A court in Mauritius has granted bail to former finance minister Renganaden Padayachy, who faces fraud charges linked to alleged embezzlement at a state-owned company, according to his lawyer and the financial crimes commission.
Padayachy, along with former central bank governor Harvesh Seegolam, was arrested last week over claims of misappropriating 300 million Mauritius rupees (approximately $6.7 million) from the Mauritius Investment Corporation. The company was established to support businesses during the COVID-19 pandemic.
Both Padayachy and Seegolam have denied the charges. Seegolam was released on bail shortly after his arrest, while Padayachy secured his release on Monday after the financial crimes commission confirmed it had no objection.
Padayachy’s lawyer, Raouf Gulbul, welcomed the court’s ruling and stated that Padayachy would cooperate fully with any further investigations.
The current government, led by Prime Minister Navin Ramgoolam, which came to power following the November 2024 elections, has accused the previous administration of manipulating economic figures, including data on growth, budget deficits, and public debt, over several years.