The transactions of Teeren Appasamy, supposed to be the main beneficiary of the funds embezzled at the Mauritius Commercial Bank (MCB) to the detriment of the National Pensions Fund (NPF), are being clarified thanks to his associate, Donald Ha Yeung. After the latter made statements to the Independent Commission Against Corruption (ICAC) to shed some light on various aspects of this complex case, the bank has asked for more details and confirmations through particulars of plea.

One of the main revelations of Ha Yeung?s statements to the ICAC is undeniably the political issue. He asserts that the Mauritian businessman settled in London wanted to offer a revival to Guy Ollivry?s UDM.

Hence, he is said to have given Rs 1 million to the party. Teeren Appasamy is also said to have provided financial help to the Labour Party for the organisation of congresses as well as for Navin Ramgoolam?s air ticket to return to Mauritius and for a short-lived newspaper called l?Indépendant. Funds could also have been used to finance political activities linked with the commemoration of late Sir Seewoosagur Ramgoolam?s birthday. A cheque of Rs 900,000 drawn by Teeren Appasamy and dated 16th September 1993, is alleged to have been used to that effect.

His main contact in the Labour party was allegedly Vasant Bunwaree, Ramgoolam?s minister of Finance. Teeren Appasamy is also said to have helped Vasant Bunwaree pay his debts.

He thus saw in the latter?s accession to the post of minister the perfect opportunity to have the favour returned. But the former minister denies all the allegations; he says he has already collaborated with the investigators on the issue and will continue to do so if needed. But he is adamant that Ha Yeung?s revelations are only ?Machiavellian politics?.

Donald Ha Yeung also mentions that Teeren Appasamy?s investments in Mozambique, in which Dev Manraj, the former financial secretary, was also party, concerned a paper converting project. He gives more details about the money transfers by Appasamy from accounts of companies he controlled ? Handsome Investment, Mangarian and Searock Paradise ? to Belle Beach Ltd. Rs 83 million are said to have been transferred between 1997 and 1999.

The economist doesn?t spare Robert Lesage. He says the latter was acting as an intermediate for Appasamy?s companies. Likewise he was the one who proposed that bills of exchange endorsed by the bank be made. ?The cheques dated from 30.12.94 payable to the MCB with the following numbers 2126363-64-65-66-67-68-69-70 for the respective amounts of Rs 918,700, Rs 262,500, Rs 183,700, Rs 281,250, Rs 275,000, Rs 82,500, Rs 1,089,750, Rs 112,575 are cheques drawn following Robert Lesage?s instructions in all probability to have interests at the MCB. The instructions were to draw the cheques separately as it was done,? he says in his statement.

Donald Ha Yeung finally explains how Appasamy used bills drawn mainly through the National Mutual Fund to pay his debts. If all this turns out to be true, the investigation to solve the MCB-NPF financial scandal will have made a huge step ahead.