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MIC Alleged Malpractices: Falsified Rs 2.4 Billon Valuation, Couveline Arrested
Jhamille Couveline, Head of Department at Elevante, has been arrested on suspicion of manipulating the valuation report for Hôtel Ambre, which is valued at Rs 2.4 billion. The arrest was made by the Financial Crimes Commission (FCC) on Tuesday, 8th April. Just four days after his initial interrogation, Couveline, who heads the valuation department at Elevante, was taken into custody.
He is accused of having tampered with a report submitted to the Mauritius Investment Corporation (MIC) concerning the acquisition of 1,596 shares in East Coast Hotels Investment Ltd/Hôtel Ambre, a transaction initially valued at Rs 2.1 billion (approximately €40 million) before being inflated to Rs 2.4 billion (€48 million).
According to investigators, Jhamille Couveline is alleged to have backdated and falsified key elements of the valuation report intended to determine the worth of Hôtel Ambre, with the aim of facilitating financing for the operation from the Mauritius Investment Corporation (MIC).
This document is said to have played a pivotal role in the MIC’s validation of the purchase, which was initially set at Rs 2.1 billion (approximately €40 million) before being inflated to Rs 2.4 billion (€48 million).
Accompanied by his lawyer, Me Neelkanth Dulloo, Couveline arrived at the FCC headquarters in Réduit Triangle around 3:30 PM on Tuesday 8th April for the continuation of his interrogation.
He was formally arrested after approximately four hours of questioning.
He spent the night in police custody and is scheduled to appear in court on Wednesday 9th morning, where he will face a provisional charge of “conspiracy to commit the offence of fraud by abuse of position.”
As the investigation deepens, the FCC is keen to ascertain the extent of Couveline’s involvement.
Initial findings suggested that the report issued by Elevante contained erroneous or manipulated data, potentially influencing the MIC’s final decision to grant funding exceeding the originally approved amount.
The FCC’s inquiry commenced with the questioning of six board members from the MIC, aiming to shed light on this alleged €48 million malpractice.
On Tuesday 8th April afternoon, upon leaving the Réduit Triangle (FSC), lawyer Neelkanth Dulloo, representing Jhamille Couveline, made a brief statement to the press.
He urged that investigators be allowed to carry out their work calmly, just after his client had provided his Full Swing Statement.
“It is essential that the truth emerges regarding the circumstances surrounding this case,” he asserted, adding further, “Mauritius needs to understand the degree of this foul play of ‘monopoly, lido, and serpent‘ that has been at play over the last 10 years.”
Dulloo clarified that his client is being questioned under caution and praised the operations of the new Financial Crimes Commission (FCC), which he believes is now free from any form of interference.
“Since the last general elections, there has been no political pressure on institutions. They are functioning as they always should have. There is no longer an invisible hand controlling anything,” he emphasised.
Source: Defi Media
