US$ 50,000,000 Grant Disappeared From Central Bank Of Seychelles


Danny Faure and James Michel
According to Vice President, Danny Faure in last night's PPB, the Government of Seychelles received a grant of $50m in 2002 from the Government of Abu Dhabi. This was paid to SMB which then used this to pay for commodities.

This confirms exactly what we in Lalyans stated earlier but denied by JP Adam to the national assembly a few weeks ago.

Government accounts in 2002 shows no receipt of any kind from Abu Dhabi. If what VP Faure says is correct, how come this $50m gift was never presented in 2002 to the national assembly as part of the budget by the supposedly hard working JAM who was Minister of Finance then and never declared in Government books ever never mind to the public at large who were suffering from severe FX shortages. 

Now that VP Faure admits it happened, how come in SMB’s accounts of 2002 or any subsequent account of SMB, there is no mention of the $50m grant from the Government either! This scandal now takes a new dimension. VP Faure now admits what Minister Adam denied existed … there are more questions than answers and is clear evidence that JAM broke the law and should be investigated. Or is it still a perception?

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