Authorities in Mauritius have arrested former Central Bank Governor Harvesh Seegolam and former Finance Minister Renganaden Padayachy as part of an investigation into embezzlement at a state company.
The financial crimes commission alleges that the two former officials were involved in the theft of 300 million Mauritius rupees ($6.70 million) from the Mauritius Investment Corporation, a state-owned company established to help businesses cope with the COVID-19 pandemic.
The arrests are part of a broader investigation into financial mismanagement under the previous administration, with Prime Minister Navin Ramgoolam accusing the former government of falsifying economic growth, budget deficit, and public debt figures for years.
In response, Ramgoolam launched an audit of public finances, leading to Seegolam’s arrest upon his return from Dubai. Seegolam and Padayachy have denied wrongdoing, but the financial crimes commission has brought new evidence to support the allegations, highlighting concerns about governance and financial risk in the island nation’s financial system.
