Mauritius Issues Arrest Warrant for Former Central Bank Governor
Mauritius police have ordered the arrest of Harvesh Kumar Seegolam, the country’s former central bank governor, amid an ongoing investigation into a conspiracy to defraud case. The police action, led by the anti-money laundering unit, marks the first significant move under the newly elected administration of Prime Minister Navin Ramgoolam.
The arrest comes after Ramgoolam, in a recent parliamentary report, accused the previous government of falsifying crucial economic data, including figures for gross domestic product (GDP), budget deficit, and public debt over the years. He also accused the Bank of Mauritius, under Seegolam’s leadership, of printing excessive money to fund the Mauritius Investment Corporation (MIC), a fund established in 2020 to help businesses struggling during the COVID-19 pandemic.
Ramgoolam’s report suggests that the MIC was intended to be supported by official foreign exchange reserves but instead, money was printed irresponsibly, damaging the country’s monetary system. This decision, he claims, exacerbated liquidity issues within the banking sector and had long-term harmful effects on the economy.
The police have confirmed that Seegolam, who is currently outside the country, will be arrested upon his return to Mauritius. Authorities have yet to disclose the full details of the allegations against him, and attempts to contact Seegolam for a statement have been unsuccessful.
The arrest of the former central bank governor is expected to intensify discussions regarding the financial management of Mauritius and the political implications for the nation under its new government. Ramgoolam’s administration has pledged to address past mismanagement and restore public confidence in Mauritius’ economic and financial institutions.
