Controversial Rs400 Million Aid to Kuros: Warden-Padayachy Axis Scrutinized

The Financial Crimes Commission (FCC) has launched an investigation into Kuros Construction Solutions Ltd, a construction firm embroiled in controversy following its receipt of a staggering Rs 400 million from the Mauritius Investment Corporation (MIC). This substantial financial aid, ostensibly intended to secure the company’s future, has now become the focal point of intense scrutiny regarding its allocation and utilisation.

The FCC’s investigators recently conducted a search of Kuros Construction’s premises, seeking clarity on how the company came to be awarded such a significant sum.

Notably, Kuros Construction was responsible for the construction of the residence of Renganaden Padayachy in Roches-Brunes, a connection that has raised eyebrows.

The presence of Selven Warden, the director of Kuros Construction, at the FCC on 11th April has drawn particular attention, as he is under suspicion due to his alleged ties with the former Minister of Finance, Renganaden Padayachy.

Warden is expected to elucidate how, amidst a plethora of companies, Kuros Construction was selected to receive such a considerable amount from the MIC.

Represented by legal counsel Me Joy Beeharry, who arrived at the FCC around 7 PM, Warden remarked upon his exit that the investigation is both lengthy and technical.

Despite the considerable financial assistance, Kuros Construction has faced severe financial difficulties at the beginning of the year.

In response to these challenges, the company committed to settling outstanding wages owed to its employees through a staggered payment plan, following mediation by the Ministry of Labour.

However, this situation remains alarming, as the firm has failed to meet its obligations, particularly regarding salary payments, even after the injection of Rs 400 million.

This paradox raises pressing questions about the management of the funds received and the financial strategy of the company.

The primary aim of the MIC’s aid was to ensure the continuity of Kuros’s operations, particularly in large-scale projects such as the construction of social housing under the National Social Living Development Ltd programme.

Yet, despite the substantial support received, the company has not fulfilled its financial commitments, casting doubt on its ability to honour its obligations, including the repayment of the MIC funds.

Source: l’Express