MIC Case: “My Client Disputes Allegations,” States Padayachy’s Lawyer

Renganaden Padayachy, the former Minister of Finance, has returned to the offices of the Financial Crimes Commission (FCC) in Réduit following his appearance at the Port-Louis court on Thursday, 10th April. “My client has not chosen to remain silent. Allegations have been made by Harvesh Seegoolam and Jitendra Bissessur as part of the investigation. My client firmly contests these allegations,” stated Me Raouf Gulbul, the lawyer representing Padayachy.

The former MF’s lawyer also emphasised his client’s confidence in the face of the situation.

Renganaden Padayachy is expected back at the FCC on Saturday, 12 April, for the continuation of the investigation, before appearing before the Port-Louis court at 10 a.m. on Monday, 14 April.

In the meantime, he will be held at the Moka Detention Centre. It is worth noting that the former minister has been in custody since Wednesday, 9 April.

The investigation focuses on decisions that allowed the Mauritius Investment Corporation (MIC) to acquire 1,596 shares in EastCoast Hotel Investment Ltd, representing 70% of the shares in the Ambre Hotel, for a sum of €48 million, approximately Rs 2.4 billion.

However, the amount initially recommended was Rs 2.1 billion. Consequently, certain parties are alleged to have improperly benefited by Rs 300 million in this transaction.

Source: Defi Media