MIC Case – Me Bhadain: “The Complete Truth is Out, Padayachy Has Much to Answer”

In the MIC case, there has been a turn of events, Me Roshi Bhadain, the legal representative for former Governor of the Bank of Mauritius, Harvesh Seegolam, asserted that “the entire truth has emerged.”

Speaking shortly after his client’s arrest by the Financial Crimes Commission following a formal interrogation, Bhadain stated, “My client exhibited remarkable courage by coming forward to provide his account, supported by evidence, in the interest of Mauritius. The former Minister of Finance, Renganaden Padayachy, will have a great deal to answer regarding his actions and decisions. The entire nation will be shocked when it learns what truly transpired.”

Seegolam, was detained at the Vacoas detention centre, and set to be brought before the court on 10th April.

His arrest comes as part of a comprehensive investigation into alleged misappropriation amounting to Rs 300 million, which reportedly disadvantaged the Mauritius Investment Corporation (MIC) while benefiting Apavou Hotels Ltd.

The case has gained renewed momentum following revelations from Louis Rivalland, a former Independent Non-Executive Director of the MIC, who highlighted the forgery of a document concerning the acquisition of a 70% stake in the Ambre hotel located in Palmar.

The board had authorised a purchase valued at Rs 2.1 billion; however, a staggering sum of €48 million, equating to approximately Rs 2.4 billion, was ultimately disbursed.

This marks the second time Seegolam has been arrested. Previously, on 3 January 2025, he was detained following questioning by the Anti-Money Laundering Unit of the CCID in connection with another case involving alleged malpractice of Rs 45 million.

This amount is said to have been transferred to a high-risk entity, resulting in significant detriment to the MIC—an organisation established by the Bank of Mauritius in 2020 to assist businesses impacted by the Covid-19 pandemic.

Simultaneously, Renganaden Padayachy was also arrested on Wednesday 9th April evening as part of the MIC investigation.

He spent the night at the Moka detention centre and is expected to appear in court today, 10th April facing preliminary charges of “fraud by abuse of position.”

Source: Defi Media