Former IDC chief denies allegations regarding handing over and company’s financial status |29 March 2025

Mr Savy talking to journalists during the press conference yesterday

Former Islands Development Company (IDC) chief executive (CEO) Glenny Savy has refuted allegations that there was no proper handing over when he exited office, and that the company is heavily indebted. 

In a press conference held at the Eden Bleu Hotel yesterday afternoon, Mr Savy categorically denied the claims made by newly appointed CEO Cyril Bonnelame during a press conference held on March 11, in which Mr Bonnelame alleged that the parastatal company had over R200 million worth of debt.

According to Mr Bonnelame, when he took over the company on January 6, IDC, Green Island Construction Company (GICC), Green Tree and subsidiary Paradise Marine had an overdraft of around R161 million to finance its operations, as well as an outstanding loan for the condominium project worth between R30 and R40 million.

Mr Bonnelame further stated that his main challenge was “how to turn this financial burden around”.

However, Mr Savy has categorically denied that there was no proper handing over by the time he decided to retire at the end of his contract, which ended on December 31, 2024.

“The allegations that have been made in relation to handing over, and the viability of the company are not correct. There was a handing over and the possibility of handing over was there, and I had already handed over to the deputy (Christian Lionnet), as no chief executive had been named by the time that I left.”

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