A court in Mauritius has granted bail to former Finance Minister Renganaden Padayachy, who is facing fraud allegations over the suspected embezzlement of millions in public funds from a state-owned company set up to support pandemic-hit businesses.
A court in Mauritius has granted bail to former Finance Minister Renganaden Padayachy, who is facing fraud charges linked to the alleged embezzlement of funds from a state-owned company, according to his lawyer and the country’s financial crimes commission.
Padayachy and former central bank governor Harvesh Seegolam were arrested last week in connection with the reported misappropriation of 300 million Mauritian rupees (approximately $6.7 million) from the Mauritius Investment Corporation. The Corporation was established to support businesses affected by the economic impact of the COVID-19 pandemic.
Both Padayachy and Seegolam deny any wrongdoing. Seegolam was granted bail last week, and on Monday, Padayachy was also released on bail after the financial crimes commission confirmed it did not oppose the application.
Padayachy’s lawyer, Raouf Gulbul, welcomed the decision and stated that his client would remain available for any further questioning.
The current government, led by Prime Minister Navin Ramgoolam—who came to power following elections in November—has accused the previous administration, under which Padayachy and Seegolam served, of manipulating data related to economic growth, budget deficits, and public debt over several years.
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