IDC has over R200 million worth of debt, says new chief executive   |12 March 2025

Mr Bonnelame speaking during the interview

As at December 31, 2024, parastatal company Islands Development Company had over R200 million worth of debt.

This was revealed by its new chief executive, Cyril Bonnelame, in a press conference held yesterday morning at the company’s headquarters in Perseverance.  

In the first interview since his appointment on January 1, 2025 by President Wavel Ramkawalan, Mr Bonnelame explained that this was his main challenge and the focus was “how to turn this financial burden around”.

According to Mr Bonnelame, when he took over the company on January 6, which comprises the Islands Development Company (IDC), Green Island Construction Company (GICC), Green Tree and subsidiary Paradise Marine, it had an overdraft of around R161 million and an outstanding loan for the condominium project worth between R30 and R40 million. IDC had taken out the overdraft facility from a bank, to finance its operations, he elaborated.

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