FCC Investigation: Malagasy Billionaire Remains in Clinic

The Malagasy billionaire Mamy Ravatomanga is still hospitalized in a clinic in Phoenix and has not yet received medical clearance to leave. The Financial Crimes Commission (FCC) is investigating a large alleged money laundering network and conspiracy and is waiting to question him.

Mamy Ravatomanga will remain in the clinic for some time longer. The businessman underwent examinations mandated by public sector doctors on the afternoon of Tuesday, October 28. FCC investigators were present at the clinic in case Mamy Ravatomanga was deemed fit to leave room 301 of the Phoenix clinic. However, public sector doctors and the clinic staff have determined that he needs further health checks before receiving the green light to exit.

According to the panel of public doctors, Mamy Ravatomanga has not yet completed certain medical tests deemed crucial given his current health status. He has been under observation at the clinic for nearly two weeks, and it is anticipated that he may remain there for another two or three days. Since Friday, October 24, Mamy Ravatomanga has been under arrest by order of the FCC. He is in observation at a private clinic in Phoenix, under police surveillance, including from the Special Supporting Unit and the FCC.

During his hearing, Mamy Ravatomanga will need to explain two aspects of the investigation: the money laundering involving massive funds transferred to Mauritian banks through companies linked to him. The FCC reports that the embezzlement involves Rs 7.3 billion, committed at the beginning of October. The funds were reportedly transferred to Mauritian bank accounts tied to Mamy Ravatomanga.

Additionally, the investigation will look into alleged interference and a conspiracy aimed at influencing a commission member to act in his favor. The supposed meeting at a relative’s place of the former FCC commissioner, Me Junaid Fakim, will be brought up during the hearing. This part of the inquiry has already led to the arrest of Nasser Bheeky on the evening of Friday, October 24. In the initial investigation, David Jean Christian Thomas, Mamy Ravatomanga's right-hand man and supervisor at the Sodiat Group, is also under arrest. The FCC alleges that Mamy Ravatomanga attempted, through his assistant, to approach the FCC commissioner to seek favorable treatment during the commission's inquiry.

On Tuesday afternoon, Mamy Ravatomanga's attorney visited him for a working session. Mamy Ravatomanga reportedly handed over personal effects to his lawyer, as there was talk of the FCC placing him in police custody.

Earlier that day, the FCC sealed a Porsche valued at Rs 4.3 million, registered in October 2023. This sedan, suspected of belonging to Mamy Ravatomanga's network in Mauritius, was reportedly purchased from a Porsche agency by a relative of the businessman. According to the FCC, the funding for the vehicle may have been partially or entirely sourced from dubious funds.

The FCC is eager to obtain Mamy Ravatomanga's explanations regarding this aspect. Last week, his wife, Ramy Ravatomanga, was questioned by the FCC. She stated that she is not involved in her husband's professional or financial activities.