Forensic Audit Planned for Islands Development Company, Says President
VICTORIA, Seychelles — Addressing recent concerns surrounding the Islands Development Company (IDC), President Ramkalawan said a forensic audit of the company’s finances is being planned. The results will be made public. ‘Since the new management came in, there have been manoeuvres to ensure that IDC cannot function,’ he noted, confirming the resignation of several top managers since the new leadership. The President also said his government will never be approached by the Qatari royal family, for them to have a second home here, asserting that the development will serve as a second private residence for the Qatari royal family.
In relation to the lease, he explained the financial arrangement between developers and IDC. He said that the lease is based on sanction conditions. ‘The developers must pay US$10 million to lease a parcel on the outer island land. IDC would benefit from a US$13 million loan, to cover the cost of establishing utilities, while the remaining US$3 million is transferred into the government’s main account (the consolidated fund), by IDC.’ He explained that in one instance however, when US$11.8 million was deposited into the IDC account, it was immediately used by the bank to repay an overdraft facility by IDC.
He added that from here on out, the developers will pay the lease amount to the government’s account. ‘The Seychelles government has never been approached by the Qatari royal family, for them to have a second home here.’ President Ramkalawan also responded to accusations that he interfered in a land transaction involving United Seychelles (US), made by presidential candidate Patrick Herminie. He firmly denied playing any role in the Registrar General’s decision to place restrictions on the sale of two plots of land — one at the former Flamboyant property and another in Bel Ombre. ‘They were trying to sell the parcel for R74 million, for land which they acquired for R1.5 million,’ the president stated, adding that it is standard practice for the Registrar General to block land sales under certain circumstances. ‘There is no malice,’ he said.
