Africa-Press – Mauritius. Prime Minister Navin Ramgoolam declared in parliament on Tuesday, April 15th, that funds were stolen from Air Mauritius, vowing to uncover those responsible. His statement came in response to a question from MP Manoj Seeburn regarding the airline’s financial health.
Ramgoolam clarified that the government did not directly inject capital into Air Mauritius Ltd. However, substantial indirect financial assistance was provided through Airport Holdings Ltd (AHL). In September 2021, AHL received a Rs 12 billion advance to support Air Mauritius during its restructuring process, covering urgent needs and various costs.
Furthermore, the Mauritius Investment Corporation (MIC) was instructed to acquire a 49% stake in AHL, resulting in a Rs 25 billion expenditure for assets valued at no more than Rs 5 billion, according to a World Bank assessment. This significant discrepancy highlights a substantial loss of public funds.
The Prime Minister contrasted Air Mauritius’s Rs 359.2 million profit in the 2013-2014 fiscal year with the colossal losses accumulated between 2015 and 2024, totaling an estimated Rs 17.72 billion. This stark contrast underscores the scale of the financial mismanagement.
In essence, the Prime Minister’s statement confirms significant financial irregularities surrounding Air Mauritius, implicating theft and highlighting substantial losses due to questionable investments. The government has pledged to investigate and prosecute those responsible for the financial mismanagement.
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