A recent special audit of the Seychelles Trading Company’s cold storage facility project has uncovered significant irregularities regarding the disbursement of public funds and the management of high-value contracts. According to findings released by Auditor General Gamini Herath on March 16, 2026, the project was marred by questionable financial practices and potential conflicts of interest.
The audit highlights a concerning transaction dated April 13, 2022, in which an initial installment of SR 14.3 million—representing 18 percent of the total contract value—was diverted from the official corporate beneficiary. Rather than being paid to the designated contractor, SeyTurk Limited, the funds were deposited into the personal bank account of one of the company’s directors, Jean Pierre Morin. The payment, which was authorized by the trading company’s Chief Executive, Siana Bistoquet, was flagged by auditors for exposing the state entity to unnecessary financial risk. While subsequent payments were reportedly routed through proper corporate channels, this initial diversion has raised red flags regarding oversight.
The contract in question, a turnkey agreement signed on March 31, 2022, eventually saw total payments reaching SCR 109,438,240.79, excluding value-added tax. Corporate records indicate that SeyTurk Limited is jointly owned by Jean Pierre Morin, who holds a 40 percent stake, alongside Osman Ethem Karaduman and Adem Oran, who each hold 30 percent.
Further scrutiny was placed on the role of Eric Talma, who served as the project coordinator for the Seychelles Trading Company between June 2022 and January 2024. The audit reveals that payments to the contractor were heavily reliant on “Development Reports” authored by Talma. Auditors noted that these reports appeared consistently skewed in favor of the contractor, pointing toward a significant conflict of interest.
Evidence of this potential conflict deepened following Talma’s resignation from the state trading company. Shortly after leaving his post, he transitioned into the employ of the very firm he was tasked with overseeing. By the time the facility was officially handed over on April 2, 2025, Talma signed the handover certificate on behalf of SeyTurk Limited, identifying himself as the firm’s architect. These findings, detailed across sections 2.10, 2.11.4, and 2.13.2 of the special audit report, underscore systemic failures in procurement management and the enforcement of professional ethical standards within the project.
Source: NaijaProbe