Investigation into Ravatomanga: The Operation of an Opaque Financial Network
Investigation into Ravatomanga: The Operation of an Opaque Financial Network
By Nasif Joomratty
Saturday, October 25, 2025 - 6:30 PM
The Malagasy businessman possesses several billion rupees across different bank accounts in Mauritius.
- Analysis of the Mauritius/Seychelles/Madagascar Axis
The Financial Crimes Commission (FCC) is tackling a significant financial puzzle in its investigation of money laundering suspicions against Malagasy businessman Maminiaina (Mamy) Ravatomanga. The investigation mainly focuses on a network of offshore companies registered in Mauritius under the Global Business Company (GBC) framework and linked to various foreign entities.
According to initial findings from the FCC, companies affiliated with Mamy Ravatomanga are structured in a complex system. Many of these companies are shareholders in other entities incorporated abroad. This financial mechanism proves difficult to decipher for investigators at Réduit Triangle, who must trace multiple transactions to follow the money trail suspected to originate from embezzlement in Madagascar.
The Global Business Company has a subsidiary in Seychelles, owned by another Seychellois company registered under a holding structure. The arrangement raises serious suspicions within the FCC, which sees it as a possible money laundering mechanism. The traceability of funds and their original source, dispersed through numerous online bank transfers, remains extremely challenging to establish.
The Commission is now focusing on the flow of funds between these various structures. Investigators are analyzing the financial statements of the companies involved and suspect that some may be genuine "white elephants," created solely to facilitate money transfers. The FCC also plans to examine the activities of a company based in Port-Louis, specializing in financial services and investment management, suspected of playing a central role in transferring significant amounts of money from Madagascar to Mauritius.
Beyond Mauritius, Madagascar, and Seychelles, the FCC's investigation may also extend to Dubai, through international cooperation and requests for Mutual Legal Assistance. The FCC would seek assistance from international organizations in this regard.
Since Friday, October 17, the FCC has opened an investigation into alleged money laundering involving Mamy Ravatomanga, following a complaint from a Malagasy national.
Additionally, the landing of a private jet from Madagascar on the night of October 11-12 sparked significant reactions. On board were former Malagasy Prime Minister Christian Louis Ntsay, Mamy Ravatomanga, their respective wives, and crew members, while the Great Island is undergoing a severe political crisis. Former Prime Minister Ntsay and his associates have already left Mauritius.
