Mauritian FCC investigates suspicious "money trails" linked to Tamatave Industrial Oil Mill (HITA)

The HITA case is entering a decisive phase, with the FCC reviewing suspicious financial transactions and offshore circuits. The cross-border investigation into the explosive case of the Tamatave Industrial Oil Mill (HITA) is now entering a decisive phase.

• For many observers of the financial sector, this case is now a major test for regional mechanisms to combat financial crime.
• The authorities' ability to conduct an in-depth investigation, despite the complexity of corporate arrangements and international flows, will be closely scrutinised.
• One thing remains certain: the HITA case has now entered a phase where each development could have major judicial, financial and political consequences in both Madagascar and Mauritius.

The Financial Crimes Commission (FCC) has reportedly significantly accelerated its work in recent weeks, particularly on suspicious financial flows, offshore structures and share transfer mechanisms at the heart of the scandal.

At the centre of this sprawling affair are several partners linked to HITA, including

• The Mauritian A. R.,

as well as the Malagasy businesspeople

• Jaffar Hadjee Kamis Sahid Mahomed,
• Galib Asgaraly and
• Sohib Mahomed Nissaraly.

In this financial operation, which raises serious questions in Madagascar and Mauritius, the investigators are also seeking to establish the exact role of figures considered indirect or silent beneficiaries, such as

• Mamy Ravatomanga,
• Full name: Maminiaina “Mamy” Ravatomanga
• Born: 1968, Madagascar
• Role: Founder and owner of the Sodiat Group (a major conglomerate) [en.wikipedia.org]
• Status: Formerly one of the richest and most powerful businessmen in Madagascar
• A powerful Malagasy tycoon and political insider, now at the centre of a major cross-border money laundering and corruption investigation, with significant relevance for AML/CFT risk in the region.

Investigators have already traced several sensitive financial circuits.

An important part of the work would have involved analysing the movement of funds through companies incorporated in Mauritius and the commercial structures used in HITA operations.

The investigations currently focus on several companies that surround the main structure. They would have enabled the identification of financial flows requiring in-depth checks on the origin of funds, the beneficial owners, and the transactions carried out across certain offshore jurisdictions.

Mauritian investigators have already conducted extensive money-tracking to reconstruct the exact route of certain transactions. This step is considered crucial before moving on to a new, more offensive phase of the investigation. The investigators are reportedly waiting for the finalisation of several financial and documentary analyses before launching a series of formal interrogations.

Several key individuals named in the case may be summoned soon to explain the identified transactions, the companies' governance, and the disputed documents. One of the sensitive areas of the investigation concerns suspicions about notarised documents allegedly used in the transfer of HITA shares. Checks are underway to verify the authenticity of certain documents and determine whether any criminal irregularities occurred.

On the Mauritian side, the FCC maintains close cooperation with the Malagasy authorities.

Several exchanges of information have already taken place between the two courts regarding legal aid and the sharing of financial intelligence. Investigators would seek to determine whether certain transactions may be related to potential offences involving money laundering, document fraud, or mechanisms for concealing economic beneficiaries.

The HITA case also takes on a special dimension, given the international financial ramifications.

Connections with several commercial structures and entities registered outside Madagascar are now under the authorities' attention. Investigations would aim to understand how certain financial transactions were structured and whether complex mechanisms were used to move or hide assets.

For many observers of the financial sector, this case is now a major test for regional mechanisms to combat financial crime.

The authorities' ability to conduct an in-depth investigation, despite the complexity of corporate arrangements and international flows, will be closely scrutinised.

One thing remains certain: the HITA case has now entered a phase where each development could have major judicial, financial and political consequences in both Madagascar and Mauritius.

SOURCES

https://lexpress.mu/s/la-fcc-accelere-lenquete-et-remonte-plusieurs-money-trails-suspects-557896