Seypec chief suspended pending investigation into sale of tanker |19 January 2022

The Minister for Finance, Economic Planning and Trade Naadir Hassan has ordered an investigation into the procedure of the disposal and sale of one its tankers, the Seychelles Pride.

The sale was concluded on January 12, 2022.

Seychelles Pride is owned by the Seychelles Petroleum Company Limited (Seypec).

According to a press release from the Ministry of Finance, Economic Planning & Trade, the government as the main shareholder of the state-owned enterprise Seypec was not informed of the disposal and subsequent sale of the tanker.

Pending the conclusion of the investigation, the chief executive of the Seychelles Petroleum Company Limited, Conrad Benoiton, has been suspended.

The minister has mandated the Public Enterprise Monitoring Commission (PEMC) to conduct the investigation, in accordance with Section 42(a) of the Public Enterprise Monitoring Commission Act, 2013, which states: ‘The Responsible Minister may at any time, order an investigation into the affairs of a Public Enterprise as the Responsible Minister deems necessary’.

Seypec falls under the responsibility of the Minister for Finance, Economic Planning and Trade.

The investigation will be conducted in collaboration with the board of directors of Seypec.

In the interim, on the recommendation of the board, Sarah Romain, the current general manager commercial at Seypec, has been appointed interim CEO.

Press release from the Ministry of Finance, Economic Planning & Trade