Mamy Ravatomanga's Troubles: Rs 996.9 Million Frozen Across 99 Bank Accounts in Madagascar

Mamy Ravatomanga continues to face difficulties. Arrested in Mauritius on October 24 and incarcerated in Melrose's high-security prison, the Malagasy billionaire is experiencing a series of setbacks.

This week, the Asset Recovery Agency (ARAI) froze 99 bank accounts belonging to Mamy Ravatomanga, his family, and his children. According to ARAI, these accounts total over 88 billion ariary (Rs 913.5 million), 800,000 euros (Rs 43.1 million), and 875,000 dollars (Rs 40.3 million).

To date, approximately 20 billion ariary (Rs 207.8 million) have already been transferred to ARAI's escrow account, as stated by the agency. The remaining funds are in the process of being transferred, as confirmed by the director general, Rado Rajohnson, in an interview reported earlier this week by the online site 24.24 mg.

"About a quarter of these funds has already been deposited into ARAI's escrow account. The rest cannot be processed in a single day due to the substantial amounts involved: specific procedures are necessary, and we are finalizing the transfer," he added.

Alongside Mamy Ravatomanga's troubles in Mauritius with the Financial Crimes Commission (FCC), Rado Rajohnson announced the formation of a task force. A meeting between ARAI and the Financial Analysis and Intelligence Service is planned to coordinate actions before sending a delegation to Mauritius for negotiations.

"As for the Mauritian court ruling, it cannot be executed immediately here. Its implementation follows procedures for which the Ministry of Justice is primarily responsible, and we need to progress within this framework," specified Rado Rajohnson.

In addition to ARAI, the Asset Seizure and Confiscation Chamber of the Anti-Corruption Pole (PAC) in Antananarivo has also obtained the freezing of 30 bank accounts opened in Mamy Ravatomanga's name, according to a judgment issued on November 12 in Madagascar. The distribution of these frozen accounts is as follows: 11 accounts with BMOI, 10 with SBM, 6 with BNI Madagasikara, 2 with ABM, and 1 with Bred Banque Madagascar. In Mauritius, the FCC has obtained a Criminal Attachment Order from the Supreme Court in a money laundering case. Under Section 69 of the FCC Act, the bank accounts of Mamy Ravatomanga, his wife, and the companies linked to him are now frozen. FCC investigators have already filed 'Judge's Orders' and 'Disclosure Orders' in the Supreme Court as part of this investigation, which involves alleged money laundering offenses totaling Rs 7.3 billion. The FCC is currently investigating over 100 companies linked to the billionaire in Mauritius. Following a court order from Port-Louis, Mamy Ravatomanga has been incarcerated in Melrose prison since December 2.