The former governor of the Bank of Mauritius was charged with conspiracy to commit fraud in January 2025
18/02/2025
On January 4, 2025, it was reported that the former governor of the Bank of Mauritius, Harvesh Seegolam, was detained and later released on bail after being charged with conspiracy to commit fraud.
The online edition of the daily l'Express reported, without citing sources, that bail fees were set at 500,000 Mauritius Rupees ($10,522).
This case is part of the new administration's inquiry into the country’s budget deficit and public debt figures. Concerns over fiscal deterioration and rising debt levels prompted the inquiry. Moody’s downgraded the outlook for Mauritius from Stable to Negative, citing a larger-than-expected fiscal deficit of 7.6% of GDP for 2024/25 and a rising government debt ratio 1. This downgrade highlighted the need for fiscal consolidation and prompted the new administration to investigate the country’s financial figures’ accuracy.
Source:
- Mauritius, a former central bank boss, bailed in a fraud case. https://www.trtafrika.com/business/mauritius-former-central-bank-boss-bailed-in-fraud-case-18250403.
- https://www.bizcommunity.com/article/mauritius-former-central-bank-governor-released-on-bail-697521a
- Mauritius’ former central bank governor released on bail, local media .... https://indianexpress.com/article/news-today/mauritius-former-central-bank-governor-released-on-bail-local-media-report-9760087/.
- Government debt and deficit: Moody’s final warning (Part 1¬ Part 2). https://lexpress.mu/s/moodys-final-warning-part-1-542174.
- BUDGET HIGHLIGHTS 2024/2025 - MCCI. https://www.mcci.org/media/356235/budget-highlight-2024_25-final.pdf.
- Debt Data - Mauritius. https://mof.govmu.org/Pages/Debt-Data.aspx.
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