In Madagascar: Freeze of 30 Bank Accounts of Mamy Ravatomanga

In Madagascar, 30 bank accounts belonging to Mamy Ravatomanga have been frozen. Under investigation for money laundering in Mauritius and currently fleeing after a military takeover in Madagascar, Ravatomanga is facing asset seizures in both countries as the investigation progresses.

The wealthy Malagasy businessman Maminiaina Mamy Ravatomanga, who escaped the Big Island on October 24 following the military takeover by CAPSAT, is also under investigation for his properties in Madagascar, facing an arrest and two provisional charges of money laundering and conspiracy in Mauritius.

The Asset Seizure and Confiscation Chamber of the Anti-Corruption Pole (PAC) in Antananarivo obtained a court order on November 12 to freeze bank accounts opened in his name and seal his properties as part of the ongoing legal procedure.

Several media outlets in Madagascar, including midi-madagasikara.mg and 2424.mg, report that all accounts of the magnate are blocked in every bank, financial institution, and mobile operator, except for strictly limited operations for ongoing loan repayments.

Thirty accounts owned by Mamy Ravatomanga, CEO of the Sodiat group, are subject to a freezing measure ordered by the judiciary. This includes accounts held at the State Bank of Mauritius (SBM), which operates in Madagascar.

In total, the breakdown is as follows: 11 accounts with BMOI, 10 with SBM, 6 with BNI Madagasikara, 2 with ABM, and 1 with Bred Bank Madagascar.

Properties registered in the name of Mamy Ravatomanga, a close associate of former President Andry Rajoelina, have also been seized under legal provisions to prevent money laundering.

In Madagascar, the 56-year-old billionaire, who is on the run and ranked among the top 10 richest individuals according to a Forbes list from 2017, has an arrest warrant dated October 16 for money laundering, issued following the military takeover.

In Mauritius, where Mamy Ravatomanga sought refuge with his family since October 12, the Financial Crimes Commission (FCC) obtained a Criminal Attachment Order from the Supreme Court three days later in a money laundering case. In accordance with section 69 of the FCC Act, the bank accounts of the Sodiat group CEO, his wife, and companies linked to him in Mauritius have been frozen.

FCC investigators have already submitted Judge’s Orders and Disclosure Orders to the Supreme Court as part of this procedure, while the Malagasy magnate is under investigation for alleged money laundering involving amounts of Rs 7.3 billion. The FCC is examining over 100 companies linked to the billionaire on Mauritian territory.

Since October 24, Mamy Ravatomanga has been subject to arrest. He has been admitted to a private clinic due to his frail health condition.