{"id":1344,"date":"2022-01-17T13:41:46","date_gmt":"2022-01-17T13:41:46","guid":{"rendered":"https:\/\/www.africa-press.net\/seychelles\/all-news\/missing-50m-case-former-smb-financial-controller-arrested-released-on-bail"},"modified":"2022-01-17T15:26:39","modified_gmt":"2022-01-17T15:26:39","slug":"missing-50m-case-former-smb-financial-controller-arrested-released-on-bail","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/seychelles\/all-news\/missing-50m-case-former-smb-financial-controller-arrested-released-on-bail","title":{"rendered":"Missing $50m case: Former SMB financial controller arrested, released on bail"},"content":{"rendered":"

Africa-Press – Seychelles. <\/strong><\/span>A new suspect arrested in the case of the missing $50 million from a government account has been released on bail after appearing before the Supreme Court on Monday.<\/p>\n

The bail sum was set at SCR 50,000 ($3,600) and the court ordered that the person does not leave the jurisdiction, surrenders passports and any other travel documents, and reports to the Beau Vallon police station every morning.<\/p>\n

The suspect, who was a financial controller of the Seychelles Marketing Board (SMB) at the time of the alleged crime in 2002, was arrested on Sunday on two offences; corruption and money laundering.<\/p>\n

According to the court, “it is alleged that the suspect was a signatory on the operating bank accounts and allegedly sent letters authorising funds to be transferred to various recipients from the SMB accounts.”<\/p>\n

The suspect is expected to reappear before the Supreme Court on February 4.<\/p>\n

The case brought forth by the Anti-Corruption Commission concerns $50 million which went missing after the funds were granted to the government of Seychelles by the United Arab Emirates in 2002. The funds were then transferred to a bank account of the SMB, now known as the Seychelles Trading Company (STC), at a branch of the Bank of Baroda in England.<\/p>\n

The prosecution alleges that the funds were returned to Seychelles, an archipelago in the western Indian Ocean, to pay for hotels sold in the privatisation of the COSPROH holdings, a state-owned enterprise that owned several hotels.<\/p>\n

Meanwhile, the six other persons who have been charged in the corruption case are expected to appear before the Supreme Court on January 21.<\/p>\n

These include prominent businessman Mukesh Valabhji and his wife Laura Valabhji, Sarah Zarqhani Rene – wife of late President France Albert Rene; Leslie Benoiton \u2013 a senior officer in the Seychelles Defence Forces; Lekha Nair \u2013 former CEO of the Seychelles Pension Fund, who was director general in the Ministry of Finance at the time the funds went missing; and Maurice Loustau-Lalanne \u2013 former Minister of Finance, who was a member of the board of COSPROH at the time the funds were transferred.<\/p>\n

Editorial note: In the case of the missing $50 million, SNA does not name suspects until they are charged.<\/b><\/p>\n

For More News And Analysis About Seychelles<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Seychelles. A new suspect arrested in the case of the missing $50 million from a government account has been released on bail after appearing before the Supreme Court on Monday. The bail sum was set at SCR 50,000 ($3,600) and the court ordered that the person does not leave the jurisdiction, surrenders passports […]<\/p>\n","protected":false},"author":84,"featured_media":1343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,12,16],"tags":[234,268,548,376,233,549],"class_list":["post-1344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-seychelles","tag-anti-corruption-commission","tag-cosproh-holdings","tag-seychelles","tag-seychelles-marketing-board"],"yoast_head":"\nMissing $50m case: Former SMB financial controller arrested, released on bail - Seychelles<\/title>\n<meta name=\"description\" content=\"A new suspect arrested in the case of the missing $50 million from a government account has been 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