Acquisition of 70% of the shares of the former Ambre Hotel: Dirish Noonaram shifts responsibility to the MIC

Arrested by the Financial Crimes Commission (FCC) on Thursday evening in connection with an investigation into allegations of misconduct at the Mauritius Investment Corporation (MIC) regarding the acquisition of 70% of the shares of the Ambre Hotel, Dirish Noonaram denies any wrongdoing. He claims that his consulting firm, Verde Frontier Solutions, merely provided an evaluation of the hotel, whose value reportedly increased from Rs 2.1 billion to Rs 2.4 billion by the time the transaction was finalized.

According to Dirish Noonaram, who has been charged with money laundering and is currently in custody, neither he nor his company had the authority to approve the disbursement of this amount within the MIC. He places the responsibility for the financial negotiations on the institution's Board. However, the Rs 162 million received by his company in connection with this transaction has drawn the FCC's attention.

During his hearing at the FCC, Dirish Noonaram detailed the role of Verde Frontier Solutions, which he runs with his wife Venna, as the Transaction Advisor for the acquisition of 70% of the shares of the Ambre Hotel. He explained that the Rs 162 million received by the company also included fees related to the transaction process.

The role of Transaction Advisor in the acquisition of shares from East Coast Hotel Investment Ltd by the MIC allegedly generated a 'success fee' of Rs 120 million, representing about 5% of the total transaction value. According to sources close to the case, additional payments, including fees for prior services, may have been included, leading to the total of Rs 162 million. This breakdown—between transaction-related commission and settlement of outstanding debts—has not been formally detailed, which has piqued the interest of the authorities.

In Dirish Noonaram's circle, there is a belief that the reevaluation of the hotel is normal. "Real estate often appreciates over time, and additional costs must be considered," they explain, referring to the additional Rs 300 million required to adjust the financing request from Rs 2.1 billion to Rs 2.4 billion.

Investigators from Réduit Triangle remain skeptical. According to their research, this Rs 300 million could correspond to "under-the-table commissions" received by various players in the deal. Since the start of the investigation, Dirish Noonaram, defended by attorney Me Arassen Kallee, has handed over computer equipment to the FCC for investigative purposes.

In April 2025, Renganaden Padayachy, former Minister of Finance, and the former Governor of the Bank of Mauritius, Harvesh Seegolam, were arrested in connection with this investigation. They were suspected of using their positions to misappropriate Rs 300 million during the acquisition of shares in the Ambre Hotel.

Jitendra Bissessur, former CEO of the MIC, and Diya Sewraz, former secretary of the MIC, have also been provisionally charged in this FCC investigation.