million discrepancy now central to the FCC’s ongoing inquiry.

Investigators are scrutinising whether this deal was legitimately approved in a board meeting held on 5 February 2024.

As new claims of document falsification emerge, the FCC’s investigation is becoming increasingly complex.

Authorities are now tasked with determining the legitimacy of these allegations and identifying those responsible for any illicit modifications to official documents.

In a related matter, concerns about a potential conflict of interest have surfaced regarding Mᵉ Rishi Pursem, who is representing four individuals wrapped up in this case:

Swadicq Nuthay, Hemlata Sadhna Sewraj-Gopal, Neemalen Gopal, and Louis Rivalland.

When asked about this issue, Mᵉ Pursem insisted that he is acutely aware of ethical standards and strictly adhering to his professional code.

In response, Mᵉ Anwar Moollan, president of the Bar Council, added, “I perceive no conflict of interest.

On the contrary, Mᵉ Rishi Pursem ranks among the best in the legal field and is fully capable of navigating this situation.”

The investigation by the FCC into the alleged Rs 300 million fraud involving the MIC has taken a significant twist following Rivalland’s claims of possible document forgery.

This serious allegation raises important questions about the authenticity of the implicated documents and accountability for any alterations made.

Source: l’Express