In an Interim Order issued on Tuesday, 23 August, 2022, Judge Burhan of the Supreme Court of Seychelles ordered that shares purchased illegally from criminal conduct in AP Towers Holdings PTE Limited (Company Registration No 201937707D) were to be surrendered to the Government of Seychelles.
By the same Order Judge Burhan appointed Superintendent Neville Thaver to be the Receiver of the said specified property and to hold the same until further Orders of the Court.
The Financial Crimes Investigation Unit (FCIU) will pursue a permanent order in the next 30 days following this interim order. Consent by the original owner, Ms Fahreen Rajan, has been received as the purchase was only made possible through the creation of false documents to support the assertion that the funds used were not proceeds of crime.
Following formal surrender of the shares, they will be sold to contribute to Treasury funds and the value achieved will be consistent with a market value for the 4,954,491 ordinary shares concerned. A value of just below $4 million is likely to be achieved.
This asset seizure represents the first formal outcome of the Anti-Corruption Commission Seychelles (ACCS) investigation (Project Black Iron instigated in November 2021) relating to the theft of a $50 million loan from the Government of Abu Dhabi to the Republic of Seychelles. The documents and digital material uplifted in searches by the ACCS led to the identification of the share purchase and the false documents presented.
The process of asset confiscation is overseen by the Courts in Seychelles. Evidence obtained and collated by ACCS officers was presented by Counsel from the Attorney General's office on behalf of the Financial Crimes Investigation Unit. In following the due processes of investigation and law there are inevitable delays to legal conclusions; however, it is important that all such matters are dealt with according to the rigorous process of law.
"The Anti-Corruption Commission will continue to hold people accountable for corrupt practices and the acquisition of illicit wealth and we will pursue through the Judiciary, proceedings to drive out corruption and financial misconduct in our country," ACCS Commissioner May de Silva said.
The application under Section 3 of the Proceeds of Crime (Civil Confiscation) Act 2008 as amended, and Section 12 of Mutual Assistance in Criminal Matters Act prohibiting the disposal of, dealing with or diminishing in value of the specified property set out in the Table to the Notice of Motion was heard by Justice Burhan on 1 and 19 August, 2022. The ruling was delivered on Tuesday, 23 August 2022.
To note that Ms Rajan is currently charged with two offences, namely Forgery contrary to Section 333 and 335 of the Penal Code and Conspiracy to commit Forgery contrary to Section 333 and 381 of the Penal Code. She is also charged in Count Two 2 with Conspiring with one Mukesh Valabhji and Laura Valabhji to commit Forgery, investigations into the latter two are ongoing.
For more information, please contact Deputy Commissioner Mr Denis Joubert: Tel: +248 2 605 970 Email: [email protected]
