British citizen in connection with missing US $50 million to remain in custody |08 February 2022
A British woman working for Mukesh Valabhji and who was arrested at the Seychelles International Airport on January 21, 2022 as a suspect in connection with the misappropriated US $50 million given by the United Arab Emirates to our country in 2002 to purchase food, has been remanded for a further 14 days by the court pending further investigation.
It was Chief Justice Rony Govinden who made the ruling yesterday afternoon at the request of the Anti-Corruption Commission of Seychelles (ACCS) following new developments in its investigation.
The ruling came after the cross examination, in the morning, of ACCS senior investigation officer, Patrick Humphery, responsible for filing the further remand application after the first application lapsed yesterday. She will re-appear in court on February 21, 2022.
In his ruling, Chief Justice Govinden said that after the cross examination of Mr Humphery, he had found his testimony to be compelling, convincing and consistent. He noted that he finds him as a credible witness in the case. He noted that it could pose substantial risks to the investigation should the suspect be released on bail. He further noted that her past actions have shown that she may potentially interfere with witnesses and all co-accused.
Chief Justice Govinden said that the power and authority she holds over the companies controlled by Mr Valabhji, and with her legal and commercial ties with him, put her in a strong position to do acts that may affect the outcome of the investigation in the delivery of justice.
Previously in the morning session, ACCS lawyer, Tony Juliette, said that from new evidence arising and needing further investigation, the lady had fronted for Mukesh Valabhji, in 2016, to purchase shares in a company in Singapore to the value of US $4 million (2 million shares at US $2 per share), money suspected could have come from the missing US $50 million. The transaction was discovered through emails sent between the two. According to the emails, Mr Valabhji had engaged the suspect to front the purchase via a short term loan, loaned to her, which she agreed and purchased the shares in her name on his behalf. ACCS assumed that Mr Valabhji suspected that he could be uncovered as a suspect in the missing US $50 million and it was the reason why he had the woman suspect to front him.
The emails were found as a result of exhibits seized at the suspect’s office and in offices at Intelvision and Capital Trading, where the suspect’s office is located. The search was conducted on January 20, 2022.
In another new development, ACCS has also found out that cash amounting to R4 million from customers was not banked by Intelvision into its account at Nouvobanq from December 16, 2021 to January 6, 2022. It was only later on January 6, 2022 that a similar amount from a different company, owned by Mr Valabhji, was banked in the Intelvision’s account at Nouvobanq to cover up for the missing cash deposits for the December 16, 2021 to January 6, 2022 period. ACCS is seeking to find why the money was not banked as per usual and where it had gone to in the meantime. ACCS said that such money could be used to buy witnesses among other issues that could hinder the investigation into the missing US $50 million.
Lawyer Juliette noted that the 41-year-old suspect had three powers of attorney by Mr Valabhji and signed by lawyer Frank Elizabeth, among which one granted her control over the companies owned by Mr Valabhji. It is why she is suspected to be involved in the retaining cash transaction.
It was revealed previously, following her arrest, that she was listed on a power of attorney for Mukesh Valabhji's two accounts with the DBS Bank in Singapore with which no transaction was made. She had told ACCS investigators that she did conduct a transaction of US $400,000 in relation to a Deutsche bank account belonging to Mr Valabhji. The transaction was in favour of the UK-based legal team that was to represent him (Mukesh).
Lawyer Juliette reminded the court that the charge of money laundering and conspiracy to commit money laundering are serious offences punishable with a maximum of 15 years each while the offence of concealment of property carries a maximum of 10 years imprisonment.
He said that if she (British suspect) is released on bail, she will interfere with witnesses and obstruct the course of justice due to the wealth and influence she holds.
He noted that she had previously threatened a co-accused in the case to leave the country, the kind of influence she poses to other witnesses which may hinder the investigation.
Lawyer Joel Camille, representing the suspect, objected to the application, stating that the affidavit has cited no averments that his client is connected to the two above-mentioned developments requesting for further investigation. He noted that the affidavit contained no substance evidence. Therefore, he asked that his client be released on bail with conditions imposed by the court.
He also said that the current condition at her place of custody (Mont Fleuri police station) is not conducive to her medical condition (as a result of a surgery), another reason for her to be released to receive the special medical attention.
Lawyer Camille was being assisted by lawyer Daniel Cesar.
The woman is the eighth suspect to be arrested in connection with the misappropriated US $50 million. When she was arrested she was in possession of a large amount for foreign exchange in different denominations among which was in excess of US $10,000. She was also in possession of certain jewelries of high value.
According to ACCS, both Mr Valabhji and his wife Laura are charged with money laundering offences in relation to the criminal proceeds arising from the original theft of the US $50million and the subsequent dissolution and creation of assets in the ensuing 20 years.
Patrick Joubert