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Home The Finance and Public Accounts Committee (FPAC) of the National Assembly satisfied with the explanation and evidence provided on the investigation conducted on the allegation of the misappropriation of US$50 million

Date: 30th October, 2015

The Finance and Public Accounts Committee (FPAC) of the National Assembly satisfied with the explanation and evidence provided on the investigation conducted on the allegation of the misappropriation of US$50 million

Further to the allegations made recently on the misappropriation of US$50 million from a Government Central account at the Central Bank of Seychelles, the Minister for Finance, Trade and the Blue Economy, Mr. Jean-Paul Adam reported back to the Finance and Public Accounts Committee, in a meeting which was held on Monday 26th October, 2015 at the National Assembly, Ile Du Port. The purpose of the meeting was to provide an update to the Committee on the ongoing investigation on these allegations, being done by the Ministry of Finance, Trade and the Blue Economy in liaison with the Central Bank of Seychelles.

 

Minister Adam presented sufficient explanations which confirmed that progress had been made to explain the spending of a significant amount of that money. The FPAC was satisfied with the explanation and evidence provided but urged the Ministry to carry out more in depth investigations to fully explain all expenses.  The Minister affirmed that the Government, through the Ministry of Finance is making use of all the means possible to ensure the continuation of the investigation so that the elements pertaining to these allegations are brought to light. However, he further stated that the difficulty in obtaining concrete information is due to the fact that records are not readily available even if the Ministry has requested the information from the respective international financial institutions.

The FPAC takes note of the considerable efforts and resources that the Government, through the Ministry of Finance is investing into this matter, given that the allegations were made 13 years later, and despite facing the undeniable constraint that international financial institutions maintain financial records for 5 years only. It was argued that if the allegations were brought forward sooner, this would have facilitated the investigation.

In spite of the above difficulty, the FPAC has asked the Minister to use all other means available at his disposal to shed more light on the issue.

The Ministry of Finance, Trade and the Blue Economy remains open to discussion on this matter.

 


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Contact:

Ms. Angelic Appoo

Assistant Clerk (Finance & Accounts)