Mauritius Former Finance Minister Secures Bail in Fraud Inquiry

Mauritian police released former Finance Minister Renganaden Padayachy on bail after he spent five days in custody as part of a fraud probe by the Financial Crimes Commission.

Last week, the FCC arrested Padayachy and ex-central bank governor Harvesh Seegolam over allegations of “fraud by abuse of position.” The arrests related to the acquisition of shares by Mauritius Investment Corp., a subsidiary of the central bank.

MIC bought shares in Eastcoast Hotel Investment Ltd. for 48 million euros, equivalent to 2.4 billion rupees, instead of the recommended price of 2.1 billion rupees. That resulted in a gain of 300 million ...