President orders investigation into STCL cold storage project |21 March 2026
The Office of the President has announced that immediate action has been taken following serious findings in the special audit of the Seychelles Trading Company Limited cold storage facility project, with the matter now formally referred to both the Seychelles Police Force (Financial Crime Investigation Unit) and the Anti-Corruption Commission Seychelles for investigation.
This course of action follows a key recommendation of the audit report, which was presented to the Minister for Finance, Economic Planning, Trade and Investment, Pierre Laporte, at State House on Thursday.
The audit has identified significant weaknesses in procurement, financial management, and project oversight. Of particular concern are findings that the contract was awarded through a non-competitive process, without adequate due diligence, and that engagement with the contractor, SeyTurk Limited, commenced prior to the company’s formal incorporation.
According to the audit report, SeyTurk Limited is owned by Jean Pierre Morin (40 percent), Osman Ethem Karaduman (30 percent), and Adem Oran (30 percent).
The project, originally approved at approximately US $5.5 million (approximately R80 million), escalated to about US $7.6 million (approximately R110 million), representing a cost overrun of nearly US $2.1 million (approximately R30 million). Certain payments, including a force majeure claim exceeding US $500,000 (approximately R7.5 million), have also been identified as requiring further scrutiny.
Given the seriousness of these findings and the substantial level of public funds involved, President Patrick Herminie has taken decisive action to ensure the matter is subjected to a full and independent investigation.
The President has emphasised that his government will not tolerate mismanagement, abuse of public funds, or any form of misconduct. Where wrongdoing is established, those responsible will be held fully accountable under the law.
The Office of the President reaffirms its commitment to transparency, accountability, and good governance, and will keep the public informed of any significant developments.
Press release from the Office of the President