IDC sets the record straight |21 April 2011

The IDC press release says the article in question made “a number of incorrect statements”, and that the press release “seeks to address and correct these inaccuracies”. The quotes below are from the article.

“IDC is currently running an illegal construction company…..”

The Islands Development Company (IDC) has a Building Contractors Licence, No. 129464, which authorises IDC to provide services as a BUILDING CONTRACTOR CLASS 1. IDC obtained its first Building Licence in September 2008, licence, which has been renewed annually, thereafter.

“We also know of a newly built guest house on Remire……..The guest house  is also unlicensed”
IDC is in possession of a license under the heading “ACCOMODATION, CATERING, ENTERTAINMENT (GUEST HOUSE)”, Licence No. 142706, which authorises IDC to keep/manage a guest house of up to 23 rooms on premises, on the islands of Farquhar, Silhouette, Desroches, Remire, Platte and Alphonse. IDC has at all times operated the guest houses with appropriate authorisation and, with the knowledge of the authorities.

“Money is transferred regularly into bank accounts in Mauritius”
IDC has obtained necessary authorisation from its Board of Directors and where applicable, approval by the Ministry of Finance and the Central Bank for all its bank accounts, including the bank account in Mauritius.

Furthermore, IDC’s accounts are audited annually by the reputable, local firm, of “Pool & Patel” Chartered Accountants.
In addition to that, IDC’s accounts were audited by “Ernest &Young”, an International Firm of Chartered Accountants, as part of the macro-economic reform program, as required by the government.  
 
The audited report by “Ernest & Young” was subsequently submitted to the ‘Finance and Public Accounts Committee’ of the National Assembly.   

IDC met with the said Committee on March 19, 2010, to discuss the findings of this audit report, all of which was done with total transparency.

IDC, like any other companies, incorporated under the Companies Act 1972, also lodges its audited accounts with the Registry of Companies every year. The accounts are opened for inspection by the public.

   
IDC re-iterates that all the above and other allegations made in the article about the chief executive officer of IDC, and IDC itself, are deliberately malicious, and unfounded in nature. The article constitutes another attempt to tarnish the image and reputation of Mr Glenny Savy, IDC and its partners for reasons best known to the author of the article.